×

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.

More Biz

  • Bert Salke and Jennifer Salke

    Feds Looked Into Amazon Studios Chief Jennifer Salke in College Admissions Scandal

    Federal investigators looked into Amazon Studios chief Jennifer Salke and her husband, Fox 21 Television Studios president Bert Salke, as they conducted a sprawling probe of cheating in elite college admissions, a source close to the case told Variety. It does not appear, however, that prosecutors will charge the Salkes in the case. The Salkes [...]

  • Variety Cord Cutting Placeholder Cable

    Big Blackout Looms as CBS, AT&T Go Down to Wire on Renewal Talks

    A blackout affecting CBS stations in major markets throughout the country looms as CBS and AT&T executives go down to the wire on negotiations for a retransmission consent deal covering 28 O&O stations. The sides have sparred publicly during the past few days as 11 p.m. PT Friday expiration of the previous contract approached. AT&T [...]

  • Contract Placeholder Business WGA ATA Agent

    ICM Responds to WGA Packaging Lawsuit: Claims are 'Baseless' and 'Absurd'

    ICM Partners has asked a judge to dismiss the lawsuit filed against four major talent agencies by the Writers Guild of America as part of the larger war between agencies and the guild over packaging fees on TV series and movies. The guild sued ICM, CAA, WME and UTA in California state court in April, [...]

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

  • Costume designer Michele Clapton

    Costume Designers Fashion a Plan to Fight for Pay Parity in Upcoming Contract Talks

    The Costume Designers Guild Local 892 is gearing up to fight for pay equity in its 2021 contract negotiations with the Alliance of Motion Picture and Television Producers, establishing a pay-equity committee to raise awareness of the scale disparity between the mostly female CDG membership and the mostly male membership of the Art Directors Guild Local [...]

More From Our Brands

Access exclusive content