Apple shares closed above $700 for the first time on Wall Street Tuesday, amid optimism about the tech giant as it launches its new iPhone 5.

Apple closed up 0.3 percent at a record $701.93, a day after the Silicon Valley firm said it received more than two million orders for its new iPhone 5 in just 24 hours.

The company's market value based on its stock price has surged above $657 billion, extending Apple's lead as the world's most valuable corporation.

Apple unveiled the new version of its iconic smartphone last Wednesday and opened up pre-orders on Friday. The company said the hot item would be available in 100 countries around the world by year's end.

Shaw Wu, analyst at Sterne Agee, has set an Apple price target of $840.

"We continue to believe many underestimate iPhone 5 in that it is a significant update and will drive a powerful product cycle," Wu said in a note to clients, adding that the only thing holding Apple back may be "supply constraints."

Scott Craig, analyst at Bank of America-Merrill Lynch, said Apple is entering an "iPhone super cycle" and raised his price target to $850 for the stock.

"Our upward estimate revision is driven, in part, by a faster than expected global rollout of the iPhone 5," he said in a research note.

"We expect the iPhone 5 sale... to exceed the four million unit record set by the iPhone 4S in the first weekend."

Some analysts say Apple could sell 10 million iPhones in the opening days and 50 million before the end of 2012.

Fox launches streaming films with iTunes, Google
New York (AFP) Sept 18, 2012 - Twentieth Century Fox, the cinema unit of Rupert Murdoch's News Corp., said Tuesday it would offer streaming movies for various devices through Apple's iTunes, Google Play and other services.

The Digital HD project will allow access to new releases before DVDs are issued,"attractivepricing," cloud storage and availability across multiple devices, News Corp. said in a statement.

"Whether the plan involves watching Fox movies on connected HDTVs in your living room, or on your tablet or smartphone on the run, Digital HDoffers up versatility and convenience," the statement said.

The company said more than 600 Fox films will be made available to US customers from Amazon,CinemaNow, Google Play,iTunes, PlayStation, Vudu, XboxLive and YouTube.

"With almost 800 million broadband connected devices globally, and millions of people accessing entertainment on those devices, we feel the medium's time has come," said Mike Dunn, president worldwide of Twentieth Century Fox Home Entertainment.

"Digital HD redefines digital ownership in a way that presents consumers with a full range of benefits in a coherent way, and it allows them the chance to build digital movie collections that can literally be carried in the palms of their hands."

Fox plans to offer the service in more than 50 countries, said Mary Daily, the unit's chief marketing officer.

Among the first titles is the sci-fi thriller Prometheus, selling for under $15,and arrivingthree weeks before Blu-ray, DVD and video-on-demand, the company said.