Apple Stock Breaks $700 A Share On The Back Of The iPhone 5

Sites include Apple.com . Published on September 29th, 2012. Written by Anthony West.

Can Apple do any wrong? It certainly doesn’t look like it; at least not based on the performance of the company and its products in recent months. Heck, Apple is even trouncing people in court (Samsung, Ouch!).

The latest feather in Apple’s cap is news that on the strength of demand for the newly released iPhone 5, the company’s stock price has broken the $700 mark for the first time. The stock closed out at $699.78—mere cents from that glorious $700 a share mark but during after hours trading, things really heated up and several times during the day the Steve Jobs co-founded company rocketed past the mark.

But here’s the kicker, Apple’s stock was already riding high before the release of the iPhone 5 so the new numbers are just an icing on the cake. Current market cap is $655.98 billion, making Apple the biggest company right now and most valuable.

Analysts have been divided on the new iPhone but consumers see things through a different lens. For them the iPhone 5 is simply the device to have at the moment and thanks to their enthusiasm, more than 2 million devices were sold in the first 24 hours—a record by the way.

Apple’s VP of Marketing Phil Schiller was both humble and proud at the same time: “iPhone 5 is the best iPhone yet, the most beautiful product we’ve ever made, and we hope customers love it as much as we do.”

I think Steve would have been happy.