Apple today released the iPhone 5 in China. You’d think that this is a big thing, and that Apple should do pretty well on NASDAQ. Turn out the iPhone 5 was received with just minor excitement. To give you an idea of the lack of excitement, there were only a few people queuing for the device outside of Apple’s flagship store in Beijing, China. Apple products have usually been met with massive queues on day one.
To make matters even worse, Wall Street traders gifted the company with an 10-month low on the stock price. At the time of writing this post, Apple’s stock is trading at $509.40. The stock traded at its all time high, $705.07, on the eve of the iPhone 5 announcement in October.
Analyst Peter Misek from Jefferies has been researching Apple’s supply chain and says that iPhone component suppliers have seen larger order cuts over the last 24-48 hours because of assembly execution issues. It remains to be seen whether this is due to the iPhone 5 selling worse than expected, or if the reason for the order cuts are really in assembly execution issues.