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Even bears have to concede that this will be another record-breaker for the class act of Cupertino. Every generation of Apple's flagship device wins over a new breed of BlackBerry and feature-phone converts. Yes, Android may be mobile operating system for the masses, and that's not going to change anytime soon. However, there doesn't seem to be any realistic challenger to the iPhone as the brand that just happens to be making most of the industry's profit.
History will also remember that this was the week Apple broke through the $700 barrier. The high price doesn't necessarily mean the stock is expensive, though. Apple at $700 translates into just 13 times projected earnings for the new fiscal year that starts next week.
Take a bow, Apple. Now do something about clearing up those Apple Store lines so the rest of us can make our way to the mall's food court.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- Deutsche Bank reports that Qihoo 360 (NYSE: QIHU ) is once again gaining market share in China's search-engine market at Baidu's (Nasdaq: BIDU ) expense, though it's not as bad as when Qihoo 360's engine peaked earlier this summer, when it was originally introduced. The search pie in China is growing nicely, but investors will still want to watch that trend.
- Trulia (NYSE: TRLA ) pulled off a successful IPO, closing 41% higher on its first day of trading on Thursday. Smith Electric, on the other hand, merely pulled its offering. The maker of electricity-powered trucks just didn't get the kind of investor support it was hoping for.
- Herman Miller (Nasdaq: MLHR ) took a hit after posting a dip in revenue and a larger-than-expected decline in profitability. It can't be a good sign for Corporate America when a maker of office furniture is retreating.