iPhone Lovers Rejoice: Samsung Will No Longer Manufacture The Galaxy Note 7

According to the Associated Press, Samsung Electronics SSNLF said it will no longer manufacturer its Galaxy Note 7 smartphones. The permanent discontinuation follows a round of reports saying customer's replacement phones have caught fire.

The Associated Press cited a regulatory filing submitted by the South Korea-based company.

Samsung likely had high hopes for its phone, which was supposed to compete against Apple Inc. AAPL's iPhone within the high end segment of the smartphone market. However, reports suggested Samsung may have rushed the manufacturing process because it felt it could release a better alternative to what it described as a "dull" iPhone.

Related Link: Samsung Hoped To Take Advantage Of 'Dull' iPhone; Plans Literally Backfired

Meanwhile, U.S. and South Korean authorities are looking into why the phones were catching fire, even the replacement devices which were supposedly equipped with a safer battery.

Samsung said it will provide a full refund or replace the Note 7 with any device of their choosing and refund the price difference. American carriers have already offered to accept returns of the phone and allow clients to exchange for another device.

Apple's stock rose nearly 2 percent on Monday with some traders and investors attributing the gain towards Samsung's woes. Following Tuesday's early morning Samsung news,, Apple's stock gained another 1.25 percent and was trading at $117.50.