Chart of the day: Apple shares spike suddenly on high volumeMarch 11, 2013: 4:29 PM ET
No hard news, just rumors of a large buyback or special dividend
FORTUNE -- After trading down all day -- and all year, for that matter -- Apple (AAPL) began moving higher at 2:26 p.m. Monday and didn't stop until it hit resistance at $438. The stock closed at $437.87, up $6.15 (1.42%) for the day.
Wall Street watchers were left scratching their heads.
- "What's up with AAPL?" was the headline on Barrons.
- "Apple Spikes on ... What Exactly?" quoth the Wall Street Journal
- "Apple Suddenly Popped And No One Knows Why" was the first take at Business Insider, followed within the hour by...
- "Noooooo, Apple! Don't Do A Special Dividend! Buy Back $50 Billion Of Stock!," with Henry Blodget's take on the rumors he's heard