Apple ekes out gains as J.P. Morgan points to strong iPhone 14 sales volume
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Apple (NASDAQ:AAPL) shares rose fractionally on Monday as investment firm J.P. Morgan pointed to continued strong sales volume of the iPhone 14.
Analyst Samik Chatterjee, who has an overweight rating on Apple (AAPL) shares, wrote in a research report that the Wave7 August survey of U.S. sales trends pointed to a slipping of iPhone 13 market share by roughly 500 basis points in anticipation of the iPhone 14 launch this month. The survey added that the new product line is expected to fare better than iPhone 13, citing sources at a national retailer.
Chatterjee said that the 500 basis point decline in iPhone 13 market share in August compared to "limited moderation" going into the iPhone 13 launch, but was similar to the roughly 500 basis point decline going into the iPhone 12 launch, "implying that consumers were anticipating substantial reasons to delay purchases and upgrade/buy the iPhone 14."
The analyst added this could "bode well" for iPhone 14 volume outlook but may wind up hurting the company's fiscal fourth-quarter sales and sales of older iPhones. 
The survey also noted that consumers are increasingly showing more interest in the iPhone 14 Pro models, echoing what other analysts have said, as the high-end devices may account for as much as 80% of new iPhone purchases.
On Monday, Apple (AAPL) confirmed that it would produce some iPhone 14 units in India.