by , 11:10 AM EDT, May 18th, 2007

Apple stock is still on the rise after recovering from a false report that the company was delaying the release of the iPhone and Mac OS X 10.5, and topped US$110 late Friday morning. The company's stock dipped about 2.2 percent on Wednesday after the news came out, and started to recover later in the day once Apple confirmed that the original report was fake and both product were still on schedule.

Apple closed Thursday at $109.44, and continued to rise in after-hours trading.

After Apple received FCC approval for the iPhone, a combination iPod and smart phone, on Thursday, its stock recovered from Wednesday's losses and continued its upward momentum. The iPhone is scheduled to be officially launched some time in late June.

Mac OS X 10.5, or Leopard, was originally scheduled to ship in Spring 2007, possibly at Apple's World Wide Developer Conference in June. Apple later announced that it was delaying the release of the new version of its operating system until October in order to complete iPhone development on time.

Apple stock is currently trading at $110.06, up 0.62 (0.57%).