"Our prediction of 1 million iPhones sold on Thursday is supported by pre-order totals that exceed 600,000 units,” said Colin Gillis, BGC technology analyst. Gillis predicts Apple will jump another 30 percent from here over the next 12 months, citing the explosive sales of the new smartphone, iPad tablet sales, and the rollout of the new mobile operating systems.
While the rest of tech has faltered during the latest market correction, Apple shares have climbed back to a new all-time high this week. The shares are up 29 percent this year while the Nasdaq Composite Index is essentially little changed.
"It’s the greatest single stock story out there," said Steve Grasso, floor trader at the NYSE for Stuart Frankel. “Portfolio managers are throwing out their valuation models and just buying it on growth because Apple just keeps creating new category after category."
Apple hit an all-time high on Monday, a day before saying it had already sold 3 million iPads since its April launch. The iPad was the latest major product release since the iPhone 3Gs in June 2009 and the iPhone 3G in July 2008. The original iPhone went on sale in June 2007.
"Apple is only a s good as its next product, however the company has a recent history of delivering,” said Gillis, who has correctly favored Apple this year over other tech companies like Google.
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John Melloy is the Executive Producer of Fast Money. Before joining CNBC, he was an editor for Bloomberg News, overseeing the U.S. Stock Market coverage team