AAPL down 3% yesterday following low-end iPhone unveiling

Sep 11, 2013 12:08 GMT  ·  By

Believe it or not, Apple’s shares were down 3% yesterday following the iPhone 5C announcement, while the more significant iPhone 5S upgrade was not enough to impress Wall Street either.

Instead of raising the share price, Apple’s iPhone announcements yesterday caused the stock to drop about 14 points. The most likely reason for the drop is the iPhone 5C’s price point: $549 in the US, €599 throughout Europe, off-contract.

The 3% tumble, while minor, is a worrying prospect for a company whose entire existence has been owed to innovation. And Apple, as of late, has been lagging behind at its own game.

While there’s probably more to come in October (new iPads, probably even the rumored iWatch), so far Tim Cook has yet to wow the industry, like the late Apple CEO (Steve Jobs) used to do.

At the time of this writing, Apple’s shares were trading at $494.64 (€372.67).