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Apple Shares Take A Tumble After iPhone 5C and 5S Announcement

Apple Shares Take A Tumble After iPhone 5C and 5S Announcement

Apple Shares tumble with Wall Street un-impressed about Apple’s media event yesterday in which they announced the iPhone 5C and also the iPhone 5S.

Many woke up this morning to see Apple shares were down 28.54 points, or 5.77 percent, to $460.10 but interestingly it was not only Apple that were affected by yesterdays announcement but many of its suppliers including ACC Technologies which is currently down 4.7% and Hon Hai which is also down 1.3%.

The sell-off follows a two-month rally that has seen Apple stock rise from below $400 to above $500. Wednesday’s fall came after the shares dropped more than 2 per cent after the devices were announced on Tuesday.

Multiple reports are suggesting the higher than expected price of the iPhone 5C will make it a lot harder for Apple to sell the product within China which was expected to be one of Apple’s main targets for the iPhone 5C.

Update : As of Saturday 14th Apple shares have risen slightly but are still down 1.65% at the end of trading on Friday and currently stand at 464.90 in out of hours trading.

 

 

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