Apple stocks rose $2.13 to close at $701.91 Tuesday, although they hit a high of $702.33 earlier that afternoon.
Demand for the new iPhone 5 quickly outstripped initial supply. Within the first 24 hours, the number of orders for the iPhone 5 was more than double that for the iPhone 4S last October.
Apple began taking orders for its latest smartphone at 3 a.m. Friday.
Analysts said the surprising volume of sales showed that some observers had not appreciated the potential of the iPhone 5, claiming it lacked a “wow factor.”
“We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle,” said Shaw Wu, an analyst with Sterne Agee, in a communication
to investors.
Apple made a big change in the iPhone screen for the first time with the new model. A larger screen – 4 inches diagonally, up from 3.5 inches in earlier versions – provides more space for icons and for widescreen video. The new model also weighs less and is thinner.
Most of the orders for the iPhone 5 will be delivered Friday, when the device hits the shelves, Apple said Monday, but some will be delivered in October.
Wu, of Sterne Agee, expects 27 million iPhones to be shipped by Apple this quarter.
The smartphone costs $199 for a 16-gigabyte model for subscribers with a two-year contract with AT&T, Sprint or Verizon Wireless.
Since CEO Steve Jobs died October 5, Apple stocks have gone up 86 percent. The company’s market value has been put at $658 billion, with the recent $700-plus share price. That compares with Google, which was at $712.28 a share Tuesday and a market capitalization of $236.4 billion.
Google shares broke $700 in 2007.
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