Apple Stock Plummets After New iPhone Reveal

Apple Stock Drops
Justin Sullivan/Getty Images

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.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 12

Leave a Reply

12 Comments

Comments are moderated. They may be edited for clarity and reprinting in whole or in part in Variety publications.

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More Digital News from Variety

Loading