Apple gains after releasing iPhone 5 details

Will you buy it to gain half an inch?

Apple released the long-anticipated iPhone 5 on Wednesday, unveiling a thinner, faster device with a larger screen. The new iPhone boasts a 4” screen, up from 3.5”, and is 18% thinner than existing models. It will support LTE wireless technology and uses a new chip that offers twice the computational performance and graphics speed on the iPhone.

Additionally, it features a new charging port that is 80% smaller than the one that Apple has used since 2003 and Apple will provide adapters to use with existing accessories. Pricing for the iPhone 5 starts at $199 for a 16-gigabyte model with a two-year service contract, in line with 4S model pricing and it is expected to be in users’ hands by September 28.

At the event, CEO Tim Cook announced that Apple has sold 84 million iPads through the end of June and the device accounts for 91% of web traffic generated by tablet devices. Additionally, a new version of the iPod Touch was unveiled, featuring a 5 MP camera and photo editing software, along with several other features seen on the iPhone, making it more of a computer than a music player.

Apple (AAPL : NASDAQ : US$669.79), Net Change: 9.20, % Change: 1.39%, Volume: 25,207,636

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