AAPL Explodes to Record New High on iPhone 5 Hype

Chalk up another milestone for Apple. On Friday, shares of Cupertino, California-based tech giant reached a new, all-time high near the $700 mark.

The achievement comes just hours into the preordering process for Apple’s new iPhone 5.

According to early industry estimates, the first batch of iPhones to be delivered on September 21st has already been depleted by ravenous fans who flocked to the web overnight to be the first to preorder the next-gen iPhone.

Piper Jaffray’s Gene Munster expects big things from Apple’s big release over the coming months.

“We believe the sentiment around iPhone 5 was significantly better than that of the iPhone 4S,” Munster said this morning. “Based on the same study by Investing Analytics, we believe that 73% of tweets about the iPhone 5 during launch day were positive compared to 51% for the iPhone 4S launch. We believe this is to be expected given the phone is redesigned while the iPhone 4S was not.”

Munster projects the iPhone 5 to see sales of 6 to 10 million units in the September quarter alone.