Apple Stock News
Apple’s shares closed down 1.9% or $2.16 to $110.15 on Wednesday when CEO Tim Cook released a number of new products including an updated iPhone (6S), set-top box and a $99 pencil. This one-day drop on the day of an iPhone announcement is the largest since the unveiling of the iPhone 5S and 5C two years ago, when shares dropped 2.3% on that day.
The decline of the stock is certainly somewhat of a disappointment for Apple as its shares didn’t get the pop ahead of the event this time around, either. Usually Apple shares jump about 5% in the month prior to an iPhone unveil. However, this time shares fell by an astonishing 6.2%, which lead some to think the stock could have upside on announcement day.
This lack of buying prior to the announcement as well as on the day itself is without doubt a little surprise for Apple investors who have pretty much grown used to the fact that the stock is a big-time winner. Apple’s shares are now down 17% from their high, which puts the shares in a correction and just a hair away from being in a bear market. So far, shares have barely sticked to a gain this year.