Shares of Apple rose on Tuesday as the world’s most popular\nphone maker reached close to record highs and optimism grew that the company’s\nlatest iPhone models were in high demand from markets.<\/p>\n\n\n\n
Stocks rose as much as 1.9% and easily outperformed the\nbroader IT sector of the S&P 5000 which fell 0.5%. The only gain was from\nApple’s upward rally, which rose more than 17% from August and nearly 60% above\nthe January price.<\/p>\n\n\n\n
At current levels, the share price is 2.5% lower than its\nall-time high of about a year ago.<\/p>\n\n\n\n
The latest optimism came after positive comments from CEO\nTim Cook, who spoke with the German newspaper Bild on September 30, saying that\nsales of the new iPhone 11 had a very strong start, and that he could not be\nhappier.<\/p>\n\n\n\n
Apple is initially expected to report fourth-quarter results\non October 30, and analysts are looking for 41,900,000 iPhones sold and shipped\nin the quarter, according to Bloomberg estimates. This represents an annual\ndecline of 14.5 per cent. This product is crucial for the company. According to\ndata compiled by Bloomberg, more than 60% of Apple’s revenue in 2018 came from\niPhones only.<\/p>\n\n\n\n
Cook’s comments seem to confirm some early readings from analysts.\nEvercore ISI writes that its survey was “positive”. Despite concerns\nabout its role and new additions, 40% of respondents are interested in buying a\nnew iPhone. This level of interest is \u201cin line to slightly better\u201d said analyst\nAmit Daryanani. The results of the survey increase our confidence that Apple\ncan beat expectations as usual, Daryanani added.<\/p>\n\n\n\n
On Monday, JPMorgan wrote that Apple\u2019s 2019 products were\n\u201cstronger than muted expectations,\u201d adding that the launch of the latest\nreleases \u201cappears strong at least in the U.S.\u201d<\/p>\n\n\n\n
But these bullish views are almost unanimous. Apple is\nexpected to release its first 5G iPhone next year. Capital Markets said in a\nsurvey that demand is soft for the new iPhones, despite the camera upgrade and\na price reduction of $50. In September a study by Piper Jaffray pointed to\nthe limited excitement\u201d of the new\nversions given the ” the promise of 5G devices on the horizon.”<\/p>\n","protected":false},"excerpt":{"rendered":"
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