Apple shares slump ahead of September 9 iPhone launch

September 3, 2014


By Saqib Iqbal Ahmed NEW YORK (Reuters) – Apple Inc shares were on track Wednesday for their worst day since January just days ahead of the launch of its latest iPhone, with one brokerage warning of a stock downgrade unless its new products show better promise for profit growth. Shares of the smartphone maker slumped 4 percent – its worst percentage drop since late-January – as Apple faced scrutiny of its security systems after photos of celebrities stored in individual iCloud accounts were leaked online. Apple, which hasnt introduced a new product since the iPad in 2010, is under pressure to push the envelope for consumer electronics devices. Some industry observers expect the iPhone maker to unveil a version of a smartwatch next week, though its unclear how successful Apple will be in bringing wearables into the mainstream market where others like Samsung have failed.