Apple Inc.’s stock climbed 1.5% in premarket trade Monday, amid signs that pre-orders for iPhone 6s and iPhone 6s Plus are off to a strong start, with particular strength out of China, according to Analyst Daniel Ives at FBR & Co. “Initial demand looks strong, based on estimated wait times as displayed on Apple’s Web site and various blogs,” Ives wrote in a note to clients. “While there are still unknowns about inventory levels, we note that China demand in particular looks ‘very strong’ out of the gates and is a positive sign that the white-hot momentum out of this region shows no signs of abating despite macro headwinds out of China.” He said wait times for 6s Plus are roughly three to four weeks in the U.S., U.K. and China. For the 6s, wait times are shorter in the U.S. and U.K., depending on the carrier, and two to three weeks in China. Given recent data, Ives said he believes pre-sales of the new iPhones will exceed the 4 million orders Apple had for iPhone 6/iPhone 6 Plus a year ago. The stock has dropped 10% over the past three months through Friday, while the Dow Jones Industrial Average has lost 8.2%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News