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Apple's Stock Prices Hit $700 Per Share

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.

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  • reprotected
    Aw yeah.
    Reply
  • joytech22
    I'm disappointed in humanity.
    I have to admit though.. They do a fantastic job of stealing money without ever having to change the user experience.
    Reply
  • memadmax
    The whole stock market is artificially inflated so this doesn't surprise me one bit. But what does surprise me is the apparent lack of research that investors are doing: Like android is beginning to overtake iWare. That people are beginning to throw away their iPhones in droves. And that apparently, nobody really knows how many ACTIVE iWare is out there. We know how many phones have been purchased, but the number of phones that are still being used is more important to gauge how well the brand is doing, and that requires AT&T, Verizon, and Sprint to start yapping, which they don't, but there are signs that it's not that great...
    Reply
  • edogawa
    How can a company that makes overrated products be worth more than companies that are actually important to everyone; it's just silly.

    You know, if every apple product just disappeared the world would go on without an issue. This is just disappointing news; people have to realize Apple isn't great eventually, right?
    Reply
  • The Apple's look and feel patent monopoly round corners square design is an insult to human intelligence. You are insulting yourselves and people around you when you use your IPhone in public.
    Reply
  • bak0n
    Hey, At least the 99% will have new toys to protest Apples profits with.
    Reply
  • dalethepcman
    I honestly hate to see any company over inflated like this. Eventually the marketing hype will come undone and the stock bubble will burst. When it does its going to shake the whole industry, the stock market, and everyone's 401k, and its sad to see it happen again and again and again.

    Let the fleecing of peoples pockets continue... memadmax had it right, and the huge number of preorders for the iphone 5 are directly related to the iphone 4s not being available to all carriers at its launch. This spike in preorders does not directly equate to customer sales, this is distributor preorders, not customer preorders.
    Reply
  • eddieroolz
    No doubt, the record-breaking iPhone5 orders helped tremendously. I frankly don't see a downturn anytime soon...and perhaps $900 a share predicted by many "analysts" is really within reach.
    Reply
  • eddieroolz
    edogawaHow can a company that makes overrated products be worth more than companies that are actually important to everyone; it's just silly.You know, if every apple product just disappeared the world would go on without an issue. This is just disappointing news; people have to realize Apple isn't great eventually, right?
    Now now, I highly doubt that.
    Reply
  • InvalidError
    I'm crossing fingers that the N7 opening the march toward sub-$200 tablets will also cause a reality-check on the smartphone market.

    Pretty hard to justify spending over $300 on a phone that barely matches the $200 N7's features.
    Reply