In brief: iPhone customers are now being told by Apple's online store that the cellular handset ships within 24 hours, Citigroup analyst Richard Gardner believes investors should purchase shares of Apple if the stock falls to $130 after iPhone activation figures disappointed investors, and several iPhone hacks surfaced over the weekend. Apple's online store has finally begun shipping the cellular phone, iPod, and internet communication device within 24 hours of customers placing their orders. The update comes after weeks of waiting periods following the iPhone's launch on June 29th, when nearly every handset sold out of every Apple and AT&T store in just two days' time.

Citigroup upgrades Apple shares

Research analyst Richard Gardner of Citigroup has upgraded his price target on earnings expectations for Apple, following the company's record third-quarter results reported Wednesday of last week. The analyst upped his price target by a massive $50 to $160 per share, and is maintaining a "hold" rating on the stock. Those decisions follow disappointment from investors who hoped Apple would well upwards of half a million iPhones in the last two days of its fiscal quarter.

iPhone hacks surface

Several hacks for Apple's iPhone are already available to device owners, including WebShell -- a Web-based ssh shell -- and a collaborative debugging tool called pastebin. A third utility titled iASign 0.2 allows users to activate an iPhone without signing up for a 2-year contract with AT&T.