AAPL ▼ -0.7% - Apple Inc. $AAPL Jefferies says early iPhone 18 Pro/Pro Max demand is showing weakness and expects AAPL could cut orders in October. U.S. lead times remain at zero, while 18 Pro Max resale premiums are just 1%-8% versus 15%-29% for the 17 Pro Max last year. Jefferies also expects the upcoming Duo to cannibalize 18 Pro/Pro Max sales, especially the Pro Max, making Apple’s planned ~15% YoY production increase harder to achieve. Apple fell 0.7% after Jefferies analyst commentary flagged early weakness in iPhone 18 Pro and Pro Max demand, citing zero U.S. lead times and sharply lower resale premiums compared to last year's Pro Max models. The analyst also warned that Apple may cut orders in October and that the upcoming Duo could cannibalize Pro and Pro Max sales, potentially undermining the company's planned 15% year-over-year production increase. 18-SEP-2026 12:14 PM ET