Apple stocks exhibited their joy following carrier reports of strong iPhone 7 and 7 Plus demand, by surging up by several points. News of the sell out of its newly launched flagships caused a significant boost to the company’s shares, which have been trading a staggering 8 percent higher since last Friday.
At present, the price of Apple shares stands at around $115.16 per share. This marks a gain of almost $10 per share since the 9th of September, which for a company of Apple’s magnitude, is huge. The latest iterations of iPhone have definitely been the cause of a major financial success for the company. What’s more, investors are hoping for the strong sales to continue and amidst such sentiment, Apple stocks are expected to continue surging for a while yet.
This has also brought the company significantly closer to its one year target of $120. However, considering the high levels of excitement exhibited by consumers over Apple’s latest flagship, the target may just be achievable. While apple refrained from mentioning any numbers, we do know that the latest iPhone iteration has sold out in all colors in pre-order.
The smaller, all new jet black shade of the iPhone 7 is also proving to be superbly popular and has been sold out all across the world.
Meanwhile, major carriers T-Mobile and Sprint have both announced that pre-orders of Apple’s latest flagships are easily surpassing pre-orders of the iPhone 6 series. Providing numbers on the topic, Sprint said that in the first three days of the launch, pre-orders for the iPhone 7 and iPhone 7 Plus were more than 375 percent higher as compared to those for the iPhone 6 and 6S.
What’s more, Samsung’s fiasco with the explosive Galaxy Note 7 tablets, only appears to be further helping Apple by driving demand for its iPhones.
Interestingly, in July, Apple stocks had sunk to a two year low and people were calling itall sorts of names. Even portfolio managers were going as far as to describe the company as merely a value stock, which didn’t have any growth left. A few months and a major launch later, stocks have rebounded by almost 25 percent and the company’s flagship devices are being sold faster than they can be packed.
At present, Apple’s market capitalization value has reached almost $607 billion –as compared to $535 billion for Alphabet (GOOGL.O) and $440 billion for Microsoft (MSFT.O), further entrenching its position as the most valuable company on the planet.