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Apple Stock Plummets After New iPhone Reveal

Wall Street not impressed with new smartphones aimed at two different consumers

Shares in Apple took a tumble on Wall Street as the company unveiled two new iPhone smartphones Tuesday.

Traders clearly weren’t impressed with Apple’s new iPhone 5C, aimed at a younger and more budget-conscious consumer, and the more expensive iPhone 5S that feature new colors, an updated operating system that boost functionality and faster chips. The screen sizes remain the same as the previous iPhone 5.

SEE ALSO: Apple Rivals Ready to Pounce with Trash Talk After Reveal of New iPhones

The stock started trading downward as the presentation began at 10 a.m., and shortly after it ended was off nearly $11 to $495.36, a loss of over 2%.

The stock dipped further as investors had time to digest the news, losing $13.79, or 2.72%, to trade at $492.38.

But the stock wound up gaining some ground to close at $494.64, still down $11.53, or 2.28%.

Apple’s stock price has increased 30% since late June.

SEE ALSO: Apple Loses More Than $30 Billion in Value After Unveiling New iPhones

The iPhone 5S launches Sept. 20, and be available for $199 (with 16GB), $299 (32GB) and $399 (64GB) with a two-year contract.

The more colorful iPhone 5C, available in green, yellow, blue, white and red, will cost $99 for the 16GB and $199 for the 32GB.

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