Apple Stock Hits All-Time High on iPhone 5 Sellout Rumors

Apple (NAS: AAPL) stock hit an all-time high on Friday, climbing 1.8% to more than $695 in morning trading. The rise was largely due to speculation that the iPhone 5 -- showcased in a much-anticipated company event on Wednesday -- has sold out already.

The company announced that the newest iPhone won't ship for two weeks, or until Sept. 28, from its online store, which is what fueled talk that the phone could already be sold out. It went on sale online today.

Analysts are expecting as many as 58 million new iPhones to sell by the end of this year, which would generate a cool $36 billion in revenue for Apple. At least one analyst has already hiked his sales estimate for the quarter ending in September -- from 23 million units to 26 million -- on news of the announcement, Bloomberg reports.

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The article Apple Stock Hits All-Time High on iPhone 5 Sellout Rumors originally appeared on Fool.com.

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