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Apple Hits the Magic Million iPad Tally

-- Updated Apple iPad story with stock price.-- CUPERTINO, Calif. ( TheStreet) -- Apple (AAPL - Get Report) says it reached the one million sold mark for its iPad Friday with the debut of the 3G wireless version of the tablet.

The announcement comes after a weekend of widespread sellouts of Apple's iPad 3G. The constricted supply and healthy demand helped boost the stock more than 2% to $266.11 in midday trading Monday as investors applauded the retail reception for the device.

"One million iPads in 28 days -- that's less than half of the 74 days it took to achieve this milestone with iPhone," CEO Steve Jobs said in a press release Monday. "Demand continues to exceed supply and we're working hard to get this magical product into the hands of even more customers."

Apple started selling the 3G version of the iPad at 5 p.m. Friday, a follow-up to the WiFi-enabled iPad that became available April 3.

Piper Jaffray analyst Gene Munster, a student of several Apple product debuts, estimated that 300,000 3G iPads were sold on the first weekend of availability. Munster also noted that all but one of the 50 stores his firm monitored sold out of the AT&T-connected device.

Once again, supply shortages helped color the demand picture for Apple, which was forced to delay its international iPad distribution for a month due to an undersupply.

Munster correctly estimated that Apple had sold more than one million iPads. The company was halfway to that milepost on the first week of sales when it said it sold 500,000 iPads.

--Written by Scott Moritz in New York

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