Shares of Apple Inc. rose to a record Friday after the company said orders for the iPhone 5 from its online store won't be shipped for two weeks, fueling speculation that the new model has sold out.
The stock climbed 1.2 percent to $691.28, extending gains for the year to 71 percent.
The iPhone is Apple's best-selling product, making up about two-thirds of profit. The company's entry into the smartphone market in 2007 has resulted in sales of 244 million iPhone units and helped Apple become the most valuable company in the U.S. Apple's website says the iPhone 5 will ship Sept. 28, a week after it's scheduled to be in stores, a sign that demand is outpacing supply.
"The initial batch is sold out," Shaw Wu, an analyst at Sterne Agee & Leach Inc., said in an interview. "We think that could turn out to be conservative."
An hour after Apple's website began taking orders at midnight, at least one model was shipping in two weeks to buyers in San Francisco.
"Pre-orders for iPhone 5 have been incredible," said Natalie Kerris, a spokeswoman for Cupertino, Calif.-based Apple. Bloomberg News
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