Apple Hits $700 a Share for First Time
By: Cadie Thompson | Technology Editor, CNBC.com
Yoshikazu Tsuno | AFP | Getty Images
A notice (C) providing information on ordering the iPhone 5 is displayed at a Tokyo electrics shop on September 13, 2012.
Apple's stock passed $700 for the first time ever in after-hours trading on Monday.
The tech giant's stock rallied after the company announced Monday morning that it had record breaking pre-orders of its iPhone 5. The tech giant sold two million units of the new iPhone, surpassing the initial supply and causing some customers orders to be pushed back a week.
BMO Financial Group also raised its price target for Apple to $750 from $680.
The iPhone 5, which was unveiled last Wednesday, is scheduled to ship Sept. 21 and goes on sale in stores the same day.
Apple's share price closed at $699.78 Monday.
email: tech@cnbc.com
Apple's stock passed $700 for the first time ever in after-hours trading on Monday.
