iPhone 7 Shortage Piques Interest On Wall Street

SAN FRANCISCO (CBS NEWS) — Fans searching for Apple’s (AAPL) iPhone 7 Plus will need not only $770 but patience, given the model is sold out globally. While that might disappoint consumers, Wall Street is getting interested.

The iPhone 7 Plus is sold out globally, while the smaller iPhone 7 in jet black is now unavailable, according to CNET. The first dozen or so fans who were disappointed after lining up at an Apple Store are reportedly receiving $100 gift cards from Apple. Consumers can still order the phone online or through their wireless carrier.

The demand for the iPhone 7 appears to be good news for Apple, although it’s unclear how many of the devices have actually sold. Apple, of course, is a master at drumming up hype for its expensive new products, partially by withholding information until it can make a splashy product announcement. Despite the lack of actual sales figures, investors have cheered Friday’s release by sending Apple shares up more than 11 percent since Monday.

Read the full story on CBS News.


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