Why Apple Stock Popped Wednesday Morning
Shares of Apple (NASDAQ: AAPL) climbed higher Wednesday, adding as much as 2.1%. As of 1:14 p.m. ET, the stock was still up 1%.
Strong presale data for the iPhone 14 no doubt boosted the stock, but not everyone is convinced. One Wall Street analyst is suggesting that the tech giant's iPhone revenue will actually be lower in fiscal 2023, curtailing the stock's gains.
Apple investors have been flooded with reports of strong iPhone 14 presales, which have historically been a good indicator of continuing consumer demand for the device. Earlier this week, numerous analysts read the digital tea leaves and concluded that strong pre-order data suggests resilient demand for the iPhone, even in the face of macroeconomic headwinds.
Source Fool.com
