The iPhone 4 antenna issue could impact Apple's operating income by 1%, according to Piper Jaffray analyst Gene Munster. However, he told clients that investors in Apple shouldn't overreact to the problem

"Ultimately we believe this PR black eye takes away from near-term upside potential to our iPhone estimates, but it does not change the long-term trajectory of the iPhone," Munster wrote -- and as reported by "AppleInsider" (http://www.appleinsider.com). "While the issue has gained significant traction in the press, the reality is we estimate this problem periodically affects 25% of iPhone 4 users given the fix is easy (a case for the iPhone), and 75% of customer choose to use a case anyway."

The analyst said Apple could give away free US$29 bumper cases, do nothing (he believes only 25% of the iPhone 4 users are "periodically" affected) or do a recall. However, Munster feels the latter is highly unlikely.