Perfect Storm Of iPhone News Sends Apple To New 2016 Highs

In the middle of all the market turmoil in the past few days, Apple Inc. AAPL has surged 4.4 percent in early Wednesday trading to hit a new 2016 high. The big move is likely in response to a combination of positive iPhone 7 preorder commentary from mobile carriers T-Mobile US Inc TMUS and Sprint Corp S, as well as a number of reported problems with rival SAMSUNG Electronic KRW5000 SSNLF’s Galaxy Note 7.

This week, Samsong told its customers to turn off their Note 7 devices and return them to stores after multiple reports surfaced of batteries catching on fire. The reports include a story of a 6-year-old New York boy that was burned when his device burst in his hands.

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While Apple’s competition is literally going up in smoke, T-Mobile reported that preorders for the iPhone 7 and 7 Plus are four times higher than the prior record. Sprint also said that preorders for this year’s models are up 375 percent compared to last year.

The market is cheering the latest iPhone developments, pushing Apple’s stock above $112 for the first time this year. Apple shareholders now have their sights set on Apple’s all-time high of $130.58 from summer of 2015.