Apple Stock Hits All Time High As iPhone 5 Launches
Earlier this week, Apple announced that iPhone 5 pre-orders had topped 2 million in the first 24 hours. That impressive figure broke the record previously held by the iPhone 4S, which saw 1 million pre-orders in its first 24 on the market. That news pushed Apple stock over $700 (in after-hours trading) for the first time in the company’s history.
Today, Apple Stock hit a new all-time high. As of 3pm ET, it sits at just over $702 a share, up .5% on the day. But earlier, the price hit $705.07, a new record for the company. It hasn’t dipped below $700 all day.
Of course, the spike in stock price can be attributed to the launch of the iPhone 5, which hit stores in nine countries today. The new phone will come to 22 other countries in a week from today. By all accounts, the iPhone 5 launch has been a big success, with Apple Stores across the world drawing big crowds.
Some analysts have predicted that the iPhone 5 could eventually drive the price of Apple stock to a staggering $850. The iPhone 5 is expected to sell between 6-8 million units in it’s first weekend on the shelves.
The early reviews for the device have ranged from positive to glowing. One of the only early setbacks seems to be disappointment in the new Apple Maps, which replaced Google Maps in iOS 6. But of course, that’s more of a beef with the operating system than with the actual iPhone 5.