Ledger was naked and unconscious, The New York Times reported.
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UPDATE: Investors Skeptical Of Reasons For iPhone Price Cut
By midday Thursday, Apple shares gave up nearly 2% to trade at
The action came one day after the stock fell more than 5% following a company event in which Apple (AAPL) Chief Executive
Apple's shares are still nearly 60% above their level at the beginning of the year, before the company unveiled the iPhone at a trade conference.
The stock surged nearly 15% in the days before Wednesday's event on speculation of what new products the company would announce.
At the event in
The iPhone announcements partially overshadowed Apple's largest revamp of its line of iPod music and video players in two years, and led some analysts and many investors to believe that Apple is experiencing weaker iPhone sales following initial weekend sales of 270,000 units.
A question of demand
"A price cut of this magnitude just two months after [the iPhone's] launch clearly raises some questions about demand," said
However, Hunt said the price cut wasn't enough to make him change his estimate for Apple to sell 750,000 iPhone for the company's current fiscal fourth- quarter, which ends
The company counters that notion, saying the price cut was made both to respond to high demand and set the company up for the end-of-the-year holiday season, which is Apple's busiest business period of the year.
To bolster his case, the normally media shy Jobs went out of his way to appear on several news outlets and reiterate that the company is "on track" to reach its previously announced goal of selling 1 million iPhones by the end of the quarter.
"They [investors] are reading this the wrong way," said
Signs of Apple's initial impact on the mobile phone market came out on Tuesday, when technology research firm iSuppli released a report saying that the iPhone was the top-selling smart phone in the U.S. in July, and made up 1.8% of the entire U.S. handset market for consumers during the month. ISuppli said it expects Apple to sell 4.5 million iPhones this year and 30 million by 2011.
Some analysts said they weren't surprised that Apple cut the price of the iPhone, as the company typically lowers the prices of its products once a year when it upgrades the devices.
For example, on Wednesday, Apple added video-playing capability to its iPod nano players, and cut the price of it 4-gigabyte model to
A strategic misstep?
But the timing of the iPhone price cut is what caused some concern on Wall Street. The cut comes barely two months after the device was released to long lines of customers - many of whom lit up technology blogs Thursday with anger at having shelled out full price for the devices.
"[The] iPhone is suffering from significant strategic and tactical missteps," wrote Trip Chowdhry of Global Equities Research in a research note Thursday. " Consumers tell us that Apple iPhone lacks some key phone capabilities, making some wonder, can a computer company really create a good phone."
Chowdhry cut his rating on Apple's stock to equal weight from overweight, and also lowered his price target to
The analyst said he believes Apple's gains from the iPhone are "somewhat muted," and that his customer checks reveal some dissatisfaction among those who have already purchased the device.
Still, others remained convinced that Apple made the right move at the right time, what with consumers likely to start opening their wallets for Christmas and holiday gifts in the coming months.
"The iPhone price cut arrived roughly four months earlier than we expected," said
Dow Jones Newswires
09-06-07 1359ET
Copyright (c) 2007 Dow Jones & Company, Inc.
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