Apple Shares Rise on iPhone Reviews, Early Preorder Indications
September 13 2016 - 1:20PM
Dow Jones News
Shares of Apple Inc. rose as much as 3.2% Tuesday following
generally positive reviews of its latest iPhone and indications of
consumer interest from the wireless carriers.
The stock, which traded as high as $108.79, recently increased
2.6% to $108.18 in morning trading in New York, making it the lone
positive stock Tuesday in the Dow Jones Industrial Average and the
biggest gainer in the S&P 500 index.
Last week, Apple unveiled the iPhone 7 and iPhone 7 Plus, which
offer a longer battery life, more storage and brighter screens than
their predecessors, but eliminate the traditional headphone
jack.
On Tuesday, many media outlets, including The Wall Street
Journal, released their reviews for the new iPhones. The Wall
Street Journal, in its review, said the new smartphones were worth
the upgrade and showed that Apple was "improving features that
actually matter."
Also on Tuesday, T-Mobile US Inc. and Sprint Corp. each issued
news releases suggesting strong consumer interest in the new
phones. T-Mobile said the new iPhones broke the carrier's previous
iPhone preorder record and set a single-day sales record at the
carrier on Friday. Sprint said preorders for the new iPhones rose
more than 375% in the first three days from a year ago.
T-Mobile and Sprint, however, failed to provide specific
numbers, and further information about iPhone sales wasn't
immediately expected. Apple—in a departure from its past
practice—said it wouldn't disclose its first-weekend sales of the
iPhone 7.
The comments from T-Mobile and Sprint aren't helping their
stocks amid a broader market selloff. T-Mobile shares fell 2.1% to
$44.98, while Sprint dropped 5.1% to $6.57.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
September 13, 2016 13:05 ET (17:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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