Apple’s stock price was at its lowest in a month, right after Apple unveiled the iPhone 4S on October 4. Fans and investors, who were expecting a new iPhone 5, were disappointed when Apple launched only one device, the iPhone 4S. Its stock price dropped down to $357 right after the announcement.
However, the iPhone 4S sales figures were quite surprising. Apple ringed in more than a million pre-orders in the first 24 hours, and over 3 million pre-orders of the iPhone 4S in the first weekend after the announcement.
Today, its stock price hit an all-time high of $422, which is around 20% higher than its recent low of $357. It now has a market cap of around $391 billion, giving it a $11 billion lead over Exxon Mobil, which now has a market cap of just under $380 billion.
Contrary to expectations, the news of Steve Jobs’ death didn’t push the stock price down. In fact, it has appreciated steadily since.
At this rate, Apple’s stock will soon breach the $500 billion market cap. I expect it to happen after Apple launches the iPad 3 and iPhone 5.