Apple New iPhone Surpasses 2 Million in 24 Hours|
Apple Inc. (AAPL) said Monday morning that pre-orders of the iPhone 5 surpassed
the 2 million unit mark in the first 24 hours which is more than double the
initial sales of the 4S model during 2011. Apple said demand for the Smartphone
'exceeds the initial supply' which means that some of those who pre-ordered the
new device will not receive their order until sometime in October. A majority of
the 'pre-orders' will be delivered on the official launch date this Friday, per
a statement from Apple. The new iPhone sports a thinner and lighter body than
the previous version and is Apple’s first to be shipped with an LTE chipset that
will allow it to connect to the latest high-speed 4G wireless networks. During
the first 24 hours of pre-order activity in 2011 for Apples iPhone, there were
more than 1 million units sold. In 2010, the iPhone 4 sold more than 600,000
units during the 24 hour pre-order sale period. There have been increased
concerns that Apple may have a hard time meeting demand for the newest iPhone,
given reports of production shortages of certain components which include the
type of display found on the iPhone 5.
The New York Federal Reserve Bank said Monday that the Empire State
manufacturing index unexpectedly fell to negative 10.4 during September striking
the weakest reading in nearly two years. After reaching a reading of 17.1 in
May, the manufacturing index has fallen sharply lower, over the summer months.
In September, the key new orders sub-index fell to negative 14.0 from negative
5.5 during August. Another forward-looking component - unfilled orders - fell to
negative 14.9 in September from negative 10.6 in August.
Capital One Financial (COF) reported Monday that delinquencies at its U.S.
credit-card business rose in August, while charge-offs edged lower from month
earlier. While the number of delinquencies continue to improve at many financial
institutions, progress remains slow and unsteady. During August, 30-day
delinquency rate for U.S. credit cards with Capital One rose to 3.37% from 3.09%
in July - according to a filing with the Securities and Exchange Commission. At
its international credit-card business, delinquency rate fell to 4.77% from
4.78% during July. Delinquency rate for auto-loans with Capital One rose to
5.79% from 5.75%. At the U.S. credit card business for Capital One, charge-offs
fell to 2.58% during July, from 2.62% a month earlier while internationally, the
rate rose to 5.43% from 4.97% a month earlier. Auto financing charge-offs for
Capital One rose to 1.84% from 1.54%.
A late-session selloff in oil futures on Monday raised concerns of potential
technical issues however, CME Group (CME) assured inquiries that there were no
technical trading issues involved. "I saw a coordinated sell of prolonged
duration of 30 minutes," said CME spokesman Chris Grams. On the New York
Mercantile Exchange, October crude-oil futures (NMN:CLV2) settled at $96.62 a
barrel, down $2.38 or 2.4% as some traders talked about a potential glitch with
Nymex following a drop of more than $4 within the last half hour of trading.
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Sept 17, 2012