[ad_1]
Textual content measurement
Apple
shares had been one of many few vibrant spots as markets bought off sharply on Tuesday, with nearly each different main tech inventory buying and selling within the crimson.
Merchants and buyers provided just a few theories, together with indicators of sturdy demand and probably diminishing provide constrains, on why Apple inventory (ticker: AAPL) held up so nicely.
Contemporary knowledge counsel that Apple is seeing extraordinarily sturdy demand in China for the iPhone 13 line. As Cowen analyst Krish Sankar identified in a analysis be aware earlier Tuesday, new knowledge from the China Academy of Info and Communications Know-how present that smartphone gross sales within the nation rose 57% sequentially in October, with Apple unit gross sales up 820% from September to a report 10.8 million items, and 85% greater on a year-over-year foundation.
Wedbush analyst Dan Ives added that primarily based on retail and supply-chain checks, home iPhone demand over the Thanksgiving weekend seems to have been “sturdy.” He thinks buyers view the inventory as “a security blanket identify throughout this market turbulence.”
Requested concerning the rally in Apple shares, a dealer at one main agency made the identical level as Ives, saying that there’s “euphoria” about obvious excessive demand for Apple merchandise over the weekend, with supply occasions apparently declining for iPhone fashions in a number of markets.
Apple shares closed 3.2% greater at $165.30, whereas the
Nasdaq Composite
fell 1.6% and the S & P 500 misplaced 1.9%.
Write to Eric J. Savitz at eric.savitz@barrons.com
[ad_2]
Source link