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Negative headlines causes Apple stock decline

10 Oct 2012

Apple's stock has dropped 10% in the wake of negative headlines, but the decline has not deterred Wall Street analysts from backing the company.

Following the recent bad publicity of mapping issues with the new iPhone 5 and supply disruptions after labour strikes in China, the company stock has hit resistance.

Lowered from its 52-week high, the stock is now placed in correction territory as investors cash in on company shares with a combined 2.5% decrease over two days of trading this week.

But Wall Street experts have not hit the panic buttons, reassuring investors the latest media reports have not affected demand of the iPhone 5.

"From our latest supply chain work, we have not picked up a drop-off in demand and production appears to be improving with the bottleneck moving from components (like the in-cell touchscreen) to the assembly of the iPhone 5 itself," analyst Shaw Wu told Apple Insider.

After already shifting over five million of the device in just three days after its initial launch, Wu says wait times for the product currently sits between three to four weeks due to an "overwhelming demand."

As a result Wu, who remains confident the company will meet his forecast of selling 27 million iPhones in the September quarter, thinks the California-based firm is still on track to shift a record-breaking 46.5m handsets by the December quarter.

Other news which will reassure investors is the ordering of 10 million iPad Minis from Asian suppliers, more than double as many products as Amazon’s lower-priced Kindle Fire.

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