Apple stock shot up to its highest level since December by 2.3 percent after rival Samsung Electronics suspended production of its flagship Galaxy Note 7 smartphones (CDN, yesterday), following reports of fires in replacement devices.

Fires in a number of the latest smartphones that were meant to replace devices that had been recalled because of their propensity to explode is turning out to be a major disaster for Samsung – and a potential boon to Apple.

Apple’s stock closed up $1.99 at $116.05 in afternoon trading and was the largest contributor to gains on the S&P 500. Earlier, Samsung’s stock dipped 1.5 percent.

Samsung’s ongoing problems suggested the world’s largest smartphone maker has failed to fix a problem that has already damaged its brand and threatened to derail a recovery in its mobile business.

Credit Suisse analyst Kulbinder Garcha has estimated that a 5 percent gain in high-end smartphone market share would increase Apple’s earnings per share by as much as 7 percent. Apple’s stock has rallied 13 percent since mid-September.