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Apple drops 5% in wake of product launches

CMC Markets

While its common for shares to retreat on profit-taking after a big announcement like yesterday's Apple event, two factors appear to be having a larger impact. 1) higher than expected price for iPhone 5c reducing attractiveness in emerging markets 2) rumoured deal with China Mobile failed to materialize Shares currently testing $463.50 a Fibonacci level that has acted as support and resistance lately. Suppliers to Apple like ARM Holdings and Qualcomm are also sliding back today. Competitor Blackberry down another 3% today as its sale process continues.

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