Apple Stock News
For the latest Apple Stock News, AAPL closed at $105.44 on Monday, September 12th, with a gain of 2.24%, or $2.31 from Apple’s previous closing of $103.13 Last Friday.
Did Apple Benefit from Samsung defect?
After the big Announcement of the brand new iPhone 7 we witnessed how Apples shares dropped by 4%.
Many people were shocked, and some may attribute to Wells Fargo downgrading the stock from outperform to market perform. As well Investors reacting to the possibility of the Federal Reserve raising interests rate.
Apple still might of gotten a lucky break. Yesterday Apples biggest competitor in the cell phone industry Samsung (SSNLF) announced that they are having to recall their new Note 7 due to exploding batteries. Which couldn’t of been a better timing for Apple due to the first iPhone 7 being in store this week on Friday the 16 of September.
Without calling it a recall Samsung announced it would immediately stop selling the phones, and replace the 2.5 million it had already sold.
According to statistical calculation Samsung is selling 50 million phone this year.
Its is approximated that Samsung is losing 10% of its client base, which will most likely switch over to iPhone. Which is very crucial in such a close race between those two big competitors. This is believed to be the reason for the Apple stocks not only be stagnate also to increase by 2.24% since Monday and is up more than 2% today, in a good agreement with this bullish forecast on AAPL issued 5 days ago.