When the Apple Inc. (NASDAQ: AAPL) iPhone launched on June 29, AAPL shares stood at just over $121 per share. The stock was at an all time high, up 60% in 2007 even before the iPhone was announced. This was really no surprise, since the public and media hype surrounding the iPhone was massive right before the launch. Shares traded on the hype of how many iPhones Apple would sell on its debut weekend and shortly thereafter.

Here we are, almost three weeks later, and AAPL shares stand at $138 per share as of this morning. Not only is that a new all-time high for the company's common shares, but it represents a 14% increase from the day of the iPhone launch just two and a half weeks ago. That's a very nice short-term gain that speaks volumes about Apple shares. While many savvy folks short its shares daily, others build positions around anticipated product announcements and quarterly results. I'd say that Apple shares are not finished rising -- not at all.

In 2007, AAPL will most likely hit $160 or more just based on the continuing fantastic sales of almost all its consumer products in addition to the fantastic performance of its retail stores. Apple is about the only computer and consumer electronics manufacturer that could glean great results with standalone retail locations (remember Gateway's disastrous retail foray years ago?), and there is more on Apple's (pie) plate as well this year. Will that June 29 AAPL buy turn into a 30% return just in 2007? Hedge your bets now.