Apple stock dropped as soon as the new iPhones were announced
Apple welcomed the press into its brand-new Steve Jobs Theater today to show off its latest slate of products. Many waited with bated breath for the new gizmos the company would announce. All morning, before the keynote began, the company’s stock remained pretty stagnant. Then, once it started, the price began to rise.
As Tim Cook announced a new Apple Watch and Apple Store design, it rose steadily. Then, at around 1:55 p.m. EST, Apple stock peaked at $163.54. Coincidentally, this is also right when Apple announced its much anticipated new iPhone products: iPhone 8 and iPhone X. Since then, the price has fallen, eventually falling below its opening price of $161.50.
The price is very likely to bounce back, of course, and shares are still up from last week when they bottomed out at $159.63. But if we take this immediate Wall Street reaction as any indication, not everyone is excited for the new iPhone models.