Apple unveiled a trio of new products today, but Wall Street was hardly moved, as the Cupertino electronics racket dropped its stock price.
Though the Apple-appointed crowd cooed and fawned over the new devices, it seems investors were less than impressed over the revelations – Apple stock ended the day down 1.92 percent. The drop pushed Apple's stock price down to US$110.15 per share, a US$2.16 fall from the opening of trading.
Apple's market cap finished the day down US$12.32bn from yesterday, a sizable loss, but hardly a major chunk of its overall US$628.15bn cap.
Such drops aren't unheard of for Apple. The company regularly sees its stock price dip on major announcements and quarterly figure reveals. It is, however, the continuation of what has been a downward trend for the house that the Steves built.
Since July 20, Apple stock has tumbled from a US$132.07 high point to today's US$110.15 point, a 17 per cent slide for Tim Cook, Sir Jony Ive and the rest of the executive team charged with leading Apple.
The iPad in particular has been coming up short for Apple. The iOS tablet has seen consistent drops in sales over recent quarters as the iPhone 6 Plus and Macbook lines are narrowing the market for tablets.
A larger trend in the stock market has also been hurting Apple. Tech stocks in general are down this summer, with names including Twitter, Netflix, Facebook, and Google all taking losses in recent weeks.
Apple, meanwhile, has other business to take care of. Along with the new hardware releases (iPhone 6S later this month and iPad Pro in November), Cupertino is set to officially release iOS 9 on 16 September along with Watch OS 2, while OS X El Capitan (version 10.11) is finally due out September 30. ®