Apple’s shares hit the $700 mark in after-hours trading on Monday. The gravity-defying stock soared following Apple’s announcement that pre-orders of the iPhone 5 surged to more than 2 million in their first 24 hours. That was more than double the pre-orders received for the iPhone 4S.
The stock had already closed the day at $699.78, up 1.2 percent.
What remains to be seen, according to the Associated Press, is whether the iPhone 5 can top the pace set by its predecessor:
“It won’t be easy for Apple to top the breakneck sales pace set by previous iPhones. Apple said last year that it sold over 4 million iPhone 4Ss just three days after its launch on October 14. That launch occurred less than two weeks after the death of Apple’s iconic founder Steve Jobs and as the iPhone 4S went on sale, scores of Apple devotees were still mourning him with candlelight vigils and impromptu memorial ceremonies outside of Apple stores across the globe.”