Bucking The Trend, Apple & Google Targeting New Highs Again (AAPL, GOOG, MSFT, QQQ)

Outside of rivalry for eyeballs, maps, and all other things digital… What do Apple Inc. (NASDAQ: AAPL) and Google Inc. (NASDAQ: GOOG) have in common?  They are both within about 4% of their 52-week highs and they are not falling with the broader index levels this Monday.  This would not be an all-time for Google but it sure would be for Apple if the interest remains.

The stock market has risen for five weeks in a row and both Apple and Google are at least so far ignoring the market sell-off this Monday.  What is interesting is that both Google and Apple now have significant currency risks due to so much business coming from international markets compared to the past.

On Apple, the hype of the coming iPhone5 is the obvious catalyst driving interest.  Over at Google, what the obvious answer has to be is that all those fears are overblown about online advertising weakening too much and about Google spending too much on projects that won’t generate profits (nor revenues).

Apple shares trading are up 0.8% at $626.60 against a 52-week range of $354.24 to $644.00; Google shares are trading up 1.2% at $649.70 versus a 52-week range of $480.60 to $670.25. Google shares peaked at almost $750 back in 2007 before the recession came along and analysts currently have a consensus price target of about $731 for the search giant. The Thomson Reuters consensus estimate on Apple is close to $720 per share now.

This is happening on a day that the broad market is lower and also on a day that the PowerShares QQQ (NASDAQ: QQQ) is down 0.5% at $66.52 against a 52-week range of $49.99 to $68.55.  As a reminder, Apple is now the majority leader in the weighting worth some 18.77% of the QQQ and Google is #3 at 5.39% behind the #2 position of Microsoft Corporation (NASDAQ: MSFT) with its 8.25%.

JON C. OGG