Apple is limiting the number of purchases of its iPhones to a maximum of two per person on its online stores. Yahoo Finance’s Alexis Christoforous, Brian Sozzi, Heidi Chung and Sibile Marcellus discuss the details.

Video Transcript

ALEXIS CHRISTOFOROUS: Yahoo Finance, where we're coming to you live from our living rooms. I'm happy to report that we have all three major stock indexes higher right now. The NASDAQ is up nearly 200 points. We've got the Dow up better than 340. And the S&P gaining 37 points. Want to bring to the panel's attention a story regarding Apple. We know that its stores outside of China are now closed.

But it is limiting online iPhone purchases to two per person amid the Coronavirus. And no, this is not because people are running out to hoard their iPhones. It's because David Nelson, sadly to report, people are out there trying to get these and then resell them for a higher price on the black market. Your thoughts.

DAVID NELSON: Yeah, it's reminiscent of 2007. They had this issue once before when iPhones were very, very popular. They just couldn't make enough. But it's also a manufacturing issue as well. They're obviously shut down, so there's limited supply at this point. And then these things could really, they could really goose the price on this and there could be a lot of price gouging.

ALEXIS CHRISTOFOROUS: Sozzi, you want to jump in here?

BRIAN SOZZI: Yeah. I think it just shows that there's still a lot of demand for Apple's products. I tried to get a new iPad. It took me a day or two to finally get the thing. So iPad is a hot seller. Ultimately, in a downturn like this, who wants [AUDIO OUT] brand you trust. That's why Apple's doing this.

ALEXIS CHRISTOFOROUS: All right, Heidi. Heidi Chung, weigh in here.

HEIDI CHUNG: Alexis, when I heard this story, honestly, it made me think of, of course, this has something to do with supply chain disruption here. But we just had analysts weighing in on a lot of these demand concerns that Sozzi just brought up, specifically Goldman Sachs just two days ago, saying that they expect demand to come back to exactly where it was before by May. So a lot of analysts here saying that there's not going to be all too much damage in the long run. So investors I think, taking a bit of solace in that.

ALEXIS CHRISTOFOROUS: All right, Sibile, what have you got to add?

SIBILE MARCELLUS: Yeah, it's really unfortunate that some people want to kind of buy up all these iPhones and resell them at a higher price. Meanwhile, there are some Americans, I mean, you may have an issue with your iPhone and you can't take advantage of going to the actual store. I mean, we all love that, that Apple offered that. You go to the physical store, you have an issue, they fix it for you. So it's good that Apple is kind of limiting that right now, so that if you do need to purchase at least one new iPhone, you still can.

ALEXIS CHRISTOFOROUS: Yeah, and also, Apple cares. If you call them up, somebody is there. They're working from home as well. And at least they can help you sort of walk through things from your home, which is helpful. Apple, by the way, up about 2 and 1/2% right now, and Ines, I'll give you the last word on Apple.

INES FERRE: Yeah, with all the social distancing and depending more on technology, it's no surprise that people would need to still depend on technology and technology devices.

ALEXIS CHRISTOFOROUS: All right. And David, just your take real quick. Are you holding Apple right now? What's your take?

DAVID NELSON: Yeah, I own Apple right now. Actually just looking at a chart of it. It's one of the few stocks actually still living above its 200 day moving average at this point. So one of our better holdings.

ALEXIS CHRISTOFOROUS: All right. And because of Apple, a big reason why the NASDAQ is rallying as much as it is, it's also a big player in the Dow. So again, we've got this nice rally happening, at least in the early going. If we're able to hold onto it heading into the weekend, it would make two up days in a row on Wall Street, something we have not seen in about six weeks, folks.