Apple stock (NASDAQ: AAPL) continued one of its biggest slides of the year after analysts downgraded the shares, saying the new
iPhone 5C isn't cheap enough for emerging markets and the business is failing woefully to innovate.
Bank of America-Merrill Lynch downgraded Apple (AAPL) to "neutral" from "buy." Similar actions were taken by analysts for Credit Suisse, Piper Jaffray and UBS.
Apple's stock fell 5.7 percent, or $28, mid-day on Wednesday to $466.64.
During Tuesday's highly-covered media event, Apple introduced two new phones with features like a fingerprint sensor and new operating-system, iOS 7. The new iPhone 5S will come in various metallic shades while the cheaper iPhone 5C will come in five plastic colors.
Many analysts aren't happy with the specific iPhones unveiled by Apple Inc. (AAPL) on Tuesday. They're concerned that the iPhone 5C isn't priced low enough to manage to adequately address emerging markets. Analysts who remain positive on Apple, however, say the business's aggressive launch plan and likely margin stabilization will boost the company's earnings.
Apple Inc. (
NASDAQ:AAPL) shares fell around 4 percent in premarket trading after the business received downgrades from three major financial firms. Credit Suisse Group AG (
NYSE:CS) (VTX:CSGN), Bank of America Corp (
NYSE:BAC) and UBS AG (
NYSE:UBS) (VTX:UBSN) all downgraded Apple following the company's
big media event on Tuesday
Apple - Apple didn't announce a carriage cope with China Mobile overnight, not surprisingly, but it's said to possess received a license that'll enable the iPhone to perform on China Mobile's network.