Shares of Apple jumped Monday to an all-time high on speculation of strong demand for the iPhone X, which the company began taking preorders for on Friday.
A deluge of orders for the company’s new luxury phone has already pushed shipment times into December, according to analyst reports from both Drexel Hamilton and Nomura.
“We are encouraged that shipping lead times have held steady at 5-6 weeks because these pre-orders can be recognized as shipments in the December quarter,” wrote Drexel Hamilton analyst Brian White on Monday. “Apple is taking the iPhone franchise to a whole new level with the iPhone X, pushing the company deep into the ultra-luxury smartphone market.”
