Apple’s stock tumbles after company fails to deliver cheaper iPhone

Apple’s stock sank more than 5% on Wednesday as investors expressed their disappointment that Apple did not unveil a cheaper iPhone on Tuesday.

The company did roll out the new iPhone 5c, a plastic-coated phone available in five colors. However, the price came in much higher than expected.

About an hour after Wall Street’s opening bell, Apple shares were trading at $466.37, down $28.27, or 5.7%, from Tuesday’s closing price.

Video: Here’s how Apple’s iPhone 5S, iPhone 5C work

The 5c will sell for $99 with a contract. But without a contract, the price starts at $733 in China and $549 in the U.S. That makes the iPhone 5c Apple’s midpoint phone, between the high-end iPhone 5s and the older iPhone 4S.

Analysts have been clamoring for a cheaper phone to make Apple more competitive in overseas and emerging markets, where Samsung’s Android phones have become the runaway leaders.

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