New Delhi, September 13: Shares of Apple Inc dipped on Wednesday soon after the most anticipated Apple iPhone X was unveiled in Cupertino, California on Tuesday. Apple Inc’s shares rose 1.8 per cent to $161.50 on Monday in anticipation of Tuesday’s big reveal. During the first half of the grand event, the stock climbed higher but slid soon after the company started sharing details on new iPhones. Apple Inc’s share price began to rise when chief executive Tim Cook announced the new Apple Watch and Apple Store design.
The company’s shares closed a volatile trading session of 0.4 per cent lower at $160.86 after trading high at $163.96. The shares dipped probably because Apple’s release date of November 3 was later than some investors had expected. This is unprecedented for the company as it hasn’t ever launched an iPhone so late in the year. Till the time the Apple Event was over, Apple shares were down to $160.20 and were in the red slightly for the day.
Others cited worries about whether Apple would face supply shortages. Some believed that the shares dipped as there were no blockbuster surprises as few things were already leaked online. Apple Inc shares were up more than 1% during the event but fell as proceedings drew to a close.
As per reports, Apple shares turned lower as the company announced its new 10th anniversary iPhone- the iPhone X. Marking the 10th anniversary of iPhone, the iPhone X was launched. Shares fell as much as 1.7 per cent in afternoon trade, before regaining some ground late in the session. Reports state that Apple Inc stock has a history of falling after the launch of a new product as traders push up the stock price in the weeks and months ahead of a launch and then sell into the news. In the week after launches, shares have been down 1.6 per cent on average.