Customers stand in line to purchase the new Apple iPhone 8 at Dubai Mall Apple Store in Dubai, on September 23, 2017.
The new Apple iPhone 8 and 8 Plus, as well as the updated Apple Watch and Apple TV, went on sale today. / AFP PHOTO / GIUSEPPE CACACE
The new Apple iPhone 8 and 8 Plus, as well as the updated Apple Watch, went on sale on Saturday. Giuseppe Cacace / AFP

Apple shares fall on iPhone X supply fears



Shares of Apple Inc dipped on Monday and flirted with correction territory following a report that the company had told suppliers to scale back shipments of parts for its upcoming iPhone X.

Digitimes, citing unnamed sources, reported that Apple suppliers were shipping just 40 per cent of the components originally ordered for the premium phone, which goes on sale in early November.

That added to concerns on Wall Street about demand for Apple’s new devices after the launch on Friday of the iPhone 8, a less expensive model than the iPhone X, drew smaller crowds than previous launches.

Apple declined to comment.

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Some investors saw the tepid iPhone 8 debut as a sign that customers were holding out for the iPhone X, which boasts an edge-to-edge display and will sell in the United States for US$999.

Amid a broad selloff in technology shares on Monday, Apple’s stock finished down 0.9 per cent. It earlier fell as much as 1.8 per cent, bringing its loss since a record high on September 1 to 9 per cent.

Many investors define a correction as a 10 per cent decline. A stock in correction may be viewed as either a buying opportunity or as likely to fall further.

“I’d buy Apple in this pullback,” said Wedbush trader Joel Kulina. “It’s a high-priced product but super high-end.”

While the number of people lining up outside Apple stores has dropped over the past several years with many buyers choosing to shop online, the weak turnout for the latest iPhone has partly been due to poor reviews.

Apple’s stock recently traded at 13.8 times expected earnings, its lowest valuation since February, according to Thomson Reuters Datastream.

Over the past two years, Apple’s average forward price-to-earnings ratio has been 12.6.

COMPANY PROFILE

Name: SmartCrowd
Started: 2018
Founder: Siddiq Farid and Musfique Ahmed
Based: Dubai
Sector: FinTech / PropTech
Initial investment: $650,000
Current number of staff: 35
Investment stage: Series A
Investors: Various institutional investors and notable angel investors (500 MENA, Shurooq, Mada, Seedstar, Tricap)

The years Ramadan fell in May

1987

1954

1921

1888

Results:

First Test: New Zealand 30 British & Irish Lions 15

Second Test: New Zealand 21 British & Irish Lions 24

Third Test: New Zealand 15 British & Irish Lions 15

Rafael Nadal's record at the MWTC

2009 Finalist

2010 Champion

Jan 2011 Champion

Dec 2011 Semi-finalist

Dec 2012 Did not play

Dec 2013 Semi-finalist

2015 Semi-finalist

Jan 2016 Champion

Dec 2016 Champion

2017 Did not play

 

MATCH INFO

World Cup qualifier

Thailand 2 (Dangda 26', Panya 51')

UAE 1 (Mabkhout 45+2')

Wednesday's results

Finland 3-0 Armenia
Faroes Islands 1-0 Malta
Sweden 1-1 Spain
Gibraltar 2-3 Georgia
Romania 1-1 Norway
Greece 2-1 Bosnia and Herzegovina
Liechtenstein 0-5 Italy
Switzerland 2-0 Rep of Ireland
Israel 3-1 Latvia

SPEC SHEET

Display: 10.9" Liquid Retina IPS, 2360 x 1640, 264ppi, wide colour, True Tone, Apple Pencil support

Chip: Apple M1, 8-core CPU, 8-core GPU, 16-core Neural Engine

Memory: 64/256GB storage; 8GB RAM

Main camera: 12MP wide, f/1.8, Smart HDR

Video: 4K @ 25/25/30/60fps, full HD @ 25/30/60fps, slo-mo @ 120/240fps

Front camera: 12MP ultra-wide, f/2.4, Smart HDR, Centre Stage; full HD @ 25/30/60fps

Audio: Stereo speakers

Biometrics: Touch ID

I/O: USB-C, smart connector (for folio/keyboard)

Battery: Up to 10 hours on Wi-Fi; up to 9 hours on cellular

Finish: Space grey, starlight, pink, purple, blue

Price: Wi-Fi – Dh2,499 (64GB) / Dh3,099 (256GB); cellular – Dh3,099 (64GB) / Dh3,699 (256GB)

MATCH INFO

Uefa Champions League last 16, second leg
Liverpool (0) v Atletico Madrid (1)
Venue: Anfield
Kick-off: Thursday, March 12, midnight
Live: On beIN Sports HD

COMPANY PROFILE

Company name: Blah

Started: 2018

Founder: Aliyah Al Abbar and Hend Al Marri

Based: Dubai

Industry: Technology and talent management

Initial investment: Dh20,000

Investors: Self-funded

Total customers: 40

Heavily-sugared soft drinks slip through the tax net

Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.

Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.

A 680ml can of Arizona Iced Tea costs just Dh6.

Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.

Abu Dhabi GP Saturday schedule

12.30pm GP3 race (18 laps)

2pm Formula One final practice 

5pm Formula One qualifying

6.40pm Formula 2 race (31 laps)


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