A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in downtown Shanghai September 10, 2013.
A woman looks at the screen of her mobile phone in front of an Apple logo outside its store in downtown Shanghai September 10, 2013. Reuters

Apple Inc's bullish streak in the stock market has one major options trader betting big money for the company to break $700 by October. A major investor is putting almost $60 million on Apple shares in of biggest options trades on June 4. On that day, 20,000 Apple 675-strike call options were being traded at $21.30 per share. According to a CNBC report, each call contract will give an investor the right to purchase 100 shares at given price within a set time. This results in a $43 million bet that Apple shares will go beyond $696.

Reports said the same investor bought 10,000 October700-strike calls at $14.75 per share which leads to a $15 million wager on Apple stock. The investor is betting that Apple shares will exceed $715 by the same expiration date. If that happens, the expected share price will exceed the company's all-time stock price high of $705 which Apple hit last September 2012.

As Apple Inc's stock split looms, stock had posted modest gains on June 4 and continued its above $640 streak for the first time since October 2012. Apple shares climbed to 0.7 per cent at $642.28 which is slightly below its 52-week high of $644.17 on May 30.

Canaccord Genuity analyst Michael Walkley said Apple's recent Beats acquisition worth $3 billion will bring more sales for iOS devices and strengthen the "stickiness" of Apple's ecosystem among consumers.

With Apple's latest gains, shares are up 14.4 per cent and continue to outperform Nasdaq, S&P 500 and Dow Jones industrial average.

Despite Apple's bullish performance, Dan Niles of Alphaone Capital Partners has found the recently concluded Worldwide Developer's Conference (WWDC) "disappointing" to investors. He said "there wasn't anything great" in the event since people were hoping to hear updates on Apple's services. Niles said Apple did not announce services to take the credit cards linked with iTunes accounts into use which he found disappointing from an investor's point of view. He does not think Beats is a "great acquisition but said Apple is going in the right direction to leverage 800 million iTunes accounts.