Chart of the Day - Apple (AAPL)

The "Chart of the Day" is Apple (AAPL), which showed up on Friday's Barchart "All-Time High" list. Apple gapped higher Friday and posted an all-time high at $648.19 and closed up +1.85%. TrendSpotter has been long Apple since Aug 3 at $615.70. In recent news on the stock, Jefferies & Co. analyst Peter Misek raised his price target on the stock to $900 from $800 on Friday, saying an "iPad Mini" is in production in China. His belief is based on readings of reports from Apple's suppliers, contract manufacturers and contacts in the region. He now believes Apple will build 25 million iPads of all kinds in the current quarter, up from a previous estimate of 16 million, which did not include the "Mini." Analysts now believe the iPhone 5 will go on sale in late September, and it's widely believed that it will be the biggest phone launch ever. Rumored upgrades include the ability to access the latest wireless data networks in the U.S. and a slightly bigger screen. Apple, with a market cap of $589.9 billion, designs, manufactures and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business customers.