Apple event fails to save the company’s stock from broader market sell-off
Today’s Apple event, chock-full of the company’s products that will help decide whether the company meets, exceeds or undershoots Wall Street expectations for its future growth and performance, had little to no impact on its share price.
By now this is the theme: Apple announces a slew of new products, services, software or peripherals, and its share price does nothing. It’s almost humorous; certainly Apple’s shares can move in the wake of an earnings release, but a new product digest? Not so much.
Or at least not as long as TechCrunch has been paying attention (here’s more evidence). It’s almost like Apple’s customers — and the press — care rabidly about what the company builds. And are very vocal about it. While investors are essentially at lunch the entire time.
Today, for example, Apple shares closed the day off 1.28% and have since fallen a further 0.36%. Apple stock closed the day worth $133.11 per share and was worth $133.40 at the time its event kicked off. So, the event hardly prevented the company from losing more ground.
The broader Nasdaq index lost 0.92%, per Yahoo Finance.
Put another way, news that Apple is revamping its credit card, rebuilding its podcast app and will support paid subscriptions, that purple iPhones are coming, that AirTags are real, that there is finally a new Apple TV, that there are new iMacs coming that look hot as heck, that there are new iPads (including a new iPad Pro) on the way and more, was essentially a shrug from investors.
To avoid being cliché I won’t paste the are you not entertained gif here, but it’s warranted. In short, this is what Apple stock did today, as investors were too focused on numbers to look upstream from revenue at the products that will drive the numbers that they later parse and come to a firm conclusion.
Here’s the chart, via YCharts:
Image Credits: YCharts
Today’s Apple event, chock-full of the company’s products that will help decide whether the company meets, exceeds or undershoots Wall Street expectations for its future growth and performance, had little to no impact on its share price. By now this is the theme: Apple announces a slew of new products,…
