Foxconn Stock Hits Record High – iPhone 4S and iPhone 5 Rumors Are Key Drivers

Posted by at 12:26 pm on January 31, 2012

Higher-than-expected sales of the iPhone 4S along with rumors of an all-metal body for the next iPhone has sent shares of Foxconn Technology Company to their highest level in more than five months on the Taipei stock exchange. While the company makes nearly 50 percent of all the world’s high-tech electronics, its fortunes are closely tied to the status of its best-known customer, Apple. The stock closed the day at NT$101.50 (approximately $3.44 US) a rise of about six percent.

The stock hit an intra-day record of $3.92, the highest it has been since August. Investors and analysts have been surprised by the strong demand for the iPhone 4S, “which increases confidence in strong sales for iPhone 5 later this year,” Morgan Stanley analyst Katy Huberty is quoted as saying in the article. Although Apple has set no timetable for the next iPhone model, it is widely expected to debut in the summer or fall of 2012 — though Apple have shown with the non-traditional October launch of the 4S that it is not bound to a yearly timetable.

Taiwan based Foxconn did not comment on its share price

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