Shares of Apple
) fell nearly 6% in afternoon trading after the company yesterday announced its new, cheaper iPhone 5C, alongside the high-end iPhone 5s. The iPhone 5C will cost as little as $99 in the U.S., but in China, where the company's devices are not generally subsidized by carriers, the device will cost over $700.
Analysts, who had expected the new phone to be significantly less expensive, said that the device would not be cheap enough to raise Apple's market share in China and other emerging markets. Research firms Credit Suisse, UBS, and Bank of America Merrill Lynch all downgraded their ratings on the tech giant after Tuesday's reveal.
Among the notable gainers was Synnex Corporation
), which rallied more than 21% after the company agreed to buy IBM's
) worldwide customer care business process outsourcing services business for $505 million and guided its Q3 revenue to the high end of its previously issued view.
Also higher was Harvest Natural Resources
), which jumped 27% after announcing it has entered into negotiations to spin off assets and sell the company. Among the noteworthy losers was Coldwater Creek
), which fell 22% and was downgraded at Piper Jaffray following the company's Q2 results. Also lower after its quarterly report was home furnishings retailer Restoration Hardware
), which dropped 8%.