“Apple Inc. Chief Executive Tim Cook quashed concerns recently about muted demand for the iPhone X, saying pre-orders for the 10th anniversary smartphone were “off the charts,” but it might be the company’s market capitalization that needs a bigger graph,” Noel Randewich reports for Reuters. “Positive reviews for the new device and expectations that many users are on the verge of upgrading from older iPhones have sent Apple’s stock to record highs, pushing it closer to becoming the first publicly listed company with a stock market value above $1 trillion.”

“Cook last week said pre-orders of the iPhone X were “off the charts”, while the company’s website showed delivery times pushed out to five to six weeks for the phone” Randewich reports. “At Wednesday’s $166.89 stock price, down 1.3 percent from a record high, the Cupertino, California company’s market capitalization stood at $862 billion.”

“Since the first iPhone in January 2007, Apple’s stock has surged almost 1,300 percent, compared to the S&P 500’s 83-percent increase. Including dividends, Apple’s total return has been about 1,400 percent,” Randewich reports. “Apple’s stock has risen about 26 percent per year on a compound basis since the start of 2007, a trajectory that – based on its current shares outstanding – could see it reach a market capitalization of $1 trillion in mid-2018.”

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