A Huge Profits For Apple

Apple's (AAPL, Fortune 500) stock rose as high as $648.19, besting the previous high set in April, before closing the day just a few cents lower at $648.11. The company's shares blew through a series of record highs in the first four months of the year, but had then been in a funk since May, when Apple reported that its iPhone sales had plateaued.
Apple badly missed Wall Street's sales and profit forecasts last quarter and delivered a weak financial outlook for the current quarter.
But the anticipated September launch of the new iPhone, coupled with rumors of a smaller iPad -- and perpetual Apple TV whispers -- have lifted the stock once again.
Apple is believed to be planning an event for Sept. 12 at which it is likely to unveil its next smartphone. The new iPhone's upgrades are expected to include 4G wireless support and a larger screen.
The iPhone has become by far the largest driver of Apple's success. In quarters that Apple launches an updated smartphone, the company has typically posted record sales and profit. Last year, after Apple launched the iPhone 4S, it had the second-most profitable quarter in U.S.