CHART OF THE DAY: Surprise! iPhone Demand Is Fine
The story that's terrorized Apple's stock for the past month is iPhone demand is weak.
Apple reportedly cut orders with suppliers in Asia for iPhone screens and other components. While there are many theories about why Apple cut its order, the most popular seems to be that iPhone demand is weak.
And yet, something about it doesn't make sense.
Analysts have quietly raised holiday quarter iPhone estimates. Why do that if demand is tanking? Shaw Wu of Sterne Agee said today that demand is "robust."
Analysts could be wrong, but here's another piece of evidence in their favor. ChangeWave surveyed 4,061 people in North America about their interest in smartphones. 50% of them said they plan to buy an iPhone in the next 90 days, which is right in line with Apple's previous demand after a big iPhone launch.
If demand was truly crumbling as some would have you believe, would this chart look like this?
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