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— This is the script of CNBC's news report for China's CCTV on September 12, Thursday.
Welcome to the CNBC Business Daily.
Apple shares tumbled 5.4% overnight in US trade, dragging their suppliers down with them, as the market concluded that its latest iPhone was too expensive for China. The tech giant's new entry level iPhone the 5C, is priced at RMB4,488, and is likely to be out of reach for the bulk of the Chinese smartphone market.
However, analysts CNBC spoke to remained positive on Apple, regarding the recent fall in share price as a good long term buying opportunity. Have a listen:
[Soundbyte on tape by JJ Kinahan, Chief Strategist, Thinkorswim Singapore]
It wouldn't surprise me to see the stock bounce betwen 480 and 500 over the enxt few weeks. Charts indicate 465, but I think we'll get a base at 480-500. There's a lot of upward pressure, but we got through that today in the inter-day trade. That's a positive sign for those who are bullish on Apple.
[Soundbyte on tape by David Garrity, Principal, GVA Research]
Price target for Apple is 600 over next 12 months. It's an impt phone for them in terms of upgrades and current mkts. We've been focused in this conversation on China, but NTT Docomo has also entered an agreement with Apple and Apple is the leading smartphone product in Japan.
Activist investor Carl Icahn, who is due to meet with Apple CEO Tim Cook later on this month to discuss a share buyback deal, spoke to CNBC's Maria Bartiromo, saying that he still considered Apple stock to be a "no brainer". Have a listen:
[Soundbyte on tape by Carl Icahn, Icahn Enterprises]
I think if they do a quick buy back, it's going to be a major plus. But I also think the products look pretty good. I think they're going to get a lot of business from China and they're going to do great anyway. I mean, you don't see companies like this with these kind of brands. It's a no brainer.
Meanwhile, investors continue to speculate about a potential deal between Apple and China Mobile that could see China Mobile subsidizing the cost of the iPhone for its subscribers. Apple has similar deals with telecommunications carrriers in developed markets, and recently inked a deal with NTT Docomo in Japan.
Li Sixuan, from CNBC's headquarters in Singapore.