Demand For iPhone 7 Sends Apple Stock Up
After T-Mobile and Sprint reported high demand for the newly launched iPhone 7 line, Apple's stock is gaining moment.
Apple Stock Up Due To iPhone 7 Success On The Market
According to Yahoo Finance, T-Mobile CEO John Legere announced that iPhone 7 preorders are off to a "very strong start," with preorders from Friday through Monday reaching nearly four times the number for the previously most popular iPhone. T-Mobile U.S. Inc. said that preorders for Apple's iPhone 7 reach a record in the wireless carrier's history.
Analyst Trip Chowdhry at Global Equities Research said that strength in T-Mobile's iPhone 7 preorders can be extrapolated to all the carriers worldwide. Sprint also reported high demand for both the iPhone 7 and iPhone 7 plus flagship phones, with sales increasing more than 375 percent from one year ago.
Last week, Apple said that it would no longer release first-weekend preorder sales data, but data coming from T-Mobile provides investors a first look into demand. This year, carrier data on iPhone preorders carries more weight than usual, since Apple stopped releasing its first-weekend preorder sales data.
The surge in shares of Apple Inc. in active trade Tuesday has been in deep contrast with the sharp selloff in the broader stock market. The strong demand for the new iPhone 7 reported by wireless carriers has pushed up the technology giant's stock.
Market Watch reports that shares of Apple Inc. surged 1.1 percent in premarket trade on Tuesday, Sept. 13, after the news regarding the growing demand for the iPhone 7 flagship phone line. Later on during the day, before paring some gains through the close, the Apple stock went up as much as 3.2 percent in intraday trade.
Apple stock was one of only 10 members of the Nasdaq-100 Index that traded higher and the only component of the Dow Jones Industrial Average that gained ground. Apple's share volume was more than double the full-day average, jumping to 61.7 million shares.
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