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Apple shares break through $700 on iPhone orders

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Apple, the world's largest company, saw its shares break through $700 for the first time ever overnight after it revealed it had received a huge number of pre-orders for the new iPhone.
Apple shares break through $700 on iPhone orders

Although it has been given a mixed reception by technology experts, consumers are chomping at the bit to snap up its latest gadget – the iPhone 5 – with almost 2 millions pre-orders registered with the company.

The news of the high demand quelled fears the company’s latest product was going to fall flat, and pushed shares up $8.50 to $699.78 per share.

In after hours trading shares then broke through the $700 barrier, up $2.12 at $701.90.

The previous record for pre-orders was for the iPhone 4S, which got one million in the first 24 hours, compared with the relatively modest 600,000 pre-orders for the iPhone 4.

“The customer response has been phenomenal,” said Philip Schiller from Apple, according to the BBC.

Apple shares have seen a phenomenal rise of nearly 75% in the last year, having traded at $411.63 just 12 months ago.

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