In the middle of all the market turmoil in the past few days, Apple Inc. AAPL 1.17% has surged 4.4 percent Wednesday to hit a new 2016 high.

The big move is likely in response to a combination of positive iPhone 7 preorder commentary from mobile carriers T-Mobile US Inc TMUS 1.33% and Sprint Corp S, as well as a number of reported problems with rival SAMSUNG Electronic KRW5000 SSNLF’s Galaxy Note 7.

This week, Samsung told its customers to turn off their Note 7 devices and return them to stores after multiple reports surfaced of batteries catching on fire. The reports include a story of a 6-year-old New York boy that was burned when his device burst in his hands.

While Apple’s competition is literally going up in smoke, T-Mobile reported that preorders for the iPhone 7 and 7 Plus are four times higher than the prior record. Sprint also said…

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