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Apple Rises on Report That It’s Undervalued: San Francisco Mover

Apple Inc. rallied in late-morning trading in New York on a report that cited Bill Miller, a fund manager at Legg Mason Inc., as saying that the shares are undervalued.

Apple rose as much as 1.9 percent to $466.50, reversing an earlier decline. The shares had climbed 0.8 percent to $461.70 as of 12:12 p.m., and through yesterday, declined 14 percent so far this year.