Apple shares jumped over 7 percent Monday after an eight-week sell-off in shares that one analyst called "insanely insane."

Monday's increase is the biggest one-day gain since May 21, when the stock closed up 5.8 percent at $561.30, according to The Associated Press. Shares of Apple Inc. rose $38.05, or 7.2 percent, to close at $565.73 Monday. In pre-market trading on Tuesday, shares were at $567.29. 

Apple's stock reached an all-time high of $705.10 on the day that they launched the iPhone 5 back in September, according to WebProNews. At the same time, they announced that pre-orders for the gadget topped 2 million in the first 24 hours, exceeding the number of pre-orders made for the iPhone 4S. However, shares began falling after that rise.

Brian White, an analyst from Topeka Capital Markets, called the sell-off "insanely insane" but said he now thinks Apple could grow its earnings per share anywhere between 20 percent to 30 percent per year over the next five years, according to the AP. He said his numbers are based on the company's low market share in mobile phones and PCs, "combined with growth opportunities in tablets and new potential areas such as Apple TV." 

In other Apple news, Scott Forstall, who was head of iOS software and fired by Apple in late October, is apparently being "courted" by big companies that want him a part of their team, including Google, Samsung, Microsoft and Amazon. 

"The most intriguing of those possibilities would be if he took Andy Rubin's job at Google as the head of Android.  It would be the ultimate twist of this drama following an Anakin Skywalker script from Star Wars," Forbes said. "Forstall as Anakin turns his back on Obi-Wan Kenobi and the Jedis, in order to train in the dark ways of the Force with the Emperor (Larry Page?) at Google."

Apple visionary Steve Jobs hired Forstall straight out of Stanford University.