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Apple stock rises amid pre-order demand for the iPhone 14

Markets reporter Jared Blikre breaks down Apple's stock boost as pre-order demands for the iPhone 14 soar after its consumer showcase debut.

Video Transcript

SEANA SMITH: All right, Apple shares finishing up 3.9% today, its best single day performance since May. Jared Blikre is here with more on what's driving the stock. And it was those preorder excitement, right?

JARED BLIKRE: Yes. Yeah, don't worry. They're going to get those shipped. Not as many chip problems this quarter, this year. But we have Apple even up 18 basis points in after-hours trading. Want to tell you what the Street is saying about some of the demand so far.

Here's JPMorgan. They rate the stock an overweight with a $200 price target, about $37 above the current price. iPhone demand indications are strong following the launch. And while similar to last year, the mix continues to be more favorable towards Pro models. Lead times for the two Pro models are already more extended relative to last year.

Lead-time based demand indications for the Apple Watch Ultra, those are quite strong as well. I believe that has a $799 price tag. So while, again, Wedbush rates a security and outperform with a price target of $220, so even higher than JP Morgan. So far demand and orders for iPhone 14 are as tracking slightly ahead of iPhone 13 orders and are tracking ahead of our expectations out of the gates. The popularity of Pro and Pro Max models is a clear positive for average selling prices.

And now let's take a look at the price action today. As you said, Seana, best day since May for Apple. And I got to tell you, despite all the problems that techs and especially the mega-caps have had this year, Apple has probably held up the best.

You can see here, this is the peak in late last year. And you draw this trend line down, still contained within it. But I'll tell you what, you take a look at a five-year chart, you could say this is just a bull flag in a long, continuing, upward trend. We'll have to see how this resolves. But it tends to happen on the upside, usually, when Apple resolves, guys.

SEANA SMITH: All right, Jared, thanks so much for breaking that down.