PayPal shares hit all-time high on Apple deal

Key Points
  • PayPal is trading at an all-time high
  • Shares hit $56.99 on Wednesday before calming down a hair
  • PayPal is up on news of a new Apple partnership
Dan Schulman
Scott Mlyn | CNBC

Shares of hit an all time high of $56.99 on Wednesday thanks to a new company partnership with .

PayPal announced early Wednesday that iPhone and iPad users can now use PayPal to make purchases in the iTunes App Store.

The deal will help PayPal generate new revenue and attract customers who might still be wary of adding credit or debit cards to iTunes.

Shares of PayPal have traded as low as $36.28 over the past 52-weeks. It closed on Tuesday at $54.94.

After moving into record territory, the stock slide back slightly. By 10 a.m. it was at $56.33, a gain of 2.8 percent from Tuesday's close.