Apple Shares Hit Record High Ahead of Earnings

Apple shares hit a record high on Wall Street on Monday ahead of what is expected to be another blockbuster quarterly earnings report by the California gadget-maker.

Apple shares reached $374.65 during trading in New York before closing at $373.80, a gain of 2.43 percent on the day.

Apple is to release its fiscal 2011 third-quarter results on Tuesday after the closing bell on Wall Street.

Financial analysts are expecting another solid quarter for the maker of the Macintosh computer, the iPhone, the iPod and the iPad.

Apple nearly doubled its quarterly net profit to $5.99 billion on record iPhone sales in the second quarter while revenue rose 83 percent to $24.67 billion.