Just when we thought Apple couldn’t set another record, they have proved us all wrong. The company’s shares topped $700 on September 18th, setting a milestone record for the company and officially becoming a member of the infamous 700 club in the market. The shares had traded Tuesday morning at a high of $701.44, only falling slightly lower later that day.
The record set for the market shares came as a result of the 2 million pre-orders that the company received for their new iPhone 5. The pre-orders came within the first day that the company began taking orders, demonstrating just how powerful the sales rush is going to be for the new phone release.
The phone is officially scheduled to be released this Friday at 8:00 a.m., although crowds have been lining up around the country for nearly a week. At the flagship store in Manhattan, crowds began lining up outside for the new iPhone release last Thursday. The phone does not need to be purchased in person; it can be ordered online, but many Apple fans are taking to the sidewalks to be a part of the release experience.
Growing Bigger
The new iPhone 5 isn’t the only thing that is going bigger. The phone has been designed to have a larger screen and all the main features have been updated in some way to help make it faster, more vibrant, and enhance usability. Beyond the phone, the company itself recently became the largest company in the U.S. in history, as determined by stock market value. They set that record in August, when they surpassed Microsoft for the top spot.
There are currently only five stocks that are tradining above the $700 mark, putting Apple into an elite club. But it may not stop there, as analysist are still predicting that there is room for growth yet. The new iPhone 5 has given the company a big growth push, and fans will have it in their hands in no time.
Availability and Back Order
The new iPhone 5 will not only have a larger screen, but it has been designed to be faster, have an improved camera, and there have also been an expansion in the number of questions that Siri can answer. The device has also been made slimmer, lighter, and is supposed to offer a longer lasting battery life. It’s the first major overhaul the company has done to their popular phone in years, which is adding to the excitement of Apple fans.
Many people who placed orders online for the phone will have them delivered to them on Friday. However, the company has announced that they have received a lot more orders than they have inventory for, so some will not receive theirs until well into October. The backorder status of some may simply prompt many more Apple fans to choose to bypass the online ordering and head right to the sidewalks to wait in line and get theirs as the doors open Friday morning.
Kelly Austin writes about mobile monitoring software for Android, iPhone and BlackBerry smartphones at Mobile Spy. Follow her on Twitter @KellyAustin86
