Why Investors Are Happy With Apple Stock Today
Shares of Apple (NASDAQ: AAPL) stock jumped 2.4% as of noon ET on Wednesday after investment bank UBS confirmed findings first reported in Nikkei Asia last week -- reports that Apple's "iPhone first" strategy is working. As Nikkei reported, in the face of production snarls in China caused in part by "COVID-related lockdowns in Vietnam and Malaysia and power restrictions in China," Apple has been prioritizing production and shipment of the iPhone 13 to ensure that shoppers can buy all the iPhones they want in time for the holidays -- even if that means there might be delays in shipping out iPads. In the face of consensus expectations that Apple will be able to ship as many as 82 million iPhones in time for Christmas, and 235 million next year, UBS estimates the numbers will actually be lower -- 80 million units and 235 million units, respectively.
