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Rumors about Verizon Wireless getting the iPhone resurfaced yet again Tuesday following a Bloomberg report claiming the carrier is set to become Apple’s second U.S. wireless provider in January. The report quoted unnamed sources. If the rumor is true this time, AT&T could be in for a beating and Apple could see even higher iPhone sales figures.
Apple shares fell $12.22 to close at $256.08 in volatile trading Tuesday as the overall market took a grand beating. But don’t break out the oxygen masks yet, folks; that figure’s still higher than the company’s closing prices up to May 28, as well as a few days in June. Wall Street slumped Tuesday due in part to China’s move to revise its leading economic indicators for April downward.
Apple said Monday that it sold more than 1.7 million iPhone 4s in the three days following the device’s launch on June 24. “This is the most successful product launch in Apple’s history,” Apple Chairman and CEO Steve Jobs said. Nonetheless, he also apologized to customers who were turned away when various retail outlets and online channels ran out of iPhones to sell.
Things couldn’t be going better for Apple. At press time on Tuesday, its shares traded at $273.85, up $3.68 in volatile trading, on a day when the Dow was down 148.89 and the Nasdaq was down 27.29. Meanwhile, iPad sales hit the 3 million mark. Further, demand for the iPhone 4 has been so strong that Apple’s plain sold out and has had to push back fulfilling pre-orders for the device.
The legend of the Verizon iPhone lives on. Rumors that Apple will launch its smartphone on the carrier’s network are making the rounds yet again. This time, the story goes that a CDMA version of the iPhone 4 will be available from Verizon as early as this fall. For some time, Apple has felt pressure from several sides to add Verizon as a second carrier in the United States.
Apple and AT&T began taking pre-orders for the iPhone 4 in stores an online on Tuesday, triggering a rush that swamped their IT systems. AT&T has temporarily suspended pre-orders, and Apple’s site now tells pre-order customers that their phones will be shipped by July 2, rather than the official launch date of June 24. The Tuesday rush also reportedly caused a system breach at AT&T.
Apple shares closed at $259.69 Tuesday, up $5.41, or 2.13 percent, in volatile trading. While that number soars far above Apple’s year-ago figure, it’s almost ho-hum compared to what we’ve seen AAPL do earlier this year. What’s interesting about Apple’s share price levels on Tuesday was that the overall U.S. market, led by technology and industrial stocks, was up.
The email addresses and device IDs of more than 100,000 owners of 3G-enabled iPads have been exposed in a security breach, according to wireless provider AT&T. Victims apparently include at least one member of the U.S. President Barack Obama’s cabinet, heads of large corporations and other prominent people.
Apple shares were trading at $245.83 at one point on Tuesday, down $5.10 from Monday’s close. However, they recovered to close at $249.33, down $1.61. Still, that’s the third business day in a row, including Friday, that they’ve been trimmed. It’s all the more surprising because Apple announced the new iPhone 4 and iOS 4 Monday in a blaze of media coverage.
Despite choppy trading Tuesday with stocks showing little direction as a whole, prices of Apple shares shot up $8.04 to hit $264.92 before falling back to $260.80 by closing, gaining $3.92 for the day. One reason for the strong showing could be reports that the iPad sold 2 million units in less than 60 days.
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