Ternus Faces Foldable iPhone Test as Apple Stakes Rise

Apple's highly anticipated iPhone launch is finally here, and investors are watching closely as John Ternus takes the stage for the first time as Apple CEO. The stakes are particularly high for Ternus, who took over from Tim Cook on September 1 and needs to convince Wall Street that Apple can deliver another era of product innovation.

The launch also comes against an interesting backdrop for Apple stock. Shares have mostly struggled on the day new iPhones are revealed, raising the possibility that the stock could face pressure again. Apple's stock fell on five of those eight launch days, with the iPhone 12 launch producing the steepest decline.

This year, the iPhone Duo, as Bloomberg says it will be called, could be particularly important. The foldable represents the biggest design change in the iPhone's nearly 20-year history, a significant development for a product that accounts for roughly half of Apple's sales. The device is expected to start at $2,000, with higher-storage versions potentially approaching $3,000.

Ternus faces pressure to prove Apple can sustain growth beyond the Cook era. After Cook's tenure saw Apple's revenue climb toward half a trillion dollars and its stock gain roughly 2,300%, the new CEO now has his first chance to show whether he can fold Apple into its next chapter of growth.