Apple rallies past $700 amid iPhone euphoria

Apple shares traded above $700 for the first time on Wall Street Tuesday, amid optimism on the tech giant as it launches its new iPhone 5.

Apple rose as high as $701.44 in early trade, a day after the Silicon Valley firm said it received more than two million orders for its new iPhone 5 in just 24 hours.

The stock later dipped slightly to $699.34. The company's market value based on its stock price has surged above $655 billion, extending Apple's lead as the world's most valuable corporation.

Apple unveiled the new version of its iconic smartphone last Wednesday and opened up pre-orders on Friday. The company said the hot item would be available in 100 countries around the world by year's end.

Shaw Wu, analyst at Sterne Agee, has set an Apple price target of $840.

"We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle," Wu said in a note to clients, adding that the only thing holding Apple back may be "supply constraints."

Some analysts say Apple could sell 10 million iPhones in the opening days and 50 million before the end of 2012.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Subaru XV now priced among sedans
    Subaru XV now priced among sedans

    Motor Image Philipinas (MIP), the authorized distributor of Subaru in the country, has positioned its brand new crossover SUV, the Subaru XV, well within the sedan segment’s price range. This move, according to MIP, was made to sway the public to have the opportunity to experience the brand’s unique automotive technologies by lowering its price. […] The post Subaru XV now priced among sedans appeared first on Carmudi Philippines. …

  • Why online business attracts SMEs?
    Why online business attracts SMEs?

    E-commerce is slowly changing the landscape of the country’s small and medium enterprises, especially in the delivery private and public transport sector. One particular area is how these firms can quickly gather or replace their fleet of vehicles by the help of online shopping made easier by online vehicle ads platform such as Carmudi Philippines—one […] The post Why online business attracts SMEs? appeared first on Carmudi Philippines. …

  • SE Asia Stocks-Mixed; Thai index slips ahead of economic data

    BANGKOK, May 22 (Reuters) - Most Southeast Asian stock markets were flat to weaker on Friday, with the Malaysia index hitting a more than two-month low and Philippines touching an over one-week low on ... …

  • China says U.S. actions in S.China Sea "irresponsible, dangerous"
    China says U.S. actions in S.China Sea "irresponsible, dangerous"

    By Sui-Lee Wee BEIJING (Reuters) - China said on Friday it was "strongly dissatisfied" after a U.S. military plane flew over part of the South China Sea near where China is building artificial islands, and called on the United States to stop such action or risk causing an accident. The Chinese navy issued eight warnings to the U.S. P8-A Poseidon, the U.S. military's most advanced surveillance aircraft, when it conducted the overflights on Wednesday, according to CNN, which had a team on board …

  • 2015 Hyundai Lateral Drift goes to Philippine Arena
    2015 Hyundai Lateral Drift goes to Philippine Arena

    The smell of burnt rubber and screeching tires are some of the highlights that will be seen at the most adrenaline-pumped drifting event of the year—the 2015 Hyundai Lateral Drift Championship series.   Held at the Philippine Arena in Bocaue, Bulacan, the event will be the biggest venue in the drifting competition. This is the […] The post 2015 Hyundai Lateral Drift goes to Philippine Arena appeared first on Carmudi Philippines. …

  • The Richest Senators In The Philippines
    The Richest Senators In The Philippines

    The 2014 Statement of Assets, Liabilities, and Net Worth for politicians and public servants are now available for anyone to … The post The Richest Senators In The Philippines appeared first on iMoney.ph. …

  • PHILIPPINES PRESS-AirAsia Philippines seeks $500 mln valuation for IPO - Inquirer

    The Philippine unit of Malaysian budget carrier AirAsia Berhad is seeking a valuation of at least $500 million for its initial public offering set within the next two years, the Philippine Daily Inquirer ... …

  • Consultant, facing joblessness, claims P5.9-M lotto pot
    Consultant, facing joblessness, claims P5.9-M lotto pot

    A 39-year-old information technology consultant, whose job contract will expire this month, has claimed his share of the 6/45 Mega Lotto’s P17.8-million jackpot in its May 13 draw, the Philippine Charity Sweepstakes Office (PCSO) announced yesterday. “I could not sleep for the past several days, thinking about where I could get the money to pay my children’s tuition,” the winner told PCSO general manager Jose Ferdinand Rojas II when he received a check for P5.9 million at the PCSO’s central …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options