Apple Inc. stock continues to surge higher, and on Wednesday afternoon went up by 4% that too when the broader market was mostly flat. So far this week, the stock is up by 10%, which is quite impressive considering the fact that on Monday and Tuesday there were big market slides. There are 30 stocks in the Dow of which Apple was the only one to finish higher on Tuesday.
The recent rally has pushed the Apple stock to its highest level this year. Apple’s worth is more than $600bn again – more than arch rival Alphabet by $60bn that owns Android and Google, says a report from CNN.
Higher than expected demand
Recently, Apple hosted a big event that got lackluster reviews. Despite that strong pre-orders for the new devices – iPhone 7 and iPhone 7 Plus – have been reported by two major wireless carriers – T-Mobile and Sprint.
The iPhone 7 will go on sale this Friday, but T-Mobile CEO John Legere said recently that pre-sales for it are four times of what they were for the iPhone 6. Another carrier Sprint said sales went up by 375% over the same period last year. But, speaking at a Bank of America Media, Communications and Entertainment Conference, Verizon EVP Marni Walden said that the iPhone pre-order volume is actually within the normal range.
Some believed that consumers would like to wait for the next version of the device due next year, and would not rush to upgrade. It is believed the next year iPhone will be a lot better and special, since Apple Inc. celebrates its tenth anniversary in 2017. Rumors are that the next device would be named the iPhone 8 and not the iPhone 7S.
However, it seems that the demand for the latest iPhones is going to be much higher than anticipated. Digitimes – a Taiwanese publication with a focus on tech trends in Asia – in a report this week, noted that Apple’s semiconductor suppliers are receiving strong orders for chips.
Apple iPhone 7 – a good upgrade
Apple Inc. has made some changes in the new iPhone of which one is doing away with the headphone jack. This change has lead to outrage, but some are also liking it. No headphone jack means there is a space for a battery with a longer life, and there is a lightning port through which users can still plug in their wireless headphones.
The new iPhone is water resistant and comes with a dual-lens camera that has 2x optical zoom. Users will no longer complain of clicking lousy low-light photos. All these changes maker the device a lot more than just an ‘incremental’ upgrade, notes a report form CNBC. The pre-orders for the device have been much stronger than expected.