Apple Approaches $700 As iPhone 5 Demand Stronger Than Expected

Regardless of whether or not the iPhone 5 impressed the hardcore techies and smartphone aficionados, consumers have already given Apple’s (AAPL) latest version a strong stamp of approval. The company said it has stopped taking pre-orders for the iPhone 5 less than eight hours after it began taking them. Though anyone paying attention probably shouldn’t be surprised as last year’s iPhone 4S pre-orders sold out in the first 24 hours. Still, it probably helps to reassure investors that the company is still at the top of its game. Shares of Apple have continued its march up to new highs, threatening to break through the $700 mark.

Apple’s success also means good news for companies like AT&T (T), Verizon (VZ) and Sprint (S). However, the hardware change could also mean nice drivers for suppliers like Corning (GLW), Qualcomm (QCOM), and Omnivision (OVTI).

However, the largest beneficiaries from the design tweaks are most likely accessory makers for the iPhone. The most controversial update has been the introduction of the Lightning adapter has caused outrage from loyal customers who can no longer use their existing adapters from previous iPhones.

Be it iPhone cases to compatible adapters and cords, the new changes means previous products are now rendered obsolete, breathing new life and demand for accessories. While most of the companies like InCase and Griffin are private, the most prominent of the publicly traded names in Zagg (ZAGG), whose flagship product should get a huge lift due to the expanded screen.