Apple's Stock Surges Premarket, Heads For 4th-straight Gain

By Tomi KilgoreMarketsMarketWatch Pulse

Shares of Apple Inc. rallied 1% in premarket trade Thursday, putting them on track for a fourth-straight gain, amid signs of strong demand for the technology giant's new smartphones. The stock has soared 8.4% week to date through Wednesday, the best three-day stretch since it ran up 9.2% in the three sessions ending Aug. 28, 2015, with strong preorder sales of iPhone 7 and iPhone 7 Plus smartphones at T-Mobile US Inc. and Sprint Corp. providing a boost. Reports that the smartphones had sold out, and will not be available for walk-in purchases when the phones hit stores on Friday, helped fuel gains. Global Equities Research analyst Trip Chowdhry said the sellout suggests average selling prices will rise, as the higher-priced iPhone 7 Plus should outsell the regular iPhone 7. Apple's stock has climbed 6.2% year to date through Wednesday, while the Dow Jones Industrial Average has gained 3.5%.

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