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.Fool contributorJohn Divineowns shares of Apple. You can follow him on Twitter@divinebizkidand on Motley Fool CAPS@TMFDivine. The Motley Fool owns shares of Apple.Motley Fool newsletter serviceshave recommended buying shares of Apple.Motley Fool newsletter serviceshave recommended creating a bull call spread position in Apple. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.