Carriers have been reporting strong iPhone 7 preorders thus far and it appears as if those numbers are having a positive impact on Apple’s stock. Earlier today, AAPL hit its 2016 high, peaking at $113.03, topping this year’s previous high of $112.10 on April 14.
Shares were up for AAPL as such as 4.7 percent today, while Apple’s market capitilzaiton reached nearly $607 billion today. That puts it ahead of Alphabet ($535 billion) and Microsoft ($440 billion).
AAPL’s recent peak comes in the buildup to the release of the iPhone 7, iPhone 7 Plus, and Apple Watch Series 2 this Friday, September 16th. T-Mobile announced yesterday that pre-orders for the two new iPhones have shattered previous sales records, with orders coming in four times higher than the iPhone 6 did. The carrier also noted that the devices set a “single day sales record for any smartphone ever” in its history.
Likewise, Sprint noted that it saw preorder numbers four times higher with the iPhone 7 than it did with the iPhone 6s. Specifically, orders were up 375 percent over the first three days of preorder availability compared to last year.
Apple itself, however, won’t be reporting first weekend numbers this year. The company said in a statement that “initial sales will be governed by supply, not demand,” thus making first weekend numbers irrelevant to customers and investors.
In addition to strong iPhone 7 preorder responses, Reuters points to Samsung’s recent struggles as perhaps another reason for AAPL’s growth. Samsung this month has been in the midst of a very public recall of its highly-anticipated Galaxy Note 7 flagship due to a number of devices exploding.
Apple expects revenue of between $45.5 billion and $47.5 billion for its Q4 2016, down from last year’s $51.1 billion. Apple will report its Q4 2016 earnings sometime in October. It’s during this announcement that we should get a closer look at iPhone 7 and Apple Watch Series 2 numbers. AAPL will likely again shift following the earnings release, as well.