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Technology Stocks : Semi Equipment Analysis
SOXX 312.76+1.1%Dec 8 4:00 PM EST
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Apple Was the Only Big Tech Stock to Rise on Tuesday. Here's What It's Doing Today. -- Barrons.com
DOW JONES & COMPANY, INC. 7:38 AM ET 12/1/2021

Symbol Last Price Change
AAPL 165.3 0 (0%)
QUOTES AS OF 04:00:00 PM ET 11/30/2021


Shares of Apple(AAPL) were rising again Wednesday, following a strong trading day Tuesday that bucked a market-wide selloff.

Apple (AAPL) stock gained 1.8% to $168.25 in premarket trading Wednesday. It closed at a record high $ 165.30 on Tuesday, rising 3.2%.

The tech giant's performance could be attributed to several factors, including signs of strong demand and fading supply-chain constraints.

New data suggest the iPhone 13 is seeing strong Chinese demand. Apple(AAPL) unit sales were up 820% from September to a record 10.8 million units, and 85% higher on a year-over-year basis, Cowen analyst Krish Sankar wrote in a research note on Tuesday.

Wedbush analyst Daniel Ives expects Apple(AAPL) to sell about 40 million iPhones between Black Friday weekend and Christmas, which would be a record holiday pace for the company, he said in a research note over the weekend. Ives maintained his Outperform rating and $185 price target.

Delivery and wait times also have been declining, pointing to improvements in supply-chain headwinds, analysts added.

"We view supply chain issues as nothing more than a speed bump on a multi-year supercycle iPhone 12/13 that continues to play out," Ives wrote.

Write to Sabrina Escobar at sabrina.escobar@barrons.com


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