‘The Dow has gone crazy’: Investors cheer Apple stock surge, shares rise after Dow Jones reports on iPhone 7 news
– Apple Inc. stock jumped more than 4% Thursday after the technology company said it would be releasing its first-ever iPhone 7 handset later this year.
The company has said it will sell just about the entire iPhone 7 lineup in 2018, including the new models and the ones that are expected to come out after the holiday season.
“I’m very excited about the iPhone 7,” said Michael Johnson, chief investment officer at The Johnson & Johnson Group in New York.
Johnson said the company had to take a “harder” approach to marketing the iPhone and had to be careful to not make the product too expensive for the average consumer.
Apple’s stock has been up more than 5% this year after trading in the low teens earlier this year, fueled by anticipation of the iPhone 5s and iPhone 6.
Earlier this week, Apple said it had sold more than 1.1 million iPhone 6s and 6s Plus, bringing the total number of iPhone models sold in the U.S. to almost 3.5 million.
On Thursday, Apple reported its first quarter earnings and profit, and analysts forecasted that the company would earn $946 million.
The company posted its first quarterly loss in nearly four years and said it expects to report another loss for the full year.
The iPhone 7 is expected to be the top-selling iPhone in the world by 2020.