For a short while on Thursday, one Apple share, valued at $600, was pricier than the new 16GB iPad.
The event occurred only a month after Apple stocks jumped to $500. In February, Apple joined the select group of US companies that topped $500 billion in market capitalisation. Under the circumstances, buyers started to crowd around to get a piece of Apple pie.
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James Dailey, portfolio manager at TEAM Asset Strategy Fund pointed out that "the frenzy gets compounded because Apple has become dominant in indexes. They need to have Apple in their portfolios, and they don't want to miss the train that is leaving the station." Apple's stocks leaped significantly after the third generation iPad hit the shelves and excellent hands-on reviews started to surface across the web.
The highly praised new iPad hit the shelves in 12 countries today and the stocks available for pre-orders are already exhausted. Now people who order the new iPad online will have to wait two to three weeks before getting the device. The situation means that Apple will most likely break sale records with the third generation tablet as the company did last fall with the latest iPhone.