Summary:

Some analysts have looked at Apple’s (NSDQ: AAPL) iPhone sales figures (3.75 million) and AT&Ts activation figures (bit less than 2 million)…

Some analysts have looked at Apple’s (NSDQ: AAPL) iPhone sales figures (3.75 million) and AT&Ts activation figures (bit less than 2 million) and rather than conclude there’s almost a million iPhones clogging up the distribution channel the “analysts suggested that there are organized groups of gray market dealers who are buying up iPhones, unlocking them, and reselling them, largely overseas” reports NYT. Gene Munster of Piper Jaffray sent spies to some Apple stores and found that about 40 percent of iPhones were sold to people who bought more than one at once:

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