Apple iPhone 4S fails to impress Wall Street

Apple took the wraps off of the iPhone 4S today but its stock price dipped by as much as 5% as investors looked to the Cupertino-based company to release a more impressive next-generation smartphone. Fifteen months after last updating its iPhone, investors wanted to see an all new design but instead were met with an incremental update in a case identical to the iPhone 4. It offers a dual-core Apple A5 processor, an improved 8-megapixel camera capable of recording 1080p HD video and Apple’s new voice-based Siri technology, but the iPhone 4S does not offer a completely revamped industrial design, as many had suspected. The iPhone 4S will launch on October 14th and Sprint will join AT&T and Verizon Wireless in offering the phone. Apple’s stock closed down 0.56% on Tuesday.