Apple shares rose 0.43% on Friday after preorders for its first foldable phone, the iPhone Duo, sold out. Delivery dates slipped from October 23 into late January, and investors now look to the November 2 earnings call for guidance and demand updates.
Apple stock closed at $343.46, up 0.43%, after reports that iPhone Duo preorders sold out quickly. Trading volume reached 59 million shares, about 31% above the three-month average of 45 million.
The Duo sold out on Apple's website until next year within hours of going on sale, the FT reported. In a statement, Apple described preorder demand as "nothing short of extraordinary".
Delivery dates slip into late January
Apple had originally promised delivery by October 23, but delivery times on its website moved into late January within hours of orders opening. US mobile carriers also pushed back delivery times for new orders, according to the FT.
The Duo costs upwards of $1,999 and can reach $3,200 with maximum storage, a record price for an iPhone. It has a 5.4-inch front display and a 7.6-inch foldable inner screen.
What investors are watching
The demand propelled the stock back toward the 52-week high of $348.15 reached earlier in the week. Apple also beat Wall Street expectations on revenue and profit in its 2026 third quarter, but a softer near-term outlook later weighed on sentiment.
Meanwhile, the S&P 500 closed down 1.09% and the Nasdaq Composite down 2.14%.
The Duo's early success means Apple could see strong 2027 sales. The open question is how much persistent inflation and rising interest rates will weigh on the company.
Sources: The Motley Fool, Financial Times
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