Apple’s stock continues to soar days after the release of the iPhone 5 specifications, reaching an all time high of $696.98 on Friday, raising the formidable stock three percent in two trading days. The technology giant will begin selling the iphone in stores on September 21 in nine countries and 22 more on September 28. Apple plans to build on the iPhone hype as it gears to launch the newest iPad next early next month. The iPhone 5 sports a 4-inch retina display, 4G LTE, a metal rather than glass back, and is 20 percent lighter than its predecessor. The company started taking orders for the iPhone at midnight pacific time and sold out of all pre-orders in an hour. Bloomberg has forecasted the sales of nearly 48.2 million units by the end of December with other analysts hovering around 42-46 million and have calculated a target price of $775 for Apple. Though some grant the rise in Apple’s stock with the demand for the iPhone 5, analysts contribute part of the rise of Apple’s stock price to Bernanke’s Federal Reserve package.
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Editorial Staff
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