Shares of Apple Inc. surged 3.1% in morning trade to a five-month high, and was the leading gainer among Dow Jones Industrial Average components for the second-straight session. The stock is on track to rise more than 2% for the third-straight session, the longest such stretch since the three-day streak ending April 30, 2013. The 7.9% the shares have gained so far this week would be the biggest three-day rally since they ran up 9.2% in the three sessions ending Aug. 28, 2015. On Tuesday, the stock shot up after T-Mobile US Inc. and Sprint Corp. reported strong preorders for Apple's new iPhone 7 and iPhone 7 Plus. RBC Capital analyst Amit Daryanani reiterated his outperform rating on the stock, saying the current stock price represented "an attractive entry point for investors," with the upbeat iPhone 7 preorder data and considering the recent troubles faced by Apple competitor Samsung Electronics Co.'s .
Copyright © 2016 MarketWatch, Inc.
Continue Reading Below