When it comes to the stock market, the sentiment on Wall Street isn't so much "What have you done for me lately?" as it is "What will you do for me in the future?" In other words, for a stock price to really appreciate, a company has to increase its profits, a feat most easily done via new and innovative products.
Case in point - Apple followed up the iconic device that was the iPod with an entire lineup of iPods with varying features and pricepoints. Once the market for MP3 players began to get saturated, Apple introduced the revolutionary iPhone. While the iPhone still has tremendous room for growth, Apple is doing anything but resting on its laurels. It recently released the iPad, and if initial sales are any indication, it appears that Apple's latest innovation is just the latest in a stream of successful products coming out of Cupertino.
A few days ago, Apple put out a press release announcing that they had sold over 1 million iPads in just 28 days. Equally as impressive, iPad owners have already downloaded over 12 million iPad apps and 1.5 million digital books from Apple's online iBookstore.
“One million iPads in 28 days—that’s less than half of the 74 days it took to achieve this milestone with iPhone,” Steve Jobs explained in the press release. “Demand continues to exceed supply and we’re working hard to get this magical product into the hands of even more customers.”
And when you consider that the iPad is still a US-only device, you can only imagine what kind of sales Apple will see once the device becomes available internationally. And speaking of which, the iPad is poised to hit the following countries on May 28th - Australia, Canada, France, Germany, Italy, Japan, Spain, Switzerland and the UK. Pre-orders for the iPad in those countries will begin tomorrow.