Apple's stock has hit a new high after a four-month swoon, as investors are looking ahead to the release of a new iPhone model, and possibly a smaller iPad.

Already the world's most valuable company, Apple Inc. saw its stock hit $644.13 in morning trading Friday, before retreating to $642.

The previous high for the stock was $644, hit on April 10.

Apple has a market value of $602 billion, almost 50 percent higher than No. 2 Exxon Mobil Corp. at $408 billion.

Apple's stock fell last month after the company's earnings report for the April-June quarter showed the slowest growth in more than two years. It was only the second time in 10 years that Apple had missed analyst expectations.

Copyright 2012 The Associated Press.