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MARKETS LIVE BLOG:

STOCKS END MIXED EVEN AS POWELL SOOTHES RATE NERVES

Fed chair: "It is unlikely the next policy move will be a hike"

Apple stock drops into $400-range despite explosive iPhone 5 debut in China

Zach Epstein
Apple Stock Drop
Apple Stock Drop

Apple (AAPL) on Sunday evening announced that it sold more than 2 million iPhone 5 handsets during the phone’s opening weekend in China. The news put an end to speculation that China was giving Apple’s latest smartphone a chilly reception, however it wasn’t enough to put an end to investor concerns amid a new round of price target cuts. For the first time since February, shares of Apple stock fell into the $400-range in pre-market trading on Monday on concerns from a number of institutions that iPhone and iPad demand will not be as strong as they initially thought. Apple shares were down 2.12% from Friday’s close to $499.00 at the time of this writing.

[More from BGR: Has the iPhone peaked? Apple’s iPhone 4S seen outselling iPhone 5]


This article was originally published by BGR