Apple's stock passes $700 as Wall Street cheers Iphone 5

PATENT BULLY Apple has seen its shares go past $700 for the first time as it revealed record numbers of preorders for its Iphone 5.

Apple's Iphone 5 has unsurprisingly proven to be popular despite the majority of customers who placed preorders for two million of the shiny devices not having physically seen or used the phone. With Apple saying that it was happy with the level of preorders, fanbois have made way for pinstriped money men to get their orders in for Apple shares, sending the price north of $700 for the first time in the firm's history.

With Apple's stock price rising steadily since 13 September, the day after the Iphone 5 launch, stockholders have enjoyed a $40 increase in Apple's share price. To put that into perspective, Apple's share price has risen by more than what one share of Microsoft stock is worth, in fact for $40 you could just about buy one share of Dell and one of Microsoft.

Apple's share price is not just related to Iphone 5 sales. One of the big reasons behind the latest rally is that those who buy the Iphone 5 will then spend more cash at the App Store and on other Apple services. Effectively the money men are betting on increased long term revenues, not just two million handset sales within 24 hours, a rate that is clearly unsustainable even by Apple fanbois' standards. µ