Home > Brands > Apple > Apple Jumps To Christmas Highs

Apple Jumps To Christmas Highs

Apple stock shot up to its highest level since December by 2.3 percent after rival Samsung Electronics suspended production of its flagship Galaxy Note 7 smartphones (CDN, yesterday), following reports of fires in replacement devices.

Fires in a number of the latest smartphones that were meant to replace devices that had been recalled because of their propensity to explode is turning out to be a major disaster for Samsung – and a potential boon to Apple.

Apple’s stock closed up $1.99 at $116.05 in afternoon trading and was the largest contributor to gains on the S&P 500. Earlier, Samsung’s stock dipped 1.5 percent.

Samsung’s ongoing problems suggested the world’s largest smartphone maker has failed to fix a problem that has already damaged its brand and threatened to derail a recovery in its mobile business.

Credit Suisse analyst Kulbinder Garcha has estimated that a 5 percent gain in high-end smartphone market share would increase Apple’s earnings per share by as much as 7 percent. Apple’s stock has rallied 13 percent since mid-September.

You may also like
Apple Tipped To Launch Two 5G Phones In 2020
Samsung Alarm TV Owners Over Virus Warning
Samsung’s Budget Phone Gets Cheaper On Telstra Pre-Paid
Samsung Australia Expand Refrigerator Range
Telstra’s 5G Network Is Flaky, So Is Their Business Case For 5G