Apple (AAPL) Dips on First China Mobile iPhone Day

Update (4:34 p.m. EST): Updated with closing price, day high and low prices, price change and volume information.

NEW YORK (TheStreet) -- Apple  (AAPL) fell 2.45% to $540.67, down $13.58 from its previous close of $554.25, at the close of the trading day on Friday, the first day that customers in China could start to buy iPhones through China Mobile

The stock had a volume of 13,412,681, slightly above its average of 11,419,200. It hit a high of $552.07 and a low of $539.90 for the day.

Apple CEO Tim Cook made a special surprise appearance at the opening of a store in Beijing to mark the occasion. Journalist Jahangir Naina posted a series of photos on Flickr to document the iPhone introduction, which shows crowds of customers at China Mobile stores lining up for the product.

The upfront cost of China Mobile's 24-month iPhone 5S contract is $906, according to The Wall Street Journal, which also reports that China Telecom and China Unicom (both of which are smaller by subscriber base) both offer cheaper prices.

Cook indicated Wednesday that the company plans to strengthen its ties with China Mobile in order to grow in the world's largest smartphone market by shipments. The deal, which took six years of negotiations, finally allows Apple to offer its iPhones through all three of the China's state-run carriers.

TheStreet Ratings team rates Apple as a "buy" with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, good cash flow from operations, expanding profit margins and attractive valuation levels. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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