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Apple's Stock Erases September Event Losses As iPhone 7 Pre-Orders Set Records

Apple's Stock Erases Losses As iPhone 7 Pre-Orders Set Records

Shares of Apple Inc. AAPL 2.84% closed September 7, the day it unveiled the iPhone 7, at $108.36. The stock since drifted as low as $102.53 in the following days, but has regained all of the losses Tuesday morning.

Apple's stock opened for trading on Tuesday at $107.51 and quickly rose to $108.79. The reason for the strong gains can be attributed to various cell phone providers indicating strong iPhone 7 pre-order demand.


Sprint Corp S 1.49% said in a press release that pre-orders for the iPhone 7 and iPhone 7 Plus are higher by more than 375 percent in the first three days over last year.

Sprint added that since it began accepting pre-orders for the iPhone 7 on September 9, customers both new and old are placing orders for the device at a rate of nearly four times greater than the same period a year ago.


T-Mobile US Inc TMUS 1.26% said in its press release that pre-orders for the new iPhone has gone on to "shatter" all prior iPhone pre-orders.

The company added that pre-orders from Friday through Monday rose four times compared to the next most popular iPhone and Friday marked the single largest daily sales record for any smartphone ever in T-Mobile's U.S. history.

© 2016 Benzinga does not provide investment advice. All rights reserved.