Apple's Stock Erases Sept. Event Losses As iPhone 7 Pre-Orders Set T-Mobile Records

Shares of

closed for trading on Wednesday September 7, the day it unveiled the iPhone 7, at $108.36. The stock has since drifted as low as $102.53 in the following days but on Tuesday it regained all of the losses. Apple's stock opened for trading on Tuesday at $107.51 and quickly rose to $108.79. The reason for the strong gains can be attributed to press releases from various cell phone providers indicating strong iPhone 7 pre-order demand.

said in a

that pre-orders for the iPhone 7 and iPhone 7 Plus are higher by more than 375 percent in the first three days over last year. Sprint added that since it began accepting pre-orders for the iPhone 7 on September 9, customers both new and old are placing orders for the device at a rate of nearly four times greater than the same period a year ago.

said in its press release that pre-orders for the new iPhone has gone on to "shatter" all prior iPhone pre-orders. The company added that pre-orders from Friday through Monday rose four times compared to the next most popular iPhone and Friday marked the single largest daily sales record for any smartphone ever in T-Mobile's U.S. history.