Apple shares hit record high after iPhone 5 pre-orders break record.
Last week, Apple announced the newest iteration of the iPhone. Though many people were disappointed by the lack of surprises in the iPhone 5, there were more than enough excited customers lining up to put in pre-orders for the device. Case in point, Apple yesterday revealed that it sold two million pre-orders in the first 24 hours. That's twice as many as the iPhone 4S sold in its first day of pre-orders and an Apple record. However, it seems this little piece of news had a knock-on effect. Today, for the first time ever, Apple stock hit $700 per share.
APPL opened today at $699.16. Just before 10am, it dropped to $696.70. However, that was the lowest point for the day, as it spiked to $700.97 just after 10am. The share price skipped above and below $700 all morning and into the afternoon. At around 2:15pm, it hit passed the $700 mark and stayed above $700 for the rest of the day, closing at $701.91.
The Washington Post writes that Apple shares have gone up 6 percent since Apple unveiled the iPhone 5 last Wednesday. Speaking to CNBC earlier this year, Apple co-founder Steve Wozniak says he believes Apple will eventually hit $1000 per share, making the Cupertino-based iPhone-maker a trillion dollar company.
"You know, people talk about $1,000 stock price... you know, at first you want to doubt it but I actually believe that and I don't really follow stock markets," Wozniak told CNBC, later adding, "Apple is on such a winning course because it's encapsulated all of its different big products that I mentioned, they all work together so well that you are in a course that if you buy a product from another company it doesn't really do as much as one from Apple does. So Apple has a large room for growth."
According to the Washington Post, analysts say Apple will be close to the $800-per-share mark as the end of the year rolls in.