| | | 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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