Cupertino, Calif. -- Shares of Apple rose more than 3% on Friday after the Cupertino-based company's newest iPhone model hit retail store shelves earlier in the day. Though the company began taking pre-orders for the iPhone 4S a week ago -- with more than 1 million devices ordered in the first 24 hours -- long lines still formed at retail outlets early Friday. Apple first unveiled the new version on Oct. 4, one day before the passing of iconic CEO Steve Jobs. The device features a faster chip than previous models, as well as longer battery life, improved call quality, an 8 megapixel camera and HD video recording. It also features a new voice-activation tool, known as Siri, capable of answering questions, reading texts and conducting web searches. The iPhone 4S sells for $199 (16 GB), $299 (32 GB) and $399 (64 GB), with a two-year contract with AT&T, Verizon Wireless or Sprint.