iPhone Presales Double Record, Many Deliveries Pushed Out to October

Apple Inc. (NASDAQ: AAPL) has said that the demand has already exceeded its supply of the iPhone 5. We reported on Friday morning that the iPhone 5 was already sold out on the Apple online store as the expected shipping date that was listed on the site suddenly said delivery would be in about two weeks.

Apple further said that most deliveries will take place on September 21, but it also confirmed that many preorders will be delivered in October. Most consumers who did not yet order phones and who want an iPhone 5 on or shortly after the launch date likely will have to go through AT&T Inc. (NYSE: T), Verizon Communications Inc. (NYSE: VZ) and Sprint Nextel Corp. (NYSE: S).

Perhaps the biggest statistic was that the preorders were twice that of the iPhone 4S from a year ago. Some 2 million iPhones were ordered in the first 24 hours.

The iPhone 5 will be available at the 356 Apple retail stores in the United States starting this coming Friday (September 21). Apple says that customers buying an iPhone 5 at an Apple retail store will be offered free personal setup service to customize the phone so that it will both work and will be set up the way each customer wants before they leave the store. In short, expect big lines and long waits.

Apple closed at a record high last week and the $691.28 close on Friday is lower than the $697.00 or so trades seen so far in the premarket trading session. As Apple closes in on the $700 share price, it is also closing in on a market capitalization rate of $650 billion.

JON C. OGG