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Apple: Pre-ordering a $700 stock price

September 17, 2012: 2:23 PM ET

If Apple hits $700 a share, can it stay there?

Investors and consumers are playing the Apple (AAPL) waiting game this week.

Apple's stock is oh so close to $700. And despite iffy reviews of the iPhone 5, at least two million people are waiting for it.

That's given StockTwits traders plenty to chew on.

firstadopter: $AAPL iPhone 5 pre-orders 2 million in 24 hours., 2X iPhone 4S. "many" pushed out to October delivery

Some consumers are so eager to get their hands on the phone that they're simply lining up outside Apple stores, even though the phone doesn't hit store shelves until Friday.

All of the frenzy has pushed Apple's stock price to record highs over the past week.

totalguru: $AAPL 700 is psychological. Everything is priced in. It needs a breather. Has been tired since Fri. Then it'll pop to 720, just like that.

But not everyone is convinced that Apple's stock can keep the momentum going.

DeidreZune: It's funny.People begging for a DIP now (when they ignored a 4% dip on Mon-Tue last week.I guess they feel better after record orders $AAPL

frankcapra03: $AAPL I will be buying all dips starting at $690 and each $10 down ie if we hit $680, $670, $660 etc.. Going much higher over next 6 months!

As a Duke University alum, the fervor around Apple's iPhone release and $700 stock price reminds me of the pre-game Duke basketball hype.

Duke students sleep for weeks in Krzyzewskiville, the town outside Cameron stadium, to see the team on its home court. Like Duke's basketball team, Apple inspires devotion and plenty of haters.

Last year, Duke had a miserable March with a quick exit from the NCAA tournament.

For Apple devotees, the question is whether its stock will survive the September iPhone and $700 madness. Not everyone believes the hype.

StockTwits: OK, Who's Got the Apple 700 Hats? $AAPL
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Maureen Farrell
Maureen Farrell
Staff writer, CNNMoney

Maureen Farrell is a staff writer at CNNMoney and covers Wall Street, banking, mergers and the stock and bond markets. Prior to joining CNNMoney, she covered venture capital and entrepreneurs for Forbes, and mergers and bankruptcy for Mergermarket and Debtwire, both divisions of the Financial Times.

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