Strong early orders for the iPhone 7 has boosted Apple’s stock to a five-month high
Apple stock was up more than 4% in midday trading on Wednesday to $112.64 per share. The total market cap now stands at a staggering $605.68 billion.
Shares of Apple rose as much as 4 percent, thanks to latest iPhone 7 and iPhone 7 Plus
The stocks saw a surge after T-Mobile US and Sprint reported strong preorders for Apple’s iPhone 7 and iPhone 7 Plus. Both carriers said preorders are up four times from last year.
The carriers are even offering free upgrade to iPhone 7 for users who trade their older phones and stay with their plan for two years.
While the offer has surely boosted the sales, Samsung’s poor performance with its Note 7 is also said to have benefited Apple.
Earlier this month, Samsung recalled its Galaxy Note 7 phone after buyers noticed a major battery flaw that caused the phone to explode. Some 2.7 million Note 7 devices were already sold.
It may be recalled that Apple shares in May went below $90 for the first time in nearly two years fueled by a drop in iPhone sales.
With a slew of products to be unveiled this month, analysts had predicted Apple would be on track with growing demand for iPhones and MacBook.