Navigate this market better. Subscribe for FREE stock alerts and information.

Monday, December 23, 2013

CORRECTED-Apple, China Mobile sign long-awaited deal to sell iPhones, (NASDAQ: AAPL)

Apple Inc said it has signed a long-awaited agreement with China Mobile Ltd to sell iPhones through the world's biggest network of mobile phone users.In a deal that could add billions of dollars to its revenue, Apple said its smartphones will be available to China Mobile customers starting Jan. 17. Pricing and availability details for the iPhone 5S and 5C lines will be disclosed at a later date, it said in a statement.China Mobile, which has about 760 million customers, will begin registering orders for iPhone from Dec. 25, the company said on its account on the Sina-Weibo micro-blogging service.The tie-up provides a much-needed boost for Apple in a country where it's trailing rivals, even though China is its second-largest market after the U.S. It will also give Apple extra firepower in its intensifying global competition with South Korea's Samsung Electronics Co Ltd.

Apple Inc. (Apple) designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, and a variety of related software, services, peripherals, networking solutions, and third-party digital content and applications. Shares of AAPL traded higher by 0.84% or $4.56/share to $549.02. In the past year, the shares have traded as low as $385.10 and as high as $575.14. On average, 11558700 shares of AAPL exchange hands on a given day and today's volume is recorded at 15586205.