Shares of Apple stock have gotten a very nice 9% boost in the wake of Warren Buffett’s reveal of his $1.2 billion stake in the iPhone maker on May 16. Apple’s stock had been on the downslope following its earnings call at the end of April, during which the company revealed it had experienced its first ever drop in iPhone sales, and its first year-over-year revenue decline in 13 years.
Since then, shares of Apple have soared 9%—finally breaching the $100 mark, its highest point in a month. Buffett tends to have that effect on stocks—for example, when the company disclosed a stake in Kinder Morgan in February, shares shot up 11%.
While a certain amount of Apple’s rebound can likely be attributed to Warren Buffett’s buy-in, it should be noted that Apple has delivered some good news in recent weeks that have also given the stock a bit of a boost.
Apple seemingly upped its production targets—which was a good sign for the company’s iPhone 7 sales. The tech company asked producers to make 72 million to 78 million new iPhone 7 by the end of the year—its highest production target in about two years, according to Barrons. Analysts had expected just 65 million iPhone 7s for the year.
Investors also haven’t shown much concern over news from earlier this week that Apple’s planned retail expansion to India has hit a snag, as the Indian government has ruled Apple must sell locally sourced goods if it hopes to open store in the country.
Apple’s suppliers are mostly located in China, and the company has no manufacturing facilities located in India. There may be hope somewhere down the road, as Apple’s main manufacturing partner, Foxconn, is said to be planning a facility in the country, but no deal has been signed. When a deal is in place, construction of such a facility could take around 18 months or so to complete.