Piper Jaffray analyst Gene Munster believes that Apple could sell as many as 10 million new iPhones in the first week of iPhone 5 sales.

If Apple achieves those sales before the end of its fourth quarter on 30 September, it could push up iPhone sales to 28 million for the quarter, exceeding expectations of between 22 million and 23 million. Apple sold 26 million iPhones in its third quarter, which ended on 30 June.

There is so much pent up demand for the iPhone 5 that Munster believes Apple could sell between 6 million and 10 million new iPhones in the final week of September. It is expected that the phone will go on sale on Friday 21 September. Apple yesterday invited press to a launch event for what appears to be the new iPhone. That event is scheduled for Wednesday 12 September.

Apple sold 4 million iPhone 4S smartphones in the first three days after it went on sale last year. There were 1.7 million iPhone 4 sales in the first three days, reports Apple Insider.

The new iPhone 5 is rumoured to offer 4G, new Airplay Direct technology, better battery life, and new headphones. However rumours claim the iPhone 5 will not have NFC (Near Field Communication).  

In another indication that the iPhone 5 is coming soon, Apple is offering £300 for iPhone 4S ahead of iPhone 5 launch.

Should Apple’s iPhone 5 be the big hit everyone is expecting, and if it is joined by a mini iPad in October, Apple's stock could hit $750. Apple is currently trading at $674.97, following a increase of $9.73 in the day that the iPhone event was announced. 

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