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Following its big “Hey Siri” event, Apple’s stock slipped about 2 percent to $110.15 a share.
Apple’s new gadgets will probably mint money — if past trends persist — but investors appear totally blasé, probably for one reason: leaks.
Just about every detail, from the new iPhones to Apple TV features, leaked ahead of Apple’s event, with a few exceptions. And if the original leaks didn’t prop up Apple’s stock price last month, why would Apple’s confirmation prompt a frenzy?
This morning, Apple’s stock price was down about 15 percent from mid-July highs.
Leading up to Apple’s fall event, hot takes from investors, pundits, and analysts were mixed. Some called Apple’s iPhone 6s a bore. Others called it a screaming buy. On one hand, Apple witnessed the most significant stock drop ever ahead of any iPhone event yesterday. And yet, it’s typical for Apple’s stock to slip before big events. Basically, we’re looking at one giant shrug from Wall Street.
Ignoring minor pops and dips, Apple’s price has remained in the mud since its third-quarter earnings report, when it announced it sold fewer iPhones than analysts predicted. Now, after today’s event, hardly anything has changed. That doesn’t mean we won’t witness a delayed pop later on. And yes, early sales could turn Apple’s price around.
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