"Customer response to iPhone 5 in China has been incredible,
setting a new record with the best first weekend sales ever in China,"
said Tim Cook. The 2 million figure will come as a surprise to traders who
pushed Apple to a 10-month low Friday after reports that Apple Stores in
Beijing and Shanghai were nearly devoid of customers the day of the launch. It
turns out that most of the action over the weekend was at the retail outlets of
Apple's carrier partners -- China Unicom and China Telecom -- where
the phones were being sold on long contracts with generous price subsidies.
Just before the news broke, Citigroup's Glen Yeung lowered
his Apple price target to $575 from $675 and changed his recommendation to
Neutral from Buy. On Friday, UBS' Steve Milunovich lowered his price target
from $775 to $700, citing sources who told him they didn't expect the iPhone 5
to do as well in China as the iPhone 4S....
Read all about it at http://tech.fortune.cnn.com/2012/12/16/apple-iphone-5-sales-chin/?iid=SF_F_MPM
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