Apple stock hits 700 on news of Iphone sales

Apple stock hit 700 for the first time ever on Tuesday, after news that the Iphone 5 had over 2 million preorders in the first 24 hours. Apple stock was down below 100 just three years ago. Google’s stock is over 700, at 715, but it is not the largest publicly owned company because Apple has a greater market capitalization. The amount of preorders more than doubles the amount it had on its Iphone 4s last October.

“This was despite somewhat lukewarm reviews and some claiming it had `lack of a wow factor,’ Sterne Agee analyst Shaw Wu said “we continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle.” Iphone estimates that it will sell 27 million Iphones by the end of this year, up from its previous estimate of 26 million. The stock is up 85 percent since its founder Steve Jobs passed away.