Apple shares advanced after Counterpoint Research estimated the company could sell around 6 million iPhone Duo units in 2026, while UBS reported that wait times for the iPhone 18 Pro and Pro Max remain relatively unchanged. The iPhone Duo is Apple's first foldable smartphone, with pre-orders scheduled to begin on October 16 and the device hitting shelves on October 23. The foldable starts at $1,999 for the 256GB version and goes up to 2TB. It features a passport-like design, a 7.6-inch Super Retina XDR display, and an aerospace titanium frame. UBS analyst David Vogt noted that average wait times remain broadly in line with last year's levels, with the Pro in the US down two days year over year and the Pro in China up two days. Vogt has a Neutral rating on Apple and a $296 price target.
Jim Cramer separately urged investors to buy Apple stock because of the iPhone Duo, calling the foldable device “amazing” and clarifying that his call was not tied to Apple's smart home push. Apple stock closed up 1% during regular trading hours and ticked higher after hours to $334.25. Cramer's comments followed a Bloomberg report that Apple plans to unveil a new smart home hub on October 13, code-named J490, featuring a roughly 6-inch square display and voice recognition. Apple is also preparing updated HomePod mini and Apple TV set-top box products with a revamped Siri assistant.
Early demand signals suggest strength in premium devices. First-week sales of the iPhone 18 Pro in China reportedly rose 12% year over year, and Apple captured 33% of smartphone sales in China during that measured period. Apple's last reported quarterly EPS came in at $2.02, beating the consensus estimate of $1.89, while revenue reached $109.42 billion, up 16.4% from the same period a year earlier. The company also declared a quarterly dividend of $0.27 per share.
In a separate security note, Apple patched a zero-day vulnerability that was reportedly used in attacks targeting iPhone crypto wallets. A UK class-action case over App Store marketplace restrictions was also allowed to proceed. No specific cryptocurrencies were named as directly affected by the product news, and the overall crypto market impact appears limited.
