New iPhone record spurs Apple shares to top $700 (+video)(Read article summary)
The new iPhone record caused another record to be broken. Apple stock shot higher than ever before.
Both keep going up, up, up. Twenty-two years after Apple first went public, shares in the company hit $700 yesterday, a record for the Cupertino tech giant. And Apple stock could climb higher still. According to Scott Martin of USA Today, of the 40 analysts covering Apple, 39 have rated it a "buy" or "strong buy," with only one analyst recommending a hold. The reason? Apple is expected to ship a whole lot of iPhone 5 handsets.
As we noted yesterday, Apple has announced that 2 million iPhone 5 pre-orders were placed in the first 24 hours the device was available. That's approximately double the number of pre-orders placed for the iPhone 4S (which, admittedly, was less of an overhaul and more of a touch-up to the iPhone 4), and so high that Apple was forced to acknowledge that some pre-orders may not ship until well into October.