The company's stock closed at $665.18 on Wednesday, a decline of more than 1% on the day and the third straight day the stock ended down, and opened even lower on Thursday at $664.29. By comparison, Apple's stock opened at $666.85 on Wednesday, Sept.12, the day the iPhone 5 was announced.
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In the week after the iPhone announcement, Apple stock rocketed to new highs passing $700 a share for the first time in its history just five days later, thanks to Wall Street's optimism about consumer demand for the device and Apple's aggressive roll out schedule.
Apple stock remained above $700 a share on Friday, the day the iPhone finally hit store shelves, as news came out that lines for the iPhone 5's debut were even longer than the lines for the iPhone 4S. This week, however, the stock has ticked down because iPhone 5 sales came in lower than some analysts had expected. Reports have since attributed this to supply issues rather than demand issues, but the stock has yet to bounce back.
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Now, some analysts have begun to revise their estimates for iPhone 5 sales in the next fiscal quarter. UBS analyst Steve Milunovich says Apple will sell 38 million iPhone 5s in the December quarter, down from his previous estimate 44 million, because of supply constraints.
In the past, Apple's stock traditionally declines immediately after an iPhone announcement and then start to rebound after a week or two -- essentially the opposite of what we're seeing now.
Apple's market cap is currently more than $621 billion.
This story originally published on Mashable here.
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