“China is Apple’s second-largest market and its Chinese fans are eagerly awaiting the latest model of its smartphone, the iPhone 5, which was released in the United States in September,” Melanie Lee reports for Reuters.
“The Telecom Regulatory Authority, under China’s Ministry of Industry and Information Technology, showed two iPhone 5 models on its website that received approval on Thursday,” Lee reports. “The two are the A1429, a WCDMA model that runs on China Unicom’s network, and the A1442, a CDMA model that runs on China Telecom Corp’s network.”
Lee reports, “Many users on Sina Corp’s Weibo, China’s most popular microblogging platform, cheered the imminent arrival of the latest iPhone. ‘I’m all ready! The iPhone 5 is coming!’ said one.”
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Why is this announcement not boosting the stock to over 600? That’s right…good news means lower stock price.