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Apple stock moves lower after it hit a new high Monday

Apple stock moves lower after it hit a new high Monday

Apple (NASDAQ:AAPL) was lately down late morning on Tuesday, after setting a new record for its market value the day before on buzz for its new iPhone products. 

The stock closed up by 17.04 at $665.15 on above average volume Monday at its second consecutive new high for the year, and was up again by more than $5.00 Tuesday Morning, but lately gave up gains to change hands at $660.67. 

On Monday, the company's market value hit $624 billion, beating the previous record for market capitalization set by Microsoft Corp (NASDAQ:MSFT).

Investors are optimistic that the next version of the iPhone will meet anticipated high demand. Apple takes about 70 per cent of its profit from the iPhone. 

The California company is to launch the next version of the iPhone on September 12, with many speculating they will see an entirely new design. 

According to some analysts, the new phone is expected to have a larger screen and a thinner body, and is anticipated to work with the long-term evolution wireless networks introduced by carriers like Verizon Wireless (NYSE:VZ) and AT&T (NYSE:T). 

Apple is also reportedly planning to unveil a mini iPad by the end of this year that will be cheaper. 

In other news Tuesday, ex-employee Wayne Goodrich has sued Apple, claiming that he was fired for no legitimate reason, despite Steve Jobs' promise of job security. 

The complaint was filed last week in California state court in San Jose. 

Goodrich said he was fired in December for "business reasons" not connected to his performance. He’s seeking compensation for loss of restricted stock that was worth $97.40 a share when awarded in 2008 and about $635 a share as of August 17. 

Goodrich worked for Jobs since 1998 and says he was a confidant of the man who turned the company's fate around, with the firing being an alleged breach of contract. 

Apple is also embroiled in a patent suit with Samsung, with recent talks failing between the two parties as the jury begins deliberating this week after closing arguements. 

The high profile case is a result of Apple accusing Samsung of copying the design and some features of its iPhone and iPad, with the company asking for a sales ban as well as monetary damages. 

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