Apple shares fell roughly 2% on Friday after Nikkei Asia reported cuts to iPhone 18 Pro component orders. CNBC's Jim Cramer told investors not to sell and pointed to upcoming Apple products as catalysts.
Apple shares fell roughly 2% on Friday after Nikkei Asia reported that the company is cutting component orders for the iPhone 18 Pro and iPhone 18 Pro Max because of weaker demand. Jim Cramer rejected the sell-off.
Nikkei Asia, citing people familiar with the situation, reported a 15% cut to October production orders for the two devices from the original plans. Cramer cast doubt on the report's accuracy, noting that former Apple CEO Tim Cook has previously pushed back on similar claims.
Cramer said investors who do not already own the stock should use Friday's weakness to start a position with a small purchase of 25 shares.
Foldable iPhone Duo tops Cramer's list
At the top of Cramer's list of catalysts is the iPhone Duo, Apple's first foldable smartphone. He said Wall Street is vastly underestimating its potential as a growth driver. The device opens for preorder on Oct. 16, reaches shelves a week later, and starts at $1,999.
Cramer has been bullish on the Duo since getting a firsthand look at it at Apple's flagship store in New York last month. According to Cramer: "The Duo is the most exciting thing I've ever seen", he said.
Apple is also expected to unveil new smart home products at its "Welcome Home" event on Tuesday, Oct. 13.
Source: CNBC
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