Apple Inc. (NASDAQ:AAPL) Stock has reached an unprecedented high, not seen since December. On Monday, shares of Apple rapidly rose by 2.2 percent. This follows the announcement from Samsung, which annotated that the production of their flagship smartphones: the Samsung Galaxy Note 7 is suspended.
On Monday, Apple shares closed off on $116.06. However, the intra-day high for the tech giant was residing at $116.76, which is the highest level the shares have been since December 10, 2015.
Apple vs. FBI – I believe the FBI already has its data and agreed to allow Apple have their story. Stock price doing well since Feb. 16.
— Patriot Corner (@PatriotCorner) February 22, 2016
Furthermore, over the last 3-month period; Apple Stock shares have risen considerably, over approximately 20 percent. This was in part, due to the iPhone 7 debut. Analysts from FactSet reported that their research illustrated, Apple sold over 45 million iPhone 7 units upon the closing of the fiscal third quarter.
Apple Stock rises as its competitors diminish
Stocks are not good news for all involved in the smartphone industry. Currently, Samsung is dealing with a recall crisis involving their flagship Samsung Note 7. This product has been placed on a production suspension, due to the second occurrence of the Note 7 combusting.
Due to this major problem, the tech giant closed shared in Korean trading, down by over 1.52 percent. However, through the sales of other products, over the period of the last three months; the company remains at a positive dividend of 15 percent.
Furthermore, Apple stock has gained an increased traction of 13 percent, following the mid-September expectations of demand, for the newly released iPhone product, the iPhone 7.
Samsung’s commitment to resolving their flagship crisis
Upon an interview with CNBC news, Samsung stated: “We recognize that carrier partners have stopped sales and exchanges of the Galaxy Note7 in response to reports of heat damage issues, and we respect that decision.’
This statement followed the unanimous decision by various companies to take the Samsung Note7 product off the shelf; these companies include Verizon Communications Inc. (NYSE:VZ), AT&T Inc. (NYSE:T), as well as Best Buy Co Inc (NYSE:BBY).
This information of increase in Apple’s share price and fall in Samsung’s has been released a day before the scheduled court case over misappropriate use of Apple’s patents.
Apple closed its last trading session at $116.05, recording an increase of $1.99 or 1.74% from the previous trading session.
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