SAN FRANCISCO (MarketWatch) -- Shares of Apple Inc. (AAPL) fell more than 2% to $455.21 on Monday morning - during an otherwise strong opening session. The drop came following a report by the Wall Street Journal that China Telecom Corp. appeared to be cutting back on subsidies for the iPhone. The carrier's page offered an iPhone 5S with a two-year data plan for 2398 yuan, which was about 27% above the contract price for the iPhone 5 with a similar data plan. Apple's shares have fallen nearly 10% since the company unveiled the iPhone 5S and 5C models at a special event last week. The price on the iPhone 5C was higher in China than many analysts had been expecting, . The new iPhones go on sale in the U.S., China and several other countries on Friday, Sept. 20.
-Dan Gallagher; 415-439-6400; AskNewswires@dowjones.com
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09-16-13 0953ETCopyright (c) 2013 Dow Jones & Company, Inc.
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