Apple Inc. (AAPL) Adds Two iPhone Carriers in China

Apple (NASDAQ:AAPL): Morgan Stanley reiterates Overweight for Apple. The company is adding two additional iPhone carries in China, China Telecom (NYSE:CHA) and China Mobile (NYSE:CHL). China Unicom (NYSE:CHU) already carries the iPhone. Katy Huberty, of Morgan Stanley, notes the two new carriers will allow Apple to reach all of China’s “high-end” subscribers. Current Apple penetration through China Unicom is only about 10 percent.

Apple has only 30 percent of global phone carriers, while Research In Motion (RIM) has 79 percent, noted Huberty. Adding new carriers has the most potential for Apple. She expects 14 million users in China could switch from other phones and another 10 million could upgrade to the faster 4G network.

Huberty expects a new iPhone model to be more compatible with the Time-Division Long-Term Evolution (TD-LTE) cellular service developed by China Mobile. Her estimates indicate up to 40 million iPhones could be sold in China in 2013.  Shares are up $5.05, or 1 percent at $452.33.

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See how shares of Apple Inc and other smartphone stock competitors are reacting to the news today:

Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $454.08, up $1.07, or 0.24%. They have traded in a 52-week range of $310.50 to $454.45. Volume today was 7,221,692 shares versus a 3-month average volume of 12,744,400 shares. The company’s trailing P/E is 12.92, while trailing earnings are $35.14 per share.

Microsoft Corporation (NASDAQ:MSFT): MSFT shares recently traded at $29.40, down $0.21, or 0.71%. They have traded in a 52-week range of $23.65 to $29.95. Volume today was 18,534,740 shares versus a 3-month average volume of 54,909,000 shares. The company’s trailing P/E is 10.66, while trailing earnings are $2.76 per share.

Nokia Corporation (NYSE:NOK): NOK shares recently traded at $5.00, down $0.05, or 0.99%. They have traded in a 52-week range of $4.46 to $11.75. Volume today was 23,548,851 shares versus a 3-month average volume of 30,541,400 shares. The company’s trailing earnings are $-0.41 per share.

Research In Motion Limited (NASDAQ:RIMM): RIMM shares recently traded at $16.56, down $0.46, or 2.7%. They have traded in a 52-week range of $18.02 to $70.54. Volume today was 11,071,570 shares versus a 3-month average volume of 24,615,100 shares. The company’s trailing P/E is 3.90, while trailing earnings are $4.25 per share.

Google Inc. (NASDAQ:GOOG): GOOG shares recently traded at $578.08, up $0.39, or 0.07%. They have traded in a 52-week range of $473.02 to $642.96. Volume today was 1,000,256 shares versus a 3-month average volume of 3,054,930 shares. The company’s trailing P/E is 19.42, while trailing earnings are $29.76 per share.

To contact the reporter on this story: Jim Wilkerson at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com