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Here's Why Apple (AAPL) Stock Jumped Nearly 2% Today

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On Monday, shares of tech giant Apple Inc. (AAPL - Free Report) are jumping, up almost 2% to $116.31 per share in midday trading after reports surfaced claiming that chief rival Samsung had adjusted its Galaxy 7 Note smartphone production.

According to CNBC, at least five reports have emerged saying that replacements for its Galaxy Note 7 have either overheated or caught fire, just as the original version of the phone did before Samsung recalled it in September.

This is the latest hurdle Samsung has had to face regarding its Galaxy Note 7. Top wireless carriers like AT&T (T - Free Report) and Verizon (VZ - Free Report) have stopped sales of the phones, and are allowing customers to exchange Note 7s for another device, even Apple’s iPhone 7 and 7 Plus.

Shares of AAPL are more than 8% year-to-date. It is still unknown how well the company’s latest iPhone models are selling, but Apple is expected to reveal those numbers during its next quarterly earnings on Tuesday, October 25.

APPLE INC Price, Consensus and EPS Surprise

APPLE INC Price, Consensus and EPS Surprise | APPLE INC Quote

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