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
 Nov 22 2014 - Egypt to offer projects to domestic, foreign investorsAFP
(MENAFN - AFP) Egypt will offer a slew of projects to domestic and foreign investors at a conference in March aimed at kick-starting an economy battered by years of political unrest, the prime ...

 Nov 22 2014 - Qatar's Torrente and Carella finish second and fifth in UAEThe Peninsula
(MENAFN - The Peninsula) The Qatar Team's Shaun Torrente and Alex Carella finished second and fifth respectively in a processional Grand Prix of Abu Dhabi, the penultimate round of the 2014 UIM F1 ...

 Nov 22 2014 - Qatar's GDP expands by 6.3 percentMENAFN
(MENAFN) According to Qatar's Prime Minister and Interior Minister, the country's gross domestic product (GDP) expanded by 6.3 percent, The Peninsula Qatar reported.The minister attributed the growth ...

 Nov 22 2014 - Emirates targets double-digit passenger growth in FY 2014-15MENAFN
(MENAFN) Emirates Airlines is targeting double-digit passenger growth in its current financial year despite a first quarter operational slowdown and an unstable global environment, Gulf News ...

 Nov 22 2014 - US- ReceptionThe Peninsula
(MENAFN - The Peninsula) US Secretary of Defence Chuck Hagel (left), welcomes the Minister of the National Guard of Saudi Arabia, Prince Mitib bin Abdullah bin Abdulaziz Al Saud at the Pentagon in ...

 Nov 22 2014 - Egypt- Appeal for releaseThe Peninsula
(MENAFN - The Peninsula) Lois (right) and Juris Greste, parents of Al Jazeera's Australian journalist Peter Greste, arrive at a press conference to appeal to Egypt's President Abdel Fattah Al Sisi ...

 Nov 22 2014 - Bahrain oppn urges end to power monopolyThe Peninsula
(MENAFN - The Peninsula) Bahrain's Shia opposition warned yesterday ahead of elections that failure by the kingdom's Sunni rulers to loosen their grip on power could trigger a surge in violence.The ...

 Nov 22 2014 - Germany- Merkel rejects unilateral Palestinian recognitionThe Peninsula
(MENAFN - The Peninsula) Chancellor Angela Merkel yesterday rejected the idea of Germany recognising Palestine as a state unilaterally, saying the Palestinians and Israel could solve their ...

 Nov 22 2014 - Qatar- Children's rights highlightedThe Peninsula
(MENAFN - The Peninsula) Children highlighted their rights and need to be protected from violence during activities organised in various public places in Doha to celebrate Universal Children's Day. ...

 Nov 22 2014 - Qatar- Philippine official warns over maids' rightsThe Peninsula
(MENAFN - The Peninsula) Manpower agencies and employers who violate the Household Service Workers Policy Reform Package will face penalties, visiting Philippine Labour Secretary Rosalinda Baldoz ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

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