Apple Shares Skyrocket

On the stock market Apple Computer Inc. seen their shares skyrocket after the release of their new iPhone. The shares in Apple Computer Inc. quickly hit a intraday high of over ninety-seven dollars on the Nasdaq Stock Market. This is a 4.8 percent increase from the companies' stock prices on Tuesday giving them a total increase of fourteen percent. The total market capitalization for the Apple Computer company is over eighty billion dollars.

Tuesday was the day that the Apple Company unveiled their new iPhone which is a combination cellphone, iPod and wireless internet terminal. This new product has been designed to out do every other multifunction handheld product currently on the market.

Early analysis over the Apple stock for the entire year show that despite the high price of these new iPhone which may affect initial sales should still go on to sell a minimum of five million units by the end of the year. The new Apple iPhone is supposed to be so successful that the company said they are factoring in a cannibalization rate on their iPods of forty percent since the iPhone will also take over the portable music market. As a result of these forecasts many analysts continue to increase their quoted price of Apple Computer Inc. company stock shares.