Apple shares ripen

Apple Inc's shares topped US$300 for the first time Wednesday morning as stellar iPad sales and a planned expansion into China continued to give investors high hopes for the iPhone maker's already healthy prospects.

Shares of Apple climbed by $2.44 to US$300.98 in morning trading after rising to a record US$301.72 earlier in the session.

This gives Apple a market capitalisation of about US$275 billion, above tech heavyweights such as Microsoft Corp, Google Inc and Hewlett-Packard Company.

Apple has been on a tear lately, with sales of the iPad tablet surpassing expectations. Investors also have high hopes for Apple's push into China, where the iPhone maker is looking to open 25 retail stores next year.

Mounting speculation about a Verizon-distributed iPhone as soon as 2011 is also adding to Apple's appeal. Currently, the iPhone is only available from AT&T Inc in the US.

Morgan Keegan analyst Tavis McCourt said the recent US$400 million acquisition of app developer Ngmoco by Japan's DeNA Company is also a huge plus for Apple.

Ngmoco is known for the games it makes for the iPhone, though it also plans to release apps for Android devices soon.

Even so, McCourt said the pricey acquisition means even more app developers will flock to Apple's devices, where they have the best chance to make the most money.

- AP