Apple shares were up one percent at the midday trading on Monday to $698. Since the release of the verdict from nine-member jury in California on the patent infringement case against Samsung, AAPL has been in the upward motion.
However, the credit in the recent streak of all-time highs in the last three trading days majorly goes to the launch of iPhone 5. The latest hike was because of the statement made by the company around the weekend. Apple said that it received 2 Million unit pre-orders in 24 hours which far exceeds the initial demand on iPhone 4S.
The company also stated that the volume of demand far exceed the inventory at Apple stores and initial orders will be fulfilled on September 21 whereas others will be made available a week later.
“The customer response to iPhone 5 has been phenomenal,” Philip Schiller, Apple’s senior vice president of worldwide marketing, said in a statement.
The exceeding demand in the phone has pleased the investors who are investing in Apple in flocks. The new iPhone 5 brings some new things to the table that had never been its part before. The screen is taller at 4 inches, it has 4G LTE support for the first time and there is a smaller all-digital dock connector at the bottom.
In addition, there are certain improvements in the handset as well. The camera has been improved with panorama mode coming for the first time while the lenses are topped with a sapphire. The ear phones, now called Ear Pods, are improved with extensive research. They were three years in the making.
Samsung, now Apple’s arch rival, is now sharpening its talons to give Apple a run for its money. The company is promoting its latest flagship smartphone Samsung Galaxy S III with iPhone 5. It has 4.8-inch screen, NFC and longer battery life, all that iPhone 5 lacks.
On the other hand, Apple fanatics have started camping in front of Apple retail stores to get the first iPhone out of the store.