Apple stock climbs on 5G iPhone expectations ahead of event

Agence France-Presse

Posted at Oct 13 2020 02:19 AM

The Apple logo is pictured inside the newly opened Omotesando Apple store at a shopping district in Tokyo June 26, 2014. Yuya Shino, Reuters/File

NEW YORK - Apple's stock was up significantly in US trading Monday ahead of a much-anticipated event where the tech giant is expected to unveil its 5G-capable iPhone 12 line-up.

The company is the most expensive on Wall Street with a value of $2.03 billion as of the close of Friday trading, and its share value on Monday was up 4.8 percent at $122.59 around 1550 GMT.

Analysts expect Apple to introduce a selection of iPhone 12 models in multiple sizes, with some shipping earlier than others due to the toll the pandemic has taken on the company's supply chain.

The new model will be particularly notable for being tailored for the super-fasted 5G telecom networks taking root around the world.

Some Apple rivals have already produced 5G models, and China is far ahead of the US when it comes to the new-generation networks.

Wedbush Securities called the new iPhone "Apple's most important product cycle since the iPhone 6 in 2014," with demand by Chinese consumers to upgrade to the phone expected to be strong.

"Cook & Co. have the stage set for a super cycle 5G product release which should drive shares further, in our opinion," Wedbush said in a note, referring to chief executive Tim Cook.

"Although the soft macro and COVID backdrop will clearly dent some demand, we believe the underlying growth drivers for iPhone 12 success are unparalleled."