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Shares of iPhone maker Apple fall after rival Samsung unveils new phones

September 3, 2014

The Associated Press



NEW YORK, N.Y. - Apple shares are getting bit by a rival.

The iPhone maker's stock fell more than 3 per cent Wednesday after Samsung unveiled two new smartphones at a trade show in Berlin.

Samsung announced the Galaxy Note Edge phone, which has a side display for quicker access to Twitter, the flashlight, news and other apps. It also showed off a new Galaxy Note 4 phone and a virtual-reality headset for the phone called Gear VR to watch concerts or play games.

The Samsung unveiling comes less than a week before Apple is expected to reveal its new products, next Tuesday in Cuppertino, California. A larger iPhone, and possibly a computerized watch, are expected.

Apple's stock drop comes a day after its shares hit an all-time high of $103.74. That same day, Apple said that the theft of private photos from celebrities was not because of a security breach of its iCloud system. Instead, hackers took user names and passwords for the accounts, Apple said Tuesday.

Apple did not immediately respond to a request for comment Wednesday.

Shares of Apple Inc. fell $3.55 to $99.75 in afternoon trading, erasing more than $20 billion of its market value. The stock is still up more than 24 per cent so far this year.


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Source: Canadian Press DataFile


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