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Apple shares fall as new iPhones fail to dazzle | TODAYonline
NEW YORK — Apple’s new iPhones got panned by Wall Street yesterday (Sept 11) as investors decried one model for being too costly for emerging markets such as China, and dismissed the other model as lacking enough game-changing features. The world’s most valuable technology company missed an opportunity to introduce a low-end smartphone to drive sales in Asia, where Samsung Electronics and China’s Huawei have a wide lead over Apple, analysts say. The plastic iPhone 5C unveiled on Tuesday will sell for 4,488 yuan (S$930) in China, Apple said. That is more than the average monthly urban income in China, and about double the cost of mid-tier devices from Samsung and other vendors. The cheapest phones in China, made by the likes of Xiaomi, go for about US$100 (S$127) apiece. “Investors were put off that Apple’s price point didn’t go low enough to attract a new market.