Today: Apple hits its highest prices in nearly six months after White House overturns iPhone, iPad ban, tablet report shows slowdown in shipments ahead of new iPad. Also: Facebook continues to gain, helping boost tech stocks.

The Lead: Apple tops $470 after Samsung veto, IDC report

Apple's resurgent summer on Wall Street continued Monday, as investors boosted the Cupertino tech giant's world-leading market capitalization after a defeat at the hands of Samsung was overturned by the White House and a report on quarterly tablet shipments showed consumers may be holding out for a new iPad.

Participants take the escalator following the opening address at the Apple Worldwide Developers Conference held at Moscone West in San Francisco, Calif. on
Participants take the escalator following the opening address at the Apple Worldwide Developers Conference held at Moscone West in San Francisco, Calif. on Monday, June 10, 2013. (Gary Reyes/ Bay Area News Group) (Gary Reyes)

Apple shares gained 1.5 percent to close at $469.45 after moving as high as $470.67, the highest intraday and closing prices for the stock since February. After increasing 14 percent in July, Apple has now risen 3.7 percent in the first three sessions of August, pushing the total worth of Apple's shares back above Exxon for the highest in the world, after that title was relinquished while Apple shares dropped more than 40 percent from highs of more than $700 reached last September.


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Monday's positive move for Apple stock followed the weekend announcement that President Barack Obama's trade representative had overturned an ITC ruling that would have banned the sale of certain iPhone and iPad models. The veto of an ITC ruling was the first since President Ronald Reagan made the move on another Samsung ruling in 1987, and gave Apple a surprise victory after the original ruling seemed to be a rare Samsung win in the companies' global patent war.

The biggest effect is likely to be felt in South Korea, where Samsung's headquarters are located -- the company lost $1 billion of its market value in Monday trading, and loses a major bargaining chip, while other companies are concerned about the precedent. As for Apple, ISI analyst Brian Marshall said the move would be "a net positive for Apple in the short term," but Wedge Partners analyst Brian Blair said that investors should be more concerned about other aspects of the company's business.

"The genuine investor concerns are about product growth, margin improvement and Apple moving into new categories," Blair told Bloomberg News.

Apple is expected to expand its product line this fall, with new iPad and iPhone models expected along with possible new offerings such as an iWatch wearable device. Until then, the lack of a new iPad to add to the current five generations of the device is slowing down the boom in tablet sales, research firm IDC reported Tuesday.

IDC's quarterly report on global tablet shipments showed a 10 percent dip in overall shipments from the first quarter to the second quarter, though that still represented a 60 percent gain from the same quarter in 2012. Samsung did its part to fuel sales, quadrupling its shipments year-over-year and increasing its market share from 7.6 percent to 18 percent, but the lack of a new Apple device seemed to wear on the entire industry, IDC analysts said.

"A new iPad launch always piques consumer interest in the tablet category and traditionally that has helped both Apple and its competitors," IDC research director Tom Mainelli said. "With no new iPads, the market slowed for many vendors."

Apple's market share was almost cut in half from the same quarter a year ago, from 60.3 percent of the market to 32.4 percent, as Android-based manufacturers like AsusTek -- which manufactures Google's growing Nexus line of tablets -- improved.

SV150 market report: Facebook continues to soar as tech stocks gain

Apple's rise helped tech stocks gain on the day, with the Nasdaq moving up 0.1 percent and the SV150 gaining 0.4 percent despite declines in the more broad-based national indexes.

Facebook also had a hand in Silicon Valley's positive stock market day, as the social network continued to bask in an investor lovefest sparked by its mobile gains, with Monday's addition a price-target raise from Piper Jaffray. Menlo Park-based Facebook moved as high as $39.32, its highest price since the first day of trading in the stock, and gained 3 percent to establish an all-time closing high of $39.19.

San Jose networking giant Cisco hit its highest price in 3 years and closed with a 0.5 percent gain at $26.31 after RW Baird increased its price target from $28 to $30 and reiterated its statement that Cisco is the best buy for a large-cap stock in 2013. Tesla Motors rolled to yet more all-time highs, gaining 4.8 percent to $144.68 despite a report that the Palo Alto company could be hit by rule changes that would curtail a fees that generate millions in revenues for CEO Elon Musk's company. Musk is also chairman of San Mateo-based SolarCity, which gained 8.3 percent Monday to $45.15; Tesla and SolarCity are scheduled to release quarterly earnings Wednesday.

On the negative side, Zynga dropped 2 percent to $2.94 after closing offices and games related to its expensive acquisition of OMGPop, despite reported pleas from former employees of the company to retain the offerings. San Francisco consumer-reviews site Yelp dropped 5.3 percent, falling back from all-time highs established after its earnings report last week.

Up: SolarCity, Tesla, Netflix, Facebook, SunPower, Pandora, Apple, NetApp, Juniper, Oracle, Symantec, AMD, VMware, Nvidia, Cisco, Adobe, Salesforce, eBay

Down: Yelp, Zynga, Applied Materials, Gilead, LinkedIn, Workday, Intel

The SV150 index of Silicon Valley's largest tech companies: Up 5.07, or 0.39 percent, to 1,315.16

The tech-heavy Nasdaq composite index: Up 3.36, or 0.09 percent, to 3,692.95

The blue chip Dow Jones industrial average: Down 46.23, or 0.3 percent, to 15,612.13

And the widely watched Standard & Poor's 500 index: Down 2.53, or 0.15 percent, to 1,707.14

Check in weekday afternoons for the 60-Second Business Break, a summary of news from Mercury News staff writers, The Associated Press, Bloomberg News and other wire services. Contact Jeremy C. Owens at 408-920-5876; follow him at Twitter.com/mercbizbreak.