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Do tax cuts lead to economic growth?
Tax cuts have been the defining economic policy of the last decade, but they may not have helped boost the economy, the NYT's David Leonhardt writes. Read more at Counterparties
GM squabbles with Treasury
Spanish banks' slow-motion crisis
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Japan brandname firms shut China plants after protest violence
Crude oil ought to be $150 per barrel: Iran
16 Sep 2012
Japan's ambassador-designate to China dies in Tokyo - ministry
16 Sep 2012
New protests erupt over Prophet Mohammad film
Iran's Revolutionary Guards commander says its troops in Syria
16 Sep 2012
U.S. ambassador to Libya, three staff killed in rocket attack
Egyptians angry at film scale U.S. embassy walls
U.S. embassies attacked in Yemen, Egypt after Libya envoy killed
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Return of Occupy
Protesters return to the streets to mark the one year anniversary of the Occupy Wall Street movement. Slideshow
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The royal couple are on a nine-day tour of Southeast Asia and the South Pacific. Slideshow
Apple sells 2 million new phones, sets early order record
Apple shares jump, hit record high on "iPhone 5 fever"
Fri, Sep 14 2012
Apple's iPhone 5 puts Europe in 4G slow lane
Fri, Sep 14 2012
Aggressive iPhone launch plan boosts Apple outlook
Thu, Sep 13 2012
Apple's iPhone 5 bigger, faster but lacks "wow"
Thu, Sep 13 2012
"Titanic" effects creator Digital Domain bankrupt, sale agreed
Tue, Sep 11 2012
Analysis & Opinion
UF Weekend Reads
Apple’s iPhone offers subtle and sublime charms
The iPhone 5 on display after its introduction during Apple Inc.'s iPhone media event in San Francisco, California September 12, 2012.
Credit: Reuters/Beck Diefenbach
By Poornima Gupta and Sayantani Ghosh
Mon Sep 17, 2012 10:38am EDT
(Reuters) - Demand for Apple Inc's new iPhone 5 has exceeded initial supply as the company booked 2 million orders in one day and pushed the delivery date for some preorders to next month.
Apple said on Monday that it would deliver most preordered phones as planned by Friday, the first day of delivery, but many would not be available until October.
It is not unusual for Apple products to sell out the first day. Last October, the company booked 1 million orders for the previous iPhone, the 4S, in the first 24 hours. That beat Apple's previous one-day record of 600,000 sales for the iPhone 4.
Shares of Apple were up 1 percent at $698.50 in early trading on Monday.
The latest strong preorders could mean a strong holiday quarter for Apple. The iPhone is the marquee device for the company and accounts for half of its revenue.
Given the demand for the device so far and Apple's aggressive rollout of it internationally, some analysts raised their sales estimates.
Canaccord Genuity technology analyst Michael Walkley said he now expected Apple to ship 9 million to 10 million iPhone 5s from Friday to September 29, the last day of fiscal 2012.
Baird Equity Research William Power estimates that Apple may have booked sales of roughly 5 million iPhone 5s in the first three days. Last year, it sold 4 million iPhone 4S units in that time.
The new phone, which will appear in stores on Friday for walk-in purchases, has a larger, 4-inch screen and is slimmer and far lighter than the previous model. The iPhone 5 supports the faster 4G network and also comes with a number of software updates, including Apple's new in-house maps feature.
Apple began taking orders for the iPhone 5 at midnight Pacific time on Friday (0700 GMT Saturday). Shipping dates for the smartphone slipped by a week within an hour of the start of preorders.
On Monday morning, Apple's U.S. store, at www.apple.com, showed preorders placed at that time would take two to three weeks to ship.
AT&T SETS SALES RECORD
AT&T, the No. 2 U.S. mobile service provider, said demand over the weekend had made the iPhone 5 the fastest-selling iPhone the company has ever offered.
AT&T did not disclose how many iPhones it had sold, but said the iPhone 5 was still available for preorder and would go on sale September 21 at AT&T retail stores.
The phone's other carriers, Verizon Communications Inc and Sprint Nextel Corp, also showed similar delays in shipping the phone.
European carriers also reported brisk sales. France Telecom's Orange said bookings for the new phone "have been very strong, breaking the records of what we saw for the iPhone 4 or 4S." But the carrier said it could deliver preorders on time.
Apple previously said it would start shipping the iPhone 5 by September 21 in the United States and most of the major European markets, such as France, Germany and the UK. The phone goes on sale on September 28 in 22 other countries.
Analysts have forecast that Apple will have sold more than 30 million iPhones, including older models, by the end of September.
(Reporting by Poornima Gupta in San Francisco, Sayantani Ghosh and Sakthi Prasad in Bangalore and Nicola Leske in New York; Editing by Saumyadeb Chakrabarty, John Wallace and Lisa Von Ahn)
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