Tag: anticipation

12
Oct
2020
Posted in technology

Apple notches biggest gain since July on anticipation of next iPhone

  • Shares of Apple soared Monday, as investors looked ahead to the company’s product launch that’s expected to reveal new iPhones.
  • It marks the biggest gains for the company since July 31, when Apple stock closed up 10.47% due to its blowout third quarter.



a man wearing glasses using a cell phone: A Chinese customer looks at a phone at the official opening of the new Apple Store in the Sanlitun shopping area on July 17, 2020 in Beijing, China.


© Provided by CNBC
A Chinese customer looks at a phone at the official opening of the new Apple Store in the Sanlitun shopping area on July 17, 2020 in Beijing, China.

Shares of Apple soared 6.35% Monday, as investors looked ahead to the company’s product launch that’s expected to reveal new iPhones.

It marks the biggest gains for the company since July 31, when Apple stock closed up 10.47% after reporting a blowout quarter.

Apple is expected on Tuesday to reveal the first major redesign of the iPhone’s exterior since 2017. The company is also likely to release four separate iPhones at different screen sizes and prices, marking a wider range for the company than typical. It’s also expected to release iPhones with 5G cellular network, which promise faster download times.

“We expect this fall’s launch to be the most significant iPhone event in years,” Morgan Stanley analyst Katy Huberty wrote in a note this week. Huberty is forecasting Apple to ship about 220 million iPhones in its fiscal 2021, which would be up 22% year-over-year, according to the Morgan Stanley model.

Many iPhone owners are also likely due for an upgrade, according to Wedbush Securities.

“With our estimation that 350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity, we believe this will translate into an unprecedented upgrade cycle for Cook & Co,” the analysts wrote.

Wall Street could also be using history as a gauge ahead of Tuesday’s event. Apple stock has a long history of outperforming