Apple shares slip on smartwatch reviews

Apple shares slipped Wednesday after mixed reviews of its latest smartwatch and amid concerns pre-orders of coming iPhone 8 models were lagging.
Apple Watch Series 3 set to hit the market on Friday boasts the ability to connect directly to telecommunications networks to let users remain connected without a smartphone for phone calls, music and other functions.
During a live demonstration at a media event earlier this month, an Apple executive on a stand-up paddle board in the middle of a lake chatted via the smartwatch with a colleague on stage in San Francisco.
But, reviews posted on Wednesday expressed problems with Apple Watch Series 3 connecting to mobile networks and cited the company as saying it is working on a fix for the trouble.
Lauren Goode of tech news website The Verge wrote that while trying out the new Apple Watch she experience "notable connectivity issues," with the device trying to link with unknown WiFi hot-spots instead of a telecommunications network.
Several US media outlets cited Apple as releasing a statement saying the company "discovered that when Apple Watch Series 3 joins unauthenticated Wi-Fi networks without connectivity, it may at times prevent the watch from using cellular."
Apple was looking into fixing the problem in a software update, according to the cited statement.
Reports also surfaced Wednesday that some analysts saw iPhone 8 pre-orders lagging behind those of the prior generation, possibly because people are more interested in a 10th-anniversary iPhone X model due out later in the year.
The iPhone X was one of three new iPhone models unveiled at the first event at Apple's new "spaceship" campus.
Apple chief executive Tim Cook called the iPhone X "the biggest leap forward since the original iPhone."
Apple shares ended the formal Nasdaq exchange trading day down 1.68 percent to $156.07.