Apple shares hit a record $345.34 three weeks into John Ternus’s tenure

Apple shares briefly reached $345.34 after the market opened, setting a new intraday record. The previous high, recorded in July, was $344.57.

At publication time, the stock was trading at $341.80, up roughly 1% from its previous level. When Tim Cook handed the CEO role to John Ternus, Apple’s market capitalization stood at approximately $4.68 trillion and shares closed at $316.85.

Shares recover after investor sell-off

Apple’s last quarterly results unsettled investors, sending the stock down by roughly 10%. The company gradually recovered part of those losses over the following weeks.

Soon after Ternus took over, shares fell as much as 3% ahead of the “Surprise and Shine” event. Apple stock has historically tended to react negatively to its September product events, but this year’s response was overwhelmingly positive on Wall Street and among the public.

Apple shares have generally climbed during the three weeks since the CEO change, but the report says it is too early to attribute the rally to Ternus alone. It also points to the company’s current roadmap as a possible factor.