Following Early Success Of iPhone 5, Apple Stock Hits Record High Of $700 Per Share

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AAPL continues to rise into uncharted territory.
AAPL continues to rise into uncharted territory.

Apple stock has been climbing rapidly towards $700 per share since the iPhone 5 was announced Wednesday, September 12th. Now, less than a week after the announcement from Apple, AAPL has hit $700 in after hours trading, marking an all-time high.

Despite iPhone 5 naysayers, Apple remains the most valuable company in the world by a large margin.

AAPL has been teetering back and forth at the $700 mark since the market closed this afternoon.

This morning Apple issued a press release saying that the iPhone 5 had sold two million pre-orders during the first 24 hours of availability. That’s double the amount of first day pre-orders for the iPhone 4S, and Wall Street is expecting Apple to sell 8-10 million units this upcoming weekend.

If rumors are to be believed, AAPL has only one way to go right now: up. Apple is expected to host an October media event in the coming weeks where it will unveil the rumored iPad mini, a smaller, cheaper device that’s expect to cannibalize the rest of the tablet market.