Apple showed off its newest iPhones on Tuesday and the market did not like what it saw. Analysts at UBS, JP Morgan, Credit Suisse, and Bank of America all downgraded their ratings on Apple’s stock, which was down more than 5 percent as of this post. The big concern on Wall Street was the iPhone 5c — investors were hoping Apple would unveil a low-end model that could compete on price with cheaper Android phones, which have been making big gains in developing markets like China. But despite its cheaper plastic shell, the iPhone 5c will retail for north of $700 in China, meaning it will be too expensive for most consumers there. Apple also failed to announce a deal with China Mobile, the nation’s largest carrier, which had been rumored for some time. Investors are eager for a new narrative around Apple that could turn the stock’s momentum around. A recent tweet from Carl Icahn’s saying the company was undervalued boosted the stock by $17.1 billion dollars in 24 hours.
