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Apple shares notch first 7-day win streak of the year

Shares of Apple's stock closed higher for the seventh consecutive day on Wednesday, lifting the Dow Jones industrial average.

It was the company's first seven-day win streak since the week ending February 18, 2015, and the stock's upward move had the most positive impact on the Dow and the Nasdaq 100. Its shares are up about 4 percent over the past week.


It all comes just a day after Apple's stock hit its 2016 intraday high of $118.69 a share, as rival Samsung cut $2.3 billion off its profit guidance for the third quarter.

Samsung officially discontinued one of its premium handsets, the Galaxy Note 7, after it was plagued by reports of batteries catching on fire amid a massive recall. Though the product is only one of many phones made by Samsung, analysts say that Apple stands to gain at least some of the former Note 7 users.

Kulbinder Garcha, an analyst at Credit Suisse, estimates Apple could capture at least half of the volume of Note 7 phones that Samsung was poised to sell. Brian White, a Drexel Hamilton analyst, estimated in a research note that Apple could pick up at least 8 million extra unit sales this calendar year, out of the 10 million to 14 million Galaxy Note 7 phones he expected to be sold in the second half of the year.

Samsung said it is working diligently with the appropriate regulatory authorities and that safety remains a top priority for the company.

— With reporting by CNBC's Gina Francolla