iPhone Mania Pushes Apple Shares To New High

Apple shares closed at over $100 yesterday. They’re up 19% for the year and the main thing fueling the bullishness is how positive investors are about the success of the iPhone. At stake are billions in sales, and the future of telephony hangs in the balance.

Chief Executive Officer Steve Jobs is looking to the June release of the iPhone, which combines an iPod and mobile phone and offers Web and e-mail access, to expand into wireless devices.

Apple forecasts it will sell 10 million iPhones in 2008, capturing a 1 percent share of the total market.

Apple’s sales are up 21% this year, and that’s without the iPhone, so you can see why people are so excited and pushing the stock higher. But all it would take is a stumble to reduce the shares.

A lot is riding on the release of the iPhone.

Resource: ContraCostaTimes