Apple worries about sales of its iconic smartphones read more at here http://www.spinonews.com/index.php/component/k2/item/634

Apple (AAPL) reported that sales of its iconic smartphones knock down in recent quarter, which ended in June, looks like the decline has continued.

Retail giant Target (TGT) said that, the sales of Apple products in its stores were down more than 20% in its second quarter, ended in July.

Brian Cornell CEO of Target Corporation said that, the company is focused on reversing these trends and collaborating with Apple and other vendor partners to evolve assortment and accelerate innovation to deliver stronger sales.

Problem for Apple, as well as smartphone rival Samsung (SSNLF), is that consumers simply don't feel the need to upgrade to the newest phone every time a new model is released.

Matthew Fassler, an analyst at Goldman Sachs, asked Target about the weak Apple sales. Target said, the issue was bigger than Apple. He indicated that a big reason for Target's overall decline in same store sales during the quarter was lower demand for all electronics.

Cornell said, customers have been looking for newness and innovation. But, he hopes consumers will rush to Target in the second half of the year once Apple releases its newest iPhone.

He suggested there is pent up demand, when the demand for a service or product is unusually strong, saying Target's biggest problem was that it had too many older Apple products in the stores.

Apple's stock has rebounded lately, largely due to hopes that the iPhone 7 will be a huge hit. The stock is now up 3% this year although that lags the performance of other giant tech firms.

American business magnate, Buffett's Berkshire Hathaway (BRKB) increased its stake in Apple in the second quarter by 55% after making its initial investment in Apple in the first quarter.

However, many other big investors are starting to sour on the stock again.