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Apple shares top $100 for first time since June

Customers purchase at an Apple store in Beijing, China.
ChinaFotoPress | Getty Images
Customers purchase at an Apple store in Beijing, China.

Apple shares rose more than 1 percent on Monday, surpassing the $100 level for the first time since June.

The stock price jump came after Softbank announced its bid to acquire Apple chip designer ARM, which would make it one of Apple's largest suppliers.

Apple's shares have dropped nearly 23 percent in the past year.