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Wall Street unimpressed with Apple’s product announcements

Updated 4 years ago

It seems that investors were expecting something splashier than iOS 6 and the next-generation MacBook Pro. Although most major stock indices were down sharply today as markets reacted negatively to the proposed bailout of the Spanish banking system, it’s notable that Apple’s stock began to fall almost immediately after the company finished up its WWDC keynote address in San Francisco Monday. Apple’s shares, which closed at just above $580 on Friday, started the day trading at around $587 and peaked in the $588 range around noon before steadily dropping throughout the early afternoon. The stock then dropped quickly after Apple wrapped up its keynote, going from $579.67 at 3:00 p.m. to $573.84 at 3:30 p.m. before closing the day at $571.17, down 1.58% from the previous day’s close. CNBC analyst Bob Pisani, for one, said that many traders thought that Apple’s WWDC presentation was fairly underwhelming and “a relative non-event.”


Prior to joining BGR as News Editor, Brad Reed spent five years covering the wireless industry for Network World. His first smartphone was a BlackBerry but he has since become a loyal Android user.