Afternoon Market Update (AAPL, AFL, MS, UAUA, CAL, DAL)

In the initial three days of the launch of its new iPhone, Apple Inc AAPL has sold 1.7 billion new iPhone 4 units. There are reports of shortages of the device in the market. Shares of AAPL have gained more than 7% since the company unveiled the device in San Francisco. CEO Steve Jobs calls the new iPhone as the "most successful product launch" in the company's history. Shares of Aflac Inc AFL gained more than 4% after the insurer announced an after-tax gain of around $80 million in Q2. The company has also sold its entire Greek debt. The broader financial sector was mostly flat. Morgan Stanley MS, which fell more than 1.5%, was the biggest decliner in the sector. The US Airline stocks moved up, after posting losses last week. The NYSE Arca Airline Index gained about 1% to 37.83. Some of the stocks that drove the sector were United Airlines parent UAL Corp UAUA, Continental Airlines CAL and Delta Air Lines DAL. Read more from Benzinga's Markets.