Apple Shares Climb As iPhone 5 Fever Builds
Following the iPhone 5's launch, Apple's stock closed on Friday at $691.28, resulting in a market capitalization of $648.01 billion. In pre-market trading this morning, Apple's share price is more than $699. It's likely to shoot past $700 today. At that price, around 22 shares would equal the cost of a $16,000 car, in case any of this needs put into perspective.
As could have been predicted, iPhone 5 pre-orders are through the roof. After launching the device during a highly anticipated press event just five days ago, Apple's website now shows that new orders will be available to ship in 2-3 weeks instead of four days from now (the iPhone 5 releases on September 21).
"Pre-orders for iPhone 5 have been been incredible," an Apple spokesperson noted. "We've been completely blown away by the customer response."
We compared the iPhone 5's spec sheet to the that of the iPhone 4S, Samsung Galaxy S III (top Android smartphone), and Nokia's upcoming Lumia 920, and in all reality, it doesn't matter how it stacks up. The iPhone 5 seems destined to become Apple's best selling smartphone of all time, boosting the company's value in the process.
Just how high can Apple's stock realistically climb? That's hard to say. With this kind of reaction to the iPhone 5, one has to wonder if Apple could top the $1 trillion mark. To do that, Apple's stock would have to be trading at $1,066.77. That's not an inconceivable figure, especially if Apple follows up the iPhone 5 launch with an iPad Mini announcement next month.