Apple Stock Hits $700 for the First Time in After-Market Trading
After announcing its new smartphone hauled in over 2 million pre-orders in its first 24 hours of availability, AAPL prices briefly jumped past the $700 barrier on Monday. This marks the stock has been pushing toward since the company’s strong third quarter earnings call in July.
After tallying the Piper Jaffray analyst Gene Munster believes Apple will move some eight million iPhone 5 handsets in its first weekend of sales, doubling the results from last year’s iPhone 4S launch. Munster continued to note that the iPhone 5 could see an unprecedented 10 million unit sales by the end of the quarter.
With the most successful launch ever for any Apple product, the iPhone 5 is set to release in nine additional countries with U.S. customers able to buy the device at the brick-and-mortar Apple Stores, wireless carriers AT&T, Sprint, and Verizon wireless as certain Best Buy, Radio Shack, Target and Walmart Stores. By December, Apple is on route to release in 100 countries with the success of the device to likely be ground-breaking.
Source: Piper Jaffray