Salient to Investors:

George Russell at Franklin Equity cut its holdings of Apple to 4.2 percent at the end of 2012 from 7 percent in 2011, saying it lacks a strategy to sell cheaper smartphones in emerging markets such as China and India, with the US market saturated. Russell said Apple hasn’t disclosed a low-end phone market strategy so profit margins could come under pressure.

James Cordwell at Atlantic Equities Service said smartphones are already common in developed markets, where Apple is strongest.

Dennis Lim at Templeton said China’s economy has turned the corner.

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