Shares of Universal Display Corporation (NASDAQ:OLED) gained 13.7% in October according to data provided by S&P Global Market Intelligence. The company supplies screen technology for Apple (NASDAQ:AAPL) devices and saw its shares climb in the lead up to and opening of pre-order sales for the iPhone X.
Universal Display's stock has posted big gains in 2017 thanks to strong earnings performance and a promising outlook for its organic light-emitting diode (OLED) screen technology. The company's share price momentum continued in October and accelerated toward the end of the month in relation to a key product launch from Apple. The iPhone X went on pre-order sale on October 27, and shares of Universal Display posted a nearly 8% gain from that date to October 31 following indications of strong demand for Apple's latest handset.
Universal Display is coming off blockbuster quarterly results that have driven the stock to a new all-time high, and it still has big momentum drivers in the pipeline. The company's OLED screen technology looks to be in high demand as it becomes the standard in mobile devices, is increasingly used in big-screen televisions, and emerges as a preferred option for general-purpose lighting.
Shares have gained roughly 19% since November 1 and trade up roughly 200% year to date.
Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Apple and Universal Display. The Motley Fool has the following options: long January 2020 $150 calls on Apple and short January 2020 $155 calls on Apple. The Motley Fool has a disclosure policy.