Apple's stock price rose less than 1% as the market opened on Wednesday, hours before the company's expected iPhone 5 announcement.
While it might seem logical that a new Apple product announcement leads to a stock price boost, historically that hasn't been the trend, no matter how successful the launch. However, as The Wall Street Journal reports, options banking on a rise in Apple stock price are selling well. According to the publication, four of the most in-demand option contracts on Tuesday were based on the expectation of a 2.5% rise by Friday.
Though Steven Baker of NPD appears bearish on the iPhone 5's prospects -- he predicts it will only sell at the level of the iPhone 4S -- others are expecting a blowout. Perhaps the most bullish analyst is Piper Jaffray's Gene Munster, who thinks Apple could sell 6 million to 10 million new iPhones in the first weekend of availability.
Apple's stock price is up 63% since the beginning of the year.
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