Apple Stock Falls 3% on Disappointing iPhone 5 Launch in China

Apple's stock dropped nearly 4% in early trading Friday, falling to as low as $509 a share on concerns about demand for the iPhone 5 in China.

The latest iPhone went on sale in China Friday, but according to a report in The Wall Street Journal, the initial reception for the device was much more tepid than in previous years.

"Apples flagship store in Beijings upscale Sanlitun shopping district began selling the iPhone 5 for the first time on Friday in what was arguably the least eventful launch of an Apple device in the companys four-year history in the Chinese capital," the Journal reported.

There are several possible reasons for this, including more Apple stores in China…
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