Apple Stocks Today Reach Record High; AAPL Surpasses $700
The holiday season hasn't officially begun, but Apple is already reaping the rewards of its new smartphone.
According to Bloomberg, shares of Apple Inc. (AAPL) have surpassed $700 in late trading based on the first day pre-orders for the new iPhone 5 set to hit retail stores on September 21. Investors see great optimism in the company which has developed a host of products that many around the world feel necessary to own.
Shares of Apple climbed to $701.34 in the mid morning hours in New York, for a market capitalization of about $657 billion.
As one of the world's most valuable business's, Apple has poised itself on the top of the smartphone market competing against companies such as Samsung with their Galaxy S III and Galaxy S IV due out early next year. The company overtook Exxon Mobile Corp. as the biggest company in the world and advanced over Microsoft Corp. as the most valuable technology provider in 2010.
The late co-founder of Apple, Steve Jobs, developed a strategy to push the company from just selling computers and expanded in the new markets of mobile phones and digital music. With every new product and iteration thereof, Apple has seen quarterly increases in the billions of dollars of revenue.
The inventories of the iPhones, with bigger screens and more power, have been running out at digital storefronts as pre-order shipping dates have exceeded three weeks in some cases. People are already camping outside Apple retail stores in anticipation of iPhone 5's release at the end of the week.
Many Apple fanatics in New York will brave the high winds and heavy rain to be the first customers to purchase the latest incarnation of Apple's highly successful smartphone.
