(Bloomberg) – The debut of Apple Inc. on the iPhone 13 occurred on Tuesday with a drop in shares, following the tradition of low stock price performance on the day the devices were introduced.
Shares of the tech giant collapsed after Apple executives, including CEO Tim Cook, unveiled the new line of phones and other devices. Shares fell 1% to close at $ 148.12 on trading in New York. Earlier Tuesday, Apple shares fell three-quarters of the days Apple unveiled new iPhones, according to data collected by Bloomberg.
Excluding Apple’s 8.3% concentration on the day co-founder Steve Jobs announced the first iPhone in 2007, Apple shares fell an average of 0.8% on the day of a debut. The iPhone accounted for nearly half of Apple’s revenue in its last fiscal quarter.
The poor performance is likely the result of investors getting used to Apple’s periodic innovation and being informed of many details before the presentations, according to Bespoke Investment Group.
“Any positive impact of a new launch has typically had a price on the stock,” the research company said in a note to clients Monday.
Apple shares have seen double-digit gains this year, at the pace of its third annual rise, driven by investor optimism about the company’s growth prospects. But the actions were successful last week after a federal judge ordered Apple to modify its App Store business model.
Shares saw their biggest drop in four months after the ruling, with the sale at a given time ending the company’s $ 85 billion market value.
Read more: Apple loses $ 85 billion in value after the App Store resolution
Still, Wall Street is bloody.
About 80% of the 47 analysts covering Apple have a rating to buy the shares, and only two recommend selling it, according to data collected by Bloomberg. On average, they expect Apple to go up another 11% over the next 12 months from Monday’s closing price.
(Updates with details of Tuesday’s event and stock performance in the first and second paragraphs; contribution of iPhone revenue to the third paragraph.)
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