Apple’s stock on Monday jumped 2.2%, reaching a high not seen since December, after rival Samsung suspended production of its flagship Galaxy Note 7 smartphones following reports of fires in replacement devices.
Fires in the smartphones that were meant to replace devices that had been recalled because of their propensity to explode could be a disaster for Samsung and a potential boon to Apple.
Apple’s stock was up 2.2% at $116.59 in afternoon trading and was the largest contributor to gains on the S&P 500. Earlier, Samsung’s stock dipped 1.5%.
Samsung’s ongoing problems suggested the world’s largest smartphone maker has failed to fix a problem that has already damaged its brand and threatened to derail a recovery in its mobile business.
Best Buy will no longer sell the Note 7 and said customers could return their smartphones or exchange them for a different device.
Apple’s stock has gained 13% since mid-September on optimism about demand for the recently launched iPhone 7.
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Samsung is the world’s largest seller of smartphones by volume, with about 23% market share, followed by Apple with 12%, according to market research firm IDC.