Apple Shares Hit New High As Consumers Flock To Buy New iPhones

Many tech critics thought that the iPhone 4S was a yawn, but consumers and Wall Street today had a different idea. Thousands of people around the world queued up to buy the slick new smartphone. Yankee Group, a research firm, predicts that Apple could sell 4M new iPhones this weekend. That set the stage for a 3.3% rise in Apple’s stock price, to $422.00, a new high. Some analysts watching the run on iPhones note that the company may be attracting new customers among BlackBerry users angered by this week’s service glitches. For now, at least, Apple seems to be getting a pass for the problems many of its customers had downloading the new iOS5 operating system and watching their email addresses vanish as they tried to access the new iCloud media service. Apple will release its 3Q earnings on Tuesday, and analysts expect to see revenues rise 44.8% to $29.45B.

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