updated 11:30 am EDT, Tue July 24, 2007
AAPL slips on AT&T note
Apple shares tumbled this morning after AT&T reported just 146,000 iPhone activations in its first few days on the market, a number far below the Street's expectations after rumors flew that Apple had sold upwards of half a million iPhones during that same period. Worried investors sold Apple shares in droves, causing the stock to slip even before the market opened, according to Reuters. One financial analyst pointed to the lack of an upside surprise on iPhone activations as the cause of the stock slide, but Apple and AT&T reported iPhone sellouts across almost all of their stores within one week of the handset hitting store shelves. The initial iPhone activations could prove to be a misleading figure, as droves of iPhone buyers reported problems when attempting to activate their handsets during the launch, which were later confirmed by AT&T.