Apple rises on plans to launch budget Mac
Apple's AAPL.O shares rise 0.47% to $270.29 on Tuesday following news it is preparing to launch a budget Mac, marking the first entry into the low-cost laptop market for the iPhone maker
AAPL is on track to snap two straight sessions of declines on the day, with the broader market losing ground. Benchmark S&P 500 .SPX is down 1.2% led by losses in technology stocks
Co is preparing to launch in the first half of next year, with the device aimed at luring customers away from Google's GOOGL.O Chromebooks and entry-level Microsoft MSFT.O Windows PCs used by students, businesses and casual users who primarily browse the web, work on documents or conduct light media editing, Bloomberg News reported, citing people familiar with the matter.
Apple is also targeting would-be iPad buyers who might prefer a traditional laptop instead.
AAPL is up 7.9% YTD vs the NASDAQ Composite Index's .IXIC 21% increase
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