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AAPL Hits $701 a Share on iPhone 5 and iOS 6 Release Hype

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Apple (AAPL) closed at $701.91 today as investors pushed stock to a near all time high close on the eve of the iOS 6 release date and days ahead of the iPhone 5 release date.

Apple announced the iPhone 5, with 4G LTE, a thinner design and a larger 4-inch display on September 12th, and recently announced over 2 million pre-orders in the first 24 hours. The demand for the iPhone 5 is so great that users are now looking at waits into October to buy the iPhone 5.

In addition to the 2 million unit pre-order launch, Gene Munster with Piper Jaffray estimates that iPhone 5 sales will hit 8 million on release date weekend as consumers flock to Apple stores and other retailers to buy the iPhone 5 after standing in line for days in some areas.

AAPL Stock 701

Apple, AAPL, stock closes above $700 on iPhone 5 and iOS 6 news.

iOS 6 delivers over 200 new features to the iPhone and iPad line, and is a free update to the iPhone, iPad and iPod Touch. This allows Apple to sell the iPhone 4S at $99 on contract and offer the iPhone 4 free with a two-year contract. Arguably offering one of the best smartphone values at multiple prices.

The iPhone 5 includes a new Lightning dock connector, and Apple is the primary source for new cables and the Lightning to 30-pin dock connector. In addition to the profit from iPhone 5 sales, expect Apple to make a good deal of cash on these $20 cables and $30 Lightning dock adapters.

The rise in stock price come as analysts reiterate a buy rating on AAPL stock and predict that it will break $1,000 per share. Apple dipped slightly in after hours trading, but is still above $700 per share.

Josh Smith is Editor of GottaBeMobile and Notebooks.com. He's always looking for ways to help you get the most of your gear and loves to talk about tech on radio and TV. Josh uses an iOS and Android devices as well as Mac and Windows Computers. Josh Smith on Google+ Email: [email protected]

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