Pre-sale data shows that the iPhone 14 Pro Max has become the best-selling model of Apple’s new generation of mobile phones, surpassing the previous generation of iPhones in a similar time period, pushing Apple’s stock price to its biggest gain since May this year.
Apple shares rose 3.9% through Monday's close, their biggest one-day gain since May 27, and closed above the 200-day moving average for the first time since August. Analysts from JPMorgan to Barclays said the data showed strong demand for the iPhone 14 lineup, which was released just last week. Shares of Apple are down about 8% so far this year. By contrast, the Nasdaq 100 tumbled about 22%.
"Pre-order data shows that the iPhone 14 Pro Max is the best-selling model and is currently outperforming the iPhone 13 Pro Max," KGI analyst Christine Wang wrote in a note. She added that the pricing of the iPhone 14 series is good for its future sales.
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