iPhone 5 Sells Out Instantly, Stock Hits Record High So much for 'disappointment' By Kevin Spak, Newser User Posted Sep 14, 2012 10:02 AM CDT Updated Sep 14, 2012 12:59 PM CDT 56 comments Comments The new Apple iPhone 5 is displayed Wednesday Sept. 12, 2012 following the introduction of new products in San Francisco. (AP Photo/Eric Risberg) (Newser) – We're not sure if this means it's going to save the economy or anything, but the new iPhone looks like a sales hit; it sold out in less than an hour on Apple.com, BGR reports, despite bellyaching from pundits that it was too incremental an upgrade. The feat is especially impressive given that preorders went up at 3:01am Eastern. Of course, there are other places online where the phones will be available. As of this writing, preorders still appear to be available from AT&T, Verizon, and Sprint. Not surprisingly, Apple shares hit a record high today, CNN reports: $696.82.