Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Apple dips below $400 after analyst remarks  Join our daily free Newsletter

MENAFN - The Peninsula - 25/06/2013
No. of Ratings : 0
Add to Mixx!

(MENAFN - The Peninsula) Apple shares fell below 400 yesterday after comments from market analysts suggesting the iconic gadget maker is losing momentum.

At midday, shares were down 3.3 percent at 399.73, extending the downward trend since last September when Apple topped 700.

A research note from the brokerage firm Jefferies said Apple is likely to cut production plans for the iPhone to 25 million to 30 million in the third quarter, down from 40 to 45 million, and trim production in the fourth quarter to 50 to 55 million, from 60 to 65 million.

"Our survey of several hundred Orange, Vodafone, and EE stores in the UK indicates that inventories are elevated for iPhones and the Samsung Galaxy 3," said Peter Misek at Jefferies.

Misek added that "memory module makers have recently been reallocating orders in the third quarter away from Apple and toward emerging market players."

The analyst said production of a new iPhone has not commenced yet "but we believe it is about to begin," adding that he expects a new "iPhone 5S" updating the current model and a "low-cost iPhone" to launch in September.

A separate note from Trip Chowdhry at Global Equities Research said the lower share price and eroding market share are creating a vicious circle for Apple, prompting some employees to jump ship.

"Recruiters are seeing more and more employees from Apple applying for jobs at Google, LinkedIn, Facebook and even HP (Hewlett-Packard)," he said

"Employees are viewing lower Apple Stock price as an indication of a bleak future for Apple."

Chowdhry said Apple's move to pay a dividend with a bond sale, in an effort to boost its share price, appears to have backfired.


The Peninsula

  MENA News Headlines
 Oct 27 2016 -  Pakistan's Habib Bank marks 75 years aims to build on long historyMuscat Daily
(MENAFN - Muscat Daily) Muscat- Pakistan's first and largest bank, Habib Bank Limited (HBL), celebrated its 75th anniversary at Al Falaj Hotel on Wednesday. HBL was formed in 1941 and has ...

 Oct 27 2016 - SAF Chief of Staff receives British military officialMuscat Daily
(MENAFN - Muscat Daily) Muscat- Lt Gen Ahmed bin Harith al Nabhani, Chief of Staff of the Sultan's Armed Forces (SAF) received on Wednesday Maj Gen Stuart Skeates, Standing Joint Force Commander of ...

 Oct 27 2016 -  UAE Deputy Prime Minister arrives in MuscatMuscat Daily
(MENAFN - Muscat Daily) Muscat- Sheikh Mansour bin Zayed al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs, arrived on a two-day visit to the Sultanate. He was received ...

 Oct 27 2016 - Oman- Phase two of Tanfeedh ends results to be made public from Nov 20-22Muscat Daily
(MENAFN - Muscat Daily) Muscat- Tanfeedh participants on Wednesday completed six weeks of hardwork to create a draft roadmap of Oman's economic diversification strategy. Participants gathered at ...

 Oct 27 2016 - Eight Omanis to embark on a 20,000km road trip to Rwanda and TanzaniaMuscat Daily
(MENAFN - Muscat Daily) Muscat- A group of eight Omanis will begin a journey to retrace Oman's historical and cultural roots in Africa by driving from Muscat to Kigali in Rwanda and then Dar es ...

 Oct 27 2016 -  HEAD-TO-HEAD-TO-HEAD: PS4 Pro vs Xbox 'Project Scorpio' vs Nintendo SwitchKhaleej Times
(MENAFN - Khaleej Times) Remember this article? While it only discussed Nintendo's console history, it was a bit gratifying that I was able to use words like "party", "rumble" and "brawl" to ...

 Oct 27 2016 - After Note 7, now Samsung's Galaxy S7 Edge explodes in USKhaleej Times
(MENAFN - Khaleej Times) After the Note 7 fiasco, a Samsung Galaxy S7 Edge owner in the US has claimed that the device which he received as a replacement for the Note 7 exploded while charging. ...

 Oct 27 2016 -  527 South Koreans sue Samsung over Note7 recallKhaleej Times
(MENAFN - Khaleej Times) Hundreds of South Korean Galaxy Note 7 smartphone owners filed a lawsuit against Samsung Electronics on Monday over its handling of the fire-prone device. Attorney Peter ...

 Oct 27 2016 - Blurring effect comes to iPhone 7 Plus with software updateKhaleej Times
(MENAFN - Khaleej Times) Apple's iPhone 7 Plus is getting a new camera capability - the blurring of backgrounds to focus attention on people or other objects in the foreground. Apple first ...

 Oct 27 2016 -  WhatsApp now has video calling but...Khaleej Times
(MENAFN - Khaleej Times) After giving WhatsApp that Snapchat feel, Facebook has rolled out a new feature to the world's most-used messaging app: video calling. And we were more than happy to check ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help