AAPL takes a hit despite iPhone 4S news (Updated)
Apple's share price has dropped dramatically after today's announcement of the iPhone 4S. At 3:07 PM EDT, AAPL was down over $16 per share to $358.51, although it could recover before today's market close.
While this doesn't look good for Wall Street's enthusiasm for the new device, the stock drop is actually quite normal for the day of an Apple announcement. We've seen similar results after announcements of most new Apple devices, with the stock usually recovering or rising the next day.
The stock price for new US iPhone carrier Sprint doesn't seem to be reacting much in one way or another to the announcement. At press time, the company's stock was selling at $2.68 a share, down $0.06 for the day. Shares in Verizon and AT&T were relatively steady as well.
Of course, most of the responsibility for the lackluster stock price for Apple could be tied to the world economic news today. Fed Chairman Ben Bernanke's comment that "The economic recovery is close to faltering" has resulted in an overall decline on the markets, with the Dow-Jones Industrial Average down 162, S&P 500 down 12, and NASDAQ down 17 at press time.
Update: AAPL closed today at $372.50, only down $2.10 (-0.56 percent). The DJIA, NASDAQ, and S&P 500 all finished the day up. It's amazing what can happen with the market in only an hour... Turns out that the "hit" was more of a "hiccup."
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