Apple stock falls after announcements [View all]
Source: USA Today
Apple's stock was volatile -- and shares ended lower -- as investors decided the news didn't match-up with the sky-high expectations and hype.
Shares of Apple ended down $0.37 to $97.99 -- dragging down the market and the tech-heavy Nasdaq along with it.
Apple stock initially picked up steam as the meeting progressed especially after the announcement of a mobile payment system. But the stock faded again after the company said its new watch would only work with iPhones and wouldn't be available until next year.
<snip>
But the fact the Apple Watch won't be available until next year is a bit of a surprise. Apple has long been known to capture on excitement over products by being ready to ship while the hype and anticipation is still there.
"The Apple Watch was more expensive than we had anticipated, will miss the holiday selling season, and must be tethered to an iPhone, which we believe will limit its revenue potential in the near-term," says Bill Kreher, analyst with Edward Jones in a note to clients where he reiterated his "hold" rating on Apple stock.
Read more: http://www.usatoday.com/story/money/markets/2014/09/09/apple-product-unveiled/15334771/
= new reply since forum marked as read
