Apple stock surged as customers lined up to buy the new iPhone X in Apple stores around the world. Fred Katayama reports.
Apple stock hit a record high as customers lined up outside Apple stores across the world to get their hands on the new iPhone X. Apple's market capitalization reached almost $890 billion. CNET's executive editor Roger Cheng. (SOUNDBITE) Roger Cheng, Executive Editor, CNET (ENGLISH) SAYING: "They just guided for, you know, record holiday season. They expect iPhone X to really blow things out of the water. There's a lot of trepidation going into this quarter, this past quarter, you know, supply short rumors, the fact that the iPhone 8 didn't seem to be selling as well as before. But that guidance suggests that Apple is every bit confident, as always, that they will be breaking new records with the iPhone X." The glass-and-stainless-steel iPhone X features an edge-to-edge display and an innovative camera that uses facial recognition to unlock and operate the phone. The price tag - a thousand bucks. Last week users trying to order the iPhone X on Apple's website were told the wait was up to six weeks. Now it's down to three to four weeks. The rush of interest in the new phone came after Apple issued an upbeat sales forecast for the year-end holiday shopping season. Wall Street welcomed that outlook. Five analysts have set stock price targets that would move Apple's market value past $1 trillion.