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.
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.
Alex Heath is a journalist who works for Tech Insider. He’s the former co-host of The CultCast. He has been quoted by the likes of the BBC, KRON 4 News, and books like “ICONIC: A Photographic Tribute to Apple Innovation.” He lives in Lexington, Kentucky. If you want to pitch a story, share a tip, or just get in touch, additional contact information is available on his personal site. Follow him on Twitter.
