No. 2: iPhone 4 shortages

Strong demand is only half the story for Apple's iPhone sales debut. Limited supply is the other. A shortage of in-plane display panels, the crucial part of Apple's touted retina display screens, has forced Apple's contract manufacturers to cut production rates in half to 1 million iPhones a month.

This means there won't be enough iPhones on hand to meet the presumably high demand. Though it's not a terrible problem to have if you are a gadget maker, sellouts and delivery delays will mar Apple's big iPhone 4 debut. The frustration could push buyers toward other phones.
More on Apple
Cramer: The Future of Apple

No.1: No Verizon iPhone.

A new iPhone is big. But a new iPhone at Verizon? Much bigger.

Apple's exclusive partnership with AT&T ( T) has been a point of discord among iPhone owners and it has tarnished the public perception of both companies. It also has done almost nothing for AT&T's stock.

Investors have been waiting for the Verizon iPhone. But that's apparently not going to happen until next year, if ever.

So Apple fans who want the new iPhone have to lock in for another two years with AT&T. This scenario is not particularly pleasant considering that AT&T's new subscriber plans put penalties on people (like iPhone users) who happen to be heavy data users.

--Written by Scott Moritz in New York.

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