Apple stock blows up as Samsung kills Galaxy Note 7

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Apple owes Samsung a fruit basket.
Photo: Jim Merithew/Cult of Mac

Apple stock has hit its highest share price in almost one year to coincide with the news that Samsung is permanently withdrawing its ill-fated Galaxy Note 7 from the market.

AAPL shares rose 2.3 percent to hit $116.72 last night, representing an increase of $2.66 per share. This rise was the highest for Apple shares since December 2015.

It’s no secret, of course, that Apple and Samsung are rivals, as evidenced by the fact that both are going to the Supreme Court today to dispute designs patents that Samsung used improperly when launching its post-iPhone smartphones.

With that in mind, it makes total sense that one company suffering an embarrassing disaster as Samsung has would result in a boost for its rival. It’s not unjustified either: according to a recent survey, 26 percent of people who returned their initial Note 7 when Samsung announced its first recall switched to using the iPhone 7 Plus.

(Even my colleague and resident Android user Killian Bell said that people are better off buying an iPhone 7 Plus!)

Samsung officially made the announcement to discontinue the Galaxy Note 7 earlier today, saying that: “For the benefit of consumers’ safety, we stopped sales and exchanges of the Galaxy Note 7 and have consequently decided to stop production.”

According to one analyst quoted by MarketWatch, Apple could sell an addition 15 million iPhones during the September quarter based on the fallout from Samsung’s Note 7 — which could also leave the South Korean tech giant with a $17 billion bill.

Source: IBTimes