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Second Coming

In New York City they’re already lined up… probably around the block by now. And New Yorkers are not fond of lines, believe you me. What are they waiting for? No, it’s not a new Harry Potter book or to see Cher’s fourth farewell tour.

Nope, they’re waiting for the chance to plunk down cold hard cash for Apple's new 3G iPhone. The gadget is generating quite a bit of excitement. In fact the buzz not only bumped Apple’s share price but it lifted the entire Nasdaq.


If the first one was dubbed the "Jesus Phone" because of the overwhelming hype, then this new one is quite literally iPhone's "Second Coming" writes CNBC’s Jim Goldman in his blog Tech Check.

"The iPhone is going to change the whole mobile world,” says Piper jaffray analyst Gene Munster on Fast Money. “Essentially this is mobile 2.0 This is mobile that we’re going to want to use. And it’s not in the stock.”

According to our sister site, MSNBC.com the reviews are in and the new iPhone 3G was “worth the wait,” and “mostly keeps its promises,” but it's “not so much better that it turns all those original iPhones into has-beens.”

For the first weekend of iPhone 3G sales, Munster expects a staggering 425,000 units sold worldwide for Friday, Saturday and Sunday. Those number’s are staggering, especially in this environment. "The internet took off despite tough economic times and I think you’re going to see the next generation of mobile do extremely well because the reality is, it makes people’s lives better, ” Munster tells Dylan Ratigan.

The new iPhone sells for about $200 while an upgraded 16-gigabyte model goes for $300.

”People don’t understand how big the iPhone will be,” Munster concludes. “When they get it and see it contributes to their bottom line we think the stock will make a move.”

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Trader disclosure: On July 10, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Adami Owns (AGU), (C), (GS), (INTC), (MSFT), (NUE), (BTU); Macke Owns (MSFT), (USO), (INTC), (WMT); Najarian Owns (AAPL), (CHK), (MAR), (NOK), (TSO), (XTO), (XLF); Najarian Owns (FNM) And (FNM) Puts; Najarian Owns (YHOO) Calls, (RIMM) Calls, (SLB) Calls, (CSCO) Calls; GE Is The Parent Company Of CNBC; NBC Universal Is The Parent Company Of CNBC; Finerman Owns (GS); Finerman's Firm Owns (DVA), (GE), (MSFT), (NOK), (SUN), (TSO), (VLO); Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Owns (PLCE) Calls, (TGT) Calls, (HUN) Calls.; Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM); Finerman's Firm Is Long SPX Index Puts; Finerman's Firm Is Short (BIG)

Piper Jaffray Has Received Non-Investment Banking Securities-Related Compensation From (MCHX) In The Past 12 Months; Piper Jaffray Has Received Non-Investment Banking Securities-Related Compensation From (SOHU) In The Past 12 Months; Piper Jaffray Is A Market Maker In (AAPL), (ADBE), (ADSK), (BIDU), (CHKP), (GOOG), (MCHX), (MFE), (MOVE), (SINA), (SOHU), (SYMC), (VRSN), (YHOO)