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Apple Rallies Most Since May on Strong iPhone Pre-Order Data

  • Shares post biggest gain since May, end above key level
  • Apple shares are the year’s top performers among megacap tech
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Apple Unveils IPhone 14 and IPhone 14 Plus
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Apple Inc. shares rallied the most since May as pre-order data showed the iPhone 14 Pro Max was the best selling model, surpassing what the older version did in a similar timeframe.

Shares of the tech giant rose 3.9%, their biggest one-day gain since May 27, and the stock closed above its 200-day moving average for the first time since August. Analysts from JPMorgan to Barclays wrote that the data point to strong demand for the latest mobile phone series, which was unveiled at its product launch event last week.