Apple shares cross 700 dollar mark on the release of iPhone in stores

Apple is running a hot streak. First the court case win on the legal grounds and now customer confidence win the market. The company set a new trend of all-time highs five days running and after a break of one day it hit another record high in the stock market. The shares were at $700.07 earlier on Friday.

The main reason for the rampage on competitors is the release of the iPhone 5. The smartphone was set on sale that day and it immediately won the opinions of experts at the Wall Street. The phone brings a number of new additions, some much waited for as long as two years.

The sixth generation smartphone from the trend setters brings a new 4-inch touch sensitive screen that is manufactured on a new technology. It also brings 4G LTE to the equation, for the first time in iPhone and second time in an iOS device.

Other incremental improvements are a faster processor, better technology to signature camera iSight, vivid screen and iOS 6 built-in. The new operating system is also worth mentioning as it brings more than 200 additions to the software including Apple’s own map services with turn-by-turn navigation and Passbook, an electronic ticket wallet.

The new phone was set for pre-orders on 14 of this month but despite the online ordering facility, the crowd outside Apple stores was phenomenal. The stores, according to Piper Jaffray, was at least 85 percent more than last October when Apple launched iPhone 4S.

“Demand for the iPhone 5 is higher than any previous (iPhone) launch,” Munster said.

ISI Group analyst Brian Marshall expects far more demand and supply for the new phone. “What we’re seeing is that demand far exceeds supply,” he said.

The phone went on sale in nine countries including the UK and Australia. It hits markets in another 22 by the end of this month.

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Posted by Usman Khalid on Sep 22 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.