• The New York Times, Friday, July 6, 2007 12 PM

Some consumers who bought iPhones thought they could resell them immediately for profit, but they were wrong. Regular consumers who posted ads on Craigslist while waiting on line for prices ranging from $800 to $1,200 didn't receive the kind of responses they anticipated. One would-be reseller says he had no takers and had to return the phone. He said his reseller friends had no luck, either.

Clearly, the Xbox 360 and Nintendo Wii craze is not being repeated here. Across the nation, people who thought they could start mini iPhone businesses are crestfallen that supply has met demand. Some sellers were even closing at a loss. Meanwhile, the iPhone is selling well: Some analysts estimate that Apple has sold as many as 700,000 units since the device's launch a week ago. Apple simply anticipated demand well, although its inventory levels remain shrouded in secrecy. The electronics giant expects to sell 10 million iPhones by the end of the year.

While iPhone futures haven't sold well, Apple's stock rose to a new all-time high of $132.75 on Thursday, based on strong iPhone sales. Investors bet that demand for the device will remain high while speculation mounts that Apple is nearing iPhone deals with carriers in Britain, Germany and France.

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