Apple shares under pressure on concerns about iPhone 18 Pro demand

Apple is the one Mac 7 name trading in the red this morning on signs of softer demand for its latest iPhone after Nikke reported that Apple cut October production orders for the 18 Pro and Pro Max by at least 15% from its original plans. Now, I'm out to Apple on this report but haven't heard back. Wolf Research weighing in this morning saying what's especially notable here is how early these component C cuts are coming because historically Apple has waited until later in Q4 to pull back supplier orders. Now, one concern is price. Both Pro models went up by $100 this year, and there's no base iPhone 18 in this fall launch cycle. So, the starting price for a new iPhone this season is $1,200, which is 50% higher than last fall's entry point. UBS is also pointing to shorter wait times despite stable supply, suggesting that demand may not be keeping pace after those September price hikes. There's also the fact that demand is being split across a more staggered launch schedule. Pre-orders for Apple's first foldable, the iPhone Duo, start next week. And City says that some of the softer demand signals could simply reflect buyers waiting for that device. And that is part of why city is keeping its broader iPhone unit forecast largely unchanged.