There was a time when Apple’s annual new iPhone rollout was the tech event of the year, but after more than a dozen versions, people have started yearning for more.
“It’s dog shit relative to what that stock has done,” McCullough explains in this clip from The Call @ Hedgeye. “It broke Trend to neutral. My Risk Range™ Signal didn’t even think that was in play. What would make you bullish on Apple?”
Based on the past five years of data, Joseph says it will take more than the annual incremental upgrade to move the needle. New iPhone orders peaked in 2018 and slowed in 2019 and 2020. Sales bounced back in 2021 before declining again the past two years.
“It’s been a long time since there was a new high in units sold,” Joseph explains. “More and more Apple bulls have to be thinking some new functionality will get people to come buy Apple. Until we get some kind of major new breakthrough that drives growth, not just refresh rate, then I’m probably not a bull.”
Watch the full clip above.