A Wall Street insider told the Epoch Times: “Biggest news on the street is Apple … shares flat but likely to pop with traders long equity options with a $670 strike price,” he said prior to the close.
The new iPhone will be ready for preorder Sept. 14 and will go on sale in stores on Sept. 21. Data compiled by Bloomberg shows that the average estimate by analysts is for the phone to sell 48.2 million units by the end of December. In total, the company has sold 244 million since the first iPhone debuted in 2007.
J.P. Morgan chief U.S. economist Michael Feroli thinks that the iPhone 5 can boost the country’s GDP by up to 0.33 percent on an annualized basis, he writes in a report. Based on previous iPhone launches he says, “The recent evidence is consistent with this projection.”
Competitors Wait for Apple Slip
Judging from the excitement surrounding the event Tuesday in San Francisco, one can expect the new iPhone 5 will be another success story. It is becoming apparent, however, that Apple is relying on big events like these to hold its edge in the market and maintain its record profitability. Apple is the world’s largest company as measured by market capitalization.
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