Apple (Nasdaq: AAPL) finally introduced the iPhone 5 on Wednesday.

There wasn't a lot of suspense. The media invitations clearly had a shadowy "5" on an iPhone screen.

There also weren't too many surprises about the gadget itself. Either tech bloggers are getting better at smoking out prototypes or Apple's just slacking off on the "one more thing" magic that would typically throw consumers for a refreshing loop.

Apple's going to sell a ton of these smartphones when they hit the market on Friday. It won't be enough to catch up to Android. The iPhone 5 is just too expensive for countries that don't subsidize smartphones. The unlocked prices start at a stiff $650.

However, Apple is positioned to sell far more iPhone 5 handsets than it has before. It's more of a smartphone thing than an Apple thing. Android is also growing in popularity, as folks trade up from old school feature phones.

It's still easy to see why Apple -- the company making the lion's share of the profits in the smartphone space -- hit all-time highs this past week.

It's good to be the king.

Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.

Moving on
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Longtime Fool contributor Rick Munarriz calls them as he sees them. He does not own shares in any of the stocks in this story, except for Liberty Media. Rick is also part of the Rule Breakers newsletter research team, seeking out tomorrow's ultimate growth stocks a day early.