Analyst estimates for iPhone sales in its first weekend run as high as 700,000 units, beating many investors’ expectations, and some now expect the momentum to continue. The device went on sale last Friday.
AT&T—the iPhone’s exclusive carrier—said it activated 146,000 iPhones on June 29 and 30, a number that disappointed investors following some analyst forecasts that Apple would sell 500,000 or more iPhones in its first weekend.
The news interrupted a steady rise in Apple’s stock price that started with the iPhone’s release. The 18 percent surge generated $18 billion in shareholder wealth.
On Tuesday, Apple shares fell $8.81, or more than 6 percent, to $134.89, wiping out more than $7 billion of Apple’s market value.
Does this mean the price will go down by July 2008 when my Verizon (hate them!) contract is up? Plz advice.
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