Apple's shares fall despite bumper iPhone sales

Analysts predictions mixed – initial demand lower than expected
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Apple's shares fell yesterday despite analysts predicting iPhone sales of 500,000 over the weekend.

However, not all analysts were as positive. JP Morgan's Apple analyst Bill Shope estimated sales of only 312,000 – 178,000 units less than the more optimistic suggestions.

"We believe initial demand may have been disappointing, but it's still early," Shope said. "We don't believe supply was much better than expected, so demand could be a bit light."

Shares in the manufacturer were also affected by the news that Universal Music had decided to not sign a long-term agreement over its iTunes music store.