The stock for one of Apple Inc.’s component suppliers, Cirrus Logic Inc. (CRUS), surged at the open of trading this morning, and the company was followed closely in the media by many investors. The milestone stock, which gained 4.44 percent in the opening moments of trading on the NASDAQ, carried strong momentum as other stock indices followed with moderate gains as well.
The price of CRUS stock was around $124 at the start of trade.
Apple Inc. stock rose by 1.98 percent to $216.57, outperforming its peer S&P 500 (SPX) Index.
The NASDAQ Stock Market was the first to achieve mixed results with the index being up by 0.14 percent in the morning, after it broke into the green to start off the day. The Nasdaq Index also carried some positive signs on its morning advance, rising 0.17 percent on the previous day.
In addition to Cirrus Logic, Apple Inc. has a direct supplier in STMicroelectronics N.V. (STM), but stocks for other Apple stock suppliers were also changing hands today, so the presence of stocks for Apple stock suppliers had a heavy influence on the S&P 500.
In a report released at the start of the week, UBS analyst Steven Milunovich believes that Apple will launch four versions of the iPhone in 2020, signaling the company’s intention to keep selling the smartphone. Milunovich added that the company’s upcoming new iPhones will be larger than the next iPhoneXS. Milunovich expects Apple to release three new iPhones in the third and fourth quarters of 2019.
“The V10 is a five-inch OLED smartphone (we see iPhone XC Plus, and rumored 5.8-inch OLED iPhone being replaced by the V20, which comes with a smaller bezel) and is expected to have at least a 3000 mAh battery,” Milunovich said in the report. “The XS Max Plus will come with a 5.8-inch OLED screen with about a 3000 mAh battery. And the highest spec new iPhone 7s Plus comes with a 6.5-inch OLED screen with about a 4250 mAh battery.”
Additionally, Milunovich expects Apple Inc. to release a lower priced iPhone to appeal to emerging markets, and will launch five new versions of the iPhone later this year.