After sinking to a two-year low in July that had portfolio managers describing Apple as a value stock and no longer a growth play, shares of the world’s most valuable listed company have since rebounded 25%. Photo: AFPSan Francisco: Apple’s stock hit a 2016 high on Wednesday, with its market value peaking above $600 billion for the first time since April as Wall Street bet the technology company’s newest iPhone would help shore up falling sales. Its market capitalization reached nearly $607 billion, compared to $535 billion for Alphabet and $440 billion for Microsoft. On Tuesday, Sprint said pre-orders for the iPhone 7 were up nearly four times compared to last year’s iPhone. T-Mobile said pre-orders rose nearly four times compared with its next most popular iPhone.

Source: Mint September 15, 2016 05:03 UTC