High iPhone Price Spooks Investors, Apple Shares Drop

And the hits just keep rolling in for Apple after its latest product launch. Seems investors aren't too thrilled with a "budget" plastic iPhone that retails for $730 in China.

Apple Inc's new iPhones got panned by Wall Street on Wednesday as investors decried one model for being too costly for emerging markets such as China, and dismissed the other model as lacking enough game-changing features. The plastic iPhone 5C unveiled on Tuesday will sell for 4,488 yuan ($730) in China, Apple said. That is more than the average monthly urban income in China.

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