Apple's stock spikes to new 2019 high on report of iPhone 11 production boost

Javier E. David
Editor focused on markets and the economy

Apple’s (AAPL) shares leapt by more than 2% on Friday, setting a new 2019 high after a report said the technology giant has asked suppliers to ratchet up production of the latest iPhone, suggesting strong demand for the premium device.

Only weeks after releasing the iPhone 11, the Nikkei Asian review said that Apple is already planning for a production boost of up to 10%. In theory, it would add a 7 million to 8 million units more than what the company initially planned, the report said, citing unnamed sources.

If the Nikkei report is accurate, the better-than-expected demand would be a bullish development for Apple ahead of the critical holiday shopping season. The company did not immediately respond to Yahoo Finance’s request for comment.

Apple team members demo the new cameras on iPhone 11 Pro for guests during an event to announce new products Tuesday, Sept. 10, 2019, in Cupertino, Calif. (AP Photo/Tony Avelar)

In recent weeks, some Wall Street analysts have forecasted higher demand for the iPhone’s lower-priced models. In a research note to clients last week, analysts at Piper Jaffray said they expected fiscal year 2020 to be a “transition year” for iPhone ahead of 5G devices, which are expected to bring sweeping changes to smartphones.

The stock, traded on the Nasdaq, added $6.19 from the previous day, closing at $227.01 — its highest since October 2018 and just shy of its record close.

Javier David is an editor for Yahoo Finance. Follow Javier on Twitter: @TeflonGeek

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