Apple shares hit an all-time high as analysts say that iPhone X pre-orders are ahead of expectations

Apple's market capitalization hit an all-time high today when the company's shares hit $168.07 during the NASDAQ trading day. And while the stock closed trading on Monday at $166.72, up $3.67 for the day, Apple's current valuation of  $861 billion brings it closer to being the first company to be worth $1 trillion. To hit that mark, Apple would have to rise 16% to $193.64. The catalyst for the rally is the strong showing made by the Apple iPhone X once pre-orders were opened up Friday morning. Apple said that orders for the tenth anniversary model were "off the charts," and that the ...

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Apple's market capitalization hit an all-time high today when the company's shares hit $168.07 during the NASDAQ trading day. And while the stock closed trading on Monday at $166.72, up $3.67 for the day, Apple's current valuation of  $861 billion brings it closer to being the first company to be worth $1 trillion. To hit that mark, Apple would have to rise 16% to $193.64.

The catalyst for the rally is the strong showing made by the Apple iPhone X once pre-orders were opened up Friday morning. Apple said that orders for the tenth anniversary model were "off the charts," and that the number of units reserved were much higher than the company expected. Apple reportedly has told its suppliers in Taiwan to double capacity as it expects heavy demand for the premium model to continue.

Apple has been having problems producing the iPhone X due to a few new features including the OLED display and the complex TrueDepth Camera used for the facial recognition system known as Face ID. As a result, minutes after the phone was opened to pre-orders, Apple sold out its stock and had to resort to back-orders to keep the reservations coming. Delivery times remain at 5 weeks to 6 weeks for newly placed iPhone X pre-orders. That compares with 2 to 3 weeks for last year's Apple iPhone 7 Plus, and 2-4 weeks for the Apple iPhone 6 and Apple iPhone 6s.

"We are encouraged that shipping lead times have held steady at 5-6 weeks because these pre-orders can be recognized as shipments in the December quarter. Apple is taking the iPhone franchise to a whole new level with the iPhone X, pushing the company deep into the ultra-luxury smartphone market."-Brian White, analyst, Drexel Hamilton

"We observed shipment times for the iPhone X tick up to 5-6 weeks within minutes of Apple opening pre-orders, where they have held over the weekend. This is ahead of the 2-3 weeks during the iPhone 7 Plus launch and the 2-4 weeks during the iPhone 6 and 6s launch."-Jeffrey Kvaal, analyst, Nomura