AAPL Touches New Record High on iPhone 5 Launch
On Friday, shares of Apple reached a new all-time high.
On what was the first day of preorders for the freshly-unveiled iPhone 5, AAPL exploded to the upside trading at $696.82. If AAPL doesn't reach $700 today, it easily could early next week should weekend sales of the iPhone 5 prove to be as strong as they look to be.
As of this writing, it is believed that Apple's initial inventory of iPhone 5s for September 21st delivery is already gone. Shipping times have quickly ballooned to two-weeks and we're less than 12 hours into the preordering process.
To go along nicely with the Apple stock surge is a new bevy of compliments from leading Wall Street and tech industry analysts like Piper Jaffray's Gene Munster. On Friday, Munster chimed in on what he thinks the iPhone 5 will mean for consumers.
"We believe the sentiment around iPhone 5 was significantly better than that of the iPhone 4S," Munster said this morning. "Based on the same study by Investing Analytics, we believe that 73% of tweets about the iPhone 5 during launch day were positive compared to 51% for the iPhone 4S launch. We believe this is to be expected given the phone is redesigned while the iPhone 4S was not."
Munster calls the iPhone 5 is a veritable "Rolex" in a market full of "Timex" products and will like enjoy sales of 6 to 10 million units in the September quarter.
Source: Business Insider