It is estimated that between 400,000 and 700,000 units of iPhones were sold over the weekend. As a result, Apple stock rose to another record high Tuesday (stock: AAPL). By Sunday, July 1st, most AT&T (stock: T) stores were sold out of iPhones, while supplies were still available in Apple Stores. Although official sales figures were not released by Apple and AT&T, it is estimated that iPhone has at least a 55 percent profit margin, researched by iSuppli.

Two models were sold over the weekend, an 8GB for $599 and an 4GB for $499.

It appears the most first-day buyers are college students.