Apple shares hit record as iPhone Duo preorders sell out

Apple ↘ 0.52% shares rose about 2% in premarket trading Friday, October 16, and reached a new all-time high. The gain followed reports that the iPhone Duo, the company's first foldable iPhone, sold out within minutes of preorders opening at 8 a.m. ET, Benzinga reported. It is still unclear whether the sellout shows strong demand or a deliberately small first batch. That question matters for how much iPhone Duo revenue Apple can book in the December quarter.benzinga.com

Delivery dates slip fast

According to AppleInsider, as cited by Benzinga, shipping estimates for every configuration moved almost right away from the October 23 launch to November 16, then to November 23. They kept moving later. Yahoo Finance said deliveries had stretched to late January for the $1,999 device. Shipping delays hit both colors and all storage options, and Apple's retail stores ran out of launch-day availability almost immediately, Stocktwits reported.finance.yahoo.com+2

Apple did more than lead its sector. The Technology Select Sector SPDR Fund ↗ 1.45% slipped in premarket trading, and the Nasdaq Composite edged lower while the S&P 500 rose modestly. Apple's market value recently passed $5 trillion. Investing.com said it is only the second U.S.-listed company to do so.benzinga.com+1

Demand or thin supply

AppleInsider said the sellout is harder to read than usual. Apple is believed to have built fewer units than normal because of manufacturing delays on the complex foldable design and because demand for a new form factor is hard to predict. Apple has not said how many units were available. Investing.com noted that this makes it hard to tell real demand apart from limited launch supply. 9to5Mac reported that suppliers are expected to ship about 7 million to 10 million Duos for the rest of 2026. Counterpoint Research forecasts about 6 million unit sales this year.uk.finance.yahoo.com+3

Analysts weigh the quarter

JPMorgan analyst Samik Chatterjee expects about 8.5 million iPhone Duo units in the December quarter. JPMorgan raised its price target to $360. Bank of America ↘ 0.68% kept a Buy rating with a $370 target and has named Duo order data as a key metric to watch. Apple's stock was also helped by news that Apple Intelligence won regulatory approval in China, where it was developed with Alibaba ↗ 1.28%.benzinga.com+1

Some analysts are more cautious. UBS ↘ 2.03% said wait times for the iPhone 18 Pro are about four days shorter than a year ago. In its view, that points to limited upside to sales estimates and possible sensitivity to Apple's price increases. The bank kept its Neutral rating and $296 target. Nikkei Asia previously reported that Apple told suppliers to cut October component orders for the iPhone 18 Pro and Pro Max by 15% to 20%. That leaves one strong foldable launch set against weaker signals from Apple's core premium phones.finance.yahoo.com+1