Apple Shares Turn Negative on Delayed iPhone X Launch
Investors of Apple acquired its shares during the build-up to the most recent iPhone announcements, but then sold after the tech giant began to disclose details regarding the new models of its flagship phone.
Apple stock rose during the first half of the company's event. It traded at $161.37 at 1 pm EST at the start and rose as high as $163.75 at 1:55 pm, when CEO Tim Cook started to discuss the features and qualities of the iPhone. The move added billions of dollars to Apple's market capitalization.
However, the stock started to decline as soon as Cook and other executives started to began details regarding iPhone 8, iPhone 8 Plus and the iPhone X's release details. The first two mentioned models will be released to the market in September, the month when the company usually launches the latest model in its iPhone line. Meanwhile, the iPhone X will be launched at a later time. Pre order for the company's 10th anniversary phone started in October ahead of its launch in November.
The delay was unprecedented for the tech giant, which has not sold an iPhone so late in the year and so close to the critical shopping season.
Apple shares fell to as low as $160.20 by the time the launch event was over and turn negative slightly for the day. But the shares were still close to recent record highs.