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Apple (APPL) rallies after upbeat iPhone prediction

By Monte Stewart


Updated

A user consults an Apple iPhone 13
Apple stock price closed down Thursday after a brief rally fell short - Photo: Shutterstock

Apple’s stock price rallied significantly Thursday after tumbling amid concerns about lower demand for iPhone 13 – but could not get into the black before the bell rang.

Apple (APPL) closed down 0.61%, or $1.01, at $163.76, after tumbling as much as 3% lower earlier in the day to $157 per share. The stock tumbled following a Bloomberg report that the company was telling suppliers that it could not fulfill an order for 10 million iPhone 13s in early 2022.

But Apple surged after Wedbush analyst Daniel Ives issued a report saying the company was on track to sell more than 40 million iPhone 13s during the holiday season. Ives increased his price target for Apple to $200 from $185.

Apple gaining strength

“We estimate in China alone there are roughly 15 million iPhone 13 upgrades for the December quarter as this key region remains a major source of strength for Apple heading into 2022 and beyond,” wrote Ives in the report, which he provided to Capital.com.

He said Apple is gaining strength in spite of concerns about, Omicron, the latest Covid-19 variant, as well as larger macro-economic issues and concerns.

The stock price drop came shortly after Apple hit a 52-week high of $170.30 per share on 1 December on speculation the company could be entering the autonomous electric car market in 2025.

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The iPhone 13 serves as a catalyst for other Apple product purchases. The Cupertino, California-based company is still on track to generate record sales during the holiday period, which is historically its largest quarter of the year.]

Apple’s stock moved down marginally in after-hours trading.

 

Read More: Apple (AAPL) shares fall 3% on weaker iPhone 13 demand

Markets in this article

AAPL
Apple Inc (Extended Hours)
189.99 USD
-0.03 -0.020%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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