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Shares of Apple (NASDAQ:AAPL) closed slightly higher on Friday after hitting a fresh all-time high of $705.07. The iPhone 5 reached stores shelves across the globe with much excitement. Cities including Hong Kong, Sydney and Tokyo were among the first to get the new smartphone. Large crowds were seen at Apple stores as usual and the iPhone 5 will launch in 22 more countries next week.
KB Home (NYSE:KBH) was a big winner on Wall Street. Shares of the homebuilder surged 16.4 percent on Friday. The company reported a profit of $3.3 million (4 cents per share) for the third quarter, compared to a new loss of $9.6 million a year earlier. Revenue also jumped 15.6 percent to $424.5 million. KB Home beat the mean analyst estimate of a loss of 15 cents per share and the average revenue estimate of $301.3 million. PulteGroup (NYSE:PHM) shares also closed higher on the news.
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AT&T (NYSE:T) shares climbed slightly higher in late afternoon trading. comScore estimates that the company accounted for 68 percent of total U.S. online sales in the first three days of the iPhone 5’s release. The research firm explains, “As the original carrier of the iPhone and the exclusive carrier for several years, it is a safe assumption that AT&T is home to the highest share of iPhone enthusiasts. Further, owners of the iPhone 4 (which was released in June 2010) are now eligible for upgrades, providing an eager base of consumers ready and willing to purchase the iPhone 5 as soon as it was released.”
Shares of Bank of America (NYSE:BAC) edged higher in late afternoon hours. According to a recent internal document distributed to top management, the financial giant plans to refocus its business strategy and cut costs, a proposal that would cut 16,000 jobs by December and end the company’s reign as U.S. banking’s largest employer.
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