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iPhone 5 Steals Show: Tech Weekly

NEW YORK ( TheStreet) -- After Amazon (AMZN) had its moment in the sun last week with the launch of several new Kindle products, this week was all about that other "a" company: Apple (AAPL - Get Report).

Apple showed off its iPhone 5 on Wednesday, with TheStreet in attendance to live-blog.

The iPhone 5 has a 4-inch screen, sets a new thinness standard at 7.6 millimeters, and weighs just 112 grams. The smartphone also comes with Retina Display and runs on 4G or Long Term Evolution (LTE) networks from AT&T (T), Verizon (VZ) and Sprint (S).

Other iPhone 5 features include a new custom processor chip, the A6, which is 22% smaller than its predecessor, allowing Apple to save a lot of space inside the phone.

TheStreet's James Rogers had positive first impressions of the device, which is set to officially go on sale Sept. 21.

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Apple put the phone up for pre-order at 12:01 a.m. PST Friday on its Web site, and it sold out almost immediately.

Every model of the phone was gone within an hour, according to Apple's Web site. Customers can still get their phones through Verizon, AT&T, and Sprint's sites, though sources at Verizon said they were dealing with higher-than-normal online volume, leading to some delays.

Shares of Apple traded as high as $696.98 -- near an all-time high -- Friday and rose almost 1.6% on the week to close at $691.28.
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