Apple's stock is on the rise after the acquisition of Beats Electronics

On Wednesday, Apple posted gains, bringing shares up above $640 a piece. Apple made a splash recently with their $3 billion purchase of Beats Electronics.

The price for Beats included 2.6 billion in cash and $400 million in Apple stock. It’s a big step for Apple, who makes this large acquisition after being in the market for over 38 years. Beats Electronics brings rap legend Dr. Dre together with Jimmy Iovine.

Apple CEO Tim Cook told the Associated Press, "We have known these guys forever."

Iovine added that he needed a company like Apple to complete his dream. Iovine said he believes Apple will empower Beats Electronics to continue being a pioneer in the sound of digital music. Beats Electronics is also expected to be in the forefront of creating playlists for each subscriber.

Apple has been making great strides in other areas, as well. At the Worldwide Developers Conference, Chairman and CEO Tim Cook and software chief Craig Federighi gave consumers and industry insiders a glimpse of Apple’s desktop and mobile operating systems, according to Forbes.

Photos courtesy: INF

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