Apple's stock ended on a high note, crossing $700 mark at the end of day, capping off a strong run over the summer.
Its share price closed up 1.2 percent to $699.78. In after-hours trading, it hovered above $700 for a few minutes. It last traded at $699.80.
Apple gave investors another reason to cheer today when it said the pre-orders for the iPhone 5 topped 2 million in the first 24 hours, more than doubling the 1 million iPhone 4S pre-orders from nearly a year ago. AT&T chimed in to say it saw record pre-orders over the weekend, while Sprint Nextel told CNET that its orders had quickly hit expectations.
The announcement already has some analysts scrambling to raise their estimates for iPhone sales.
While the $700 mark is a significant psychological benchmark, it doesn't mean much to the value of the company, which is measured by its market capitalization. Apple is worth $654.81 billion, and last month set the record for being the most valuable company of all time.
Apple's stock has largely ignored the convention of selling on the news, continuing to rise after the announcement of the iPhone 5. After a brief dip heading into the summer, the stock has had a strong run over the last few months and is up by roughly a third since May.
owow..look at me here is my schtick.. I read some news report headlines "APPLE STOCK CROSSES THE $700 BARRIER" I then think to myself hey that sounds cool. Im gonna write that same thing on the NOKIA board. so i write Apple's stock crosses the $700 barrier... WOW dont I look cool...Im so fuggin stupid that Im sure people think im smart. OK somebody write spmething cool for me to re-post on the NOKIA board because Im clueless