/Apple jumps to 2-month high as tech giant reveals special event for April 20 (AAPL, DJIA)

Apple jumps to 2-month high as tech giant reveals special event for April 20 (AAPL, DJIA)

Apple CEO Tim Cook.
Apple CEO Tim Cook.

  • Apple shares picked up more than 2% on Tuesday after saying it will hold a special event on April 20.
  • The tech heavyweight’s stock crossed above $134, the highest since mid-February.
  • Apple’s event will take place as companies deal with a global shortage of semiconductors.
  • See more stories on Insider’s business page.

Apple shares stepped up to their highest in two months on Tuesday as investors prepared for the tech heavyweight’s special event that it said will be held later this month.

The company sent invitations to the online virtual event after its Siri voice assistant revealed the April 20 date earlier in the day. Apple’s online listing said the event will start at 10 a.m. Pacific Time, or 1 p.m. Eastern Time.

Shares of Apple rose 2.2% and gained as much as 2.6% when they hit $134.66. The move brought the shares to their highest price since February 16 when they traded above $135.

Investors reportedly are looking for Apple to introduce an update to its iPad Pro and redesigned iMac.

Apple’s event will be held at a time of a worldwide shortage in semiconductors which are used in a range of products including computers and cars. A report from Nikkei Asia last week said Apple was postponing the production of certain MacBook and iPad products.

Apple is slated to hold its virtual Worldwide Developers Conference in June.

Shares of Apple have soared about 87% over the last year, in part as investors sought exposure to companies that would benefit from millions of people worldwide working and studying at home because of the COVID-19 pandemic.

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