“Apple Inc’s stock on Monday jumped 2.3 percent, reaching a high not seen since December, after rival Samsung Electronics Co Ltd suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices,” Noel Randewich reports for Reuters.
“Fires in the smartphones that were meant to replace devices that had been recalled because of their propensity to explode could be a disaster for Samsung and a potential boon to Apple,” Randewich reports. “Apple’s stock was up $2.66 at $116.72 in afternoon trading and was the largest contributor to gains on the S&P 500. Earlier, Samsung’s stock dipped 1.5 percent.”
“Following the reports of fire in replacement devices, Verizon Communications Inc., AT&T Inc. and other wireless carriers suspended sales and exchanges of Note 7s. Best Buy Co Inc. will no longer sell the Note 7 and said customers could return their smartphones or exchange them for a different device,” Randewich reports. “‘We believe the Note 7’s ongoing issues could help market share shifts for Apple,’ Credit Suisse analyst Kulbinder Garcha said in a note to clients on Monday. He estimated that a 5 percent gain in high-end smartphone market share would increase Apple’s earnings per share by as much as 7 percent.”
Read more in the full article here.
MacDailyNews Take: It’s amazing that it took fires, property loss, and threat of injury and death for some people to consider that buying from thieves is a bad idea, but, of course, we have morals and also know who invented the modern smartphone.
Well, regardless of how we got here, karma does what karma does, thankfully!
SEE ALSO:
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Beleaguered Samsung struggles to put out the fires caused by their exploding phones – October 6, 2016
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Are Samsung’s Galaxy S7 Edge smartphones catching fire too? – September 26, 2016
Beleaguered Samsung’s replacement phones have battery problems, too – September 26, 2016
Samsung phone catches fire in mid-air aboard Singapore-Chennai IndiGo flight – September 23, 2016
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U.S. Consumer Product Safety Commission issues formal recall of beleaguered Samsung’s exploding phones – September 15, 2016
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Samsung Galaxy Note 7 owners are ignoring the explosions, fires and safety warnings – September 15, 2016
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Beleaguered Samsung sheds $26 billion in value after massive recall of explosive, dangerous, flawed Galaxy Note 7 – September 12, 2016
FAA warns airline passengers not to use Samsung phones – September 9, 2016
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