Apple Supplier Stocks Are Spiking Because iPhone X Is Sold Out Already
European technology stocks were rallying on Friday after Amazon (AMZN) - Get Amazon.com, Inc. Report , Alphabet (GOOGL) - Get Alphabet Inc. Class A Report and Microsoft (MSFT) - Get Microsoft Corporation Report shares spiked Thursday on stellar quarterly earnings.
The STOXX Europe 600 Technology index was up 1.08%, extending a three-month gain of more than 7%.
Microsoft competitor SAP SE (SAP) - Get SAP SE Report saw shares gain 1.12% in Friday morning trading in Germany, changing hands at €98.39.
Apple (AAPL) - Get Apple Inc. Report suppliers were also up in morning trading getting a boost from the iPhone X. Chipmakers Dialog Semiconductor shares were up 1.24% to €39.99, ASM International (ASMIY) was up 1.06% in Amsterdam to €56.49 and ASML (ASML) - Get ASML Holding NV Report was marked 0.79% up, changing hands at €153.40. Apple on Friday will start taking pre-orders for the special edition iPhone.
Digital security company Gemalto (GTOMY) was the biggest riser, gaining more than 10% after its third quarter earnings reassured investors following four profit warnings last year. Gemalto shares were changing hands at €35.49.
The European tech sector was boosted by earnings from some of the U.S.'s biggest tech companies -- Amazon, Alphabet, Twitter (TWTR) - Get Twitter, Inc. Report and Microsoft - which outstripped analyst expectations.
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Amazon shares jumped almost 8% to trade above $1,000, after the online retailer reported a 34% jump in sales to $43.7 billion in the three months to the end of September and net income of $256 million.
Alphabet reported a 24% rise in sales to $27.8 billion, sending shares up 3% to also trade above $1,000.
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