Apple stock hits $700 for first time after iPhone 5 pre-orders set record
Apple (AAPL) shares broke the $700 price level for the first time Monday after the Cupertino tech giant confirmed that pre-orders of the upcoming iPhone 5 hit 2 million in the first 24 hours, doubling the record set by the previous iteration of the popular smartphone.
The iPhone 5 began selling on Apple's website and the sites of carriers at midnight Pacific time Friday, and demand was so intense that arrival dates were pushed back from the official launch of Sept. 21 within an hour, analysts tracking the orders said.
Monday morning, Apple announced that it had sold 2 million of the devices in the first 24 hours of availability, double the record set by the previous smartphone the company released, in 2011, the iPhone 4S. The company also said that some customers will not receive their pre-ordered devices until next month due to the high demand. ...