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Business

No iPhone 7 Plus for even the first in line

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Business

No iPhone 7 Plus for even the first in line

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COMING UP:No iPhone 7 Plus for even the first in line

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00:00:01
>> From Sydney to Berlin, Tokyo to New York, fans camping out for Friday's release of the latest iPhone. But even the first in line won't get the new bigger 7+, sold out globally. Also sold out, the jet black iPhone 7, that's the latest fuel to boost Apple shares this week, soaring for the fourth day in a row.
00:00:22
Reuters market correspondent, Noel Randewich.>> Basically, what we're looking at is a situation where Wall Street went into the iPhone 7 with low expectations, not expecting a heck of a lot out of it. And early indications are that demand is clearly better than people had expected. So that's led to a 12% increase so far in Apple stock this week.
00:00:43
If you were to take Apple out of the Dow Jones Industrial Average, the Dow Jones Industrial average for the week would actually be down about a tenth of a percent. Instead, thanks to the gains we have seen in Apple, it' up about 0.4% across the week.>> Still it is hard to say how big of a hit the phone will be, as Apple is scrapping the first weekend's sales numbers it used to release.
00:01:04
The first sign that the phone might be a hit initially coming from Sprint and T-Mobile talking up big pre-order sales. But Wednesday a Verizon executive also saying at an investor conference that demand for the iPhone 7 appeared to be quote, business as usual.>> People who are more cautious or critical of Apple will remind you that, ultimately speaking, sales of smart phones are not growing like they used to be.
00:01:30
They're expected to grow something like 2% or less this year. That compares to 10% growth globally last year. So it's really not the same environment for selling smartphones that it has been over the last five or six years.>> Still, investors are cheering for the latest phone as customers start camping out.
00:01:46
Apple shares on Thursday closed up 3.4% at over $115.