Apple iPhone gets blockbuster weekend, thanks to China
Chinese consumers snapped up 2 million iPhone 5 handsets over the weekend. Still, a new Citi Research report helped drive Apple shares down.
In a statement, Apple CEO Tim Cook called China a "very important market for us," and said "customer response to [the] iPhone 5 in China has been incredible."
Certainly, the sales figures are good news for Apple, which has not experienced the same market success (nor invested the same marketing muscle) in the east as it has in the States.
"Our previous buy rating was trading oriented, reflecting our expectation for a near-term rally (after a substantial sell-off) on strong iPhone 5 sales," Citi Research said in a note to investors obtained by the Journal. "However, near-term supply-chain order cuts, while inconclusive in nature, bring into question the strength of [the] iPhone 5 and refocus investors onto risks in the Apple story."