Apple Stock Down 5% After iPhone Event

Apple‘s big iPhone event doesn’t seem to have gone over well with investors.

Apple stock dropped by 2% on Tuesday and declined by more than 5% in premarket trading as investors appeared disappointed by pricing for the iPhone 5C and the absence of immediate deal to distribute the new iPhones on China Mobile, the world’s largest carrier by subscribers

Leading up to the launch event, analysts expected Apple to introduce a lower-cost iPhone priced between $400 and $500 that would play better in emerging markets like China. Instead, the iPhone 5C retails for $99 with a contract and $549 without — cheaper than the iPhone 5S, but effectively unchanged from Apple’s traditional pricing structure. The 5S is $649 without a contract and $199 with a contract. Read more…

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