Aofex

Apple (AAPL) Stock Down 1% on Tuesday After iPhone 13 Launch Event Sparks Boring Updates

| Updated
by Steve Muchoki · 2 min read
Apple (AAPL) Stock Down 1% on Tuesday After iPhone 13 Launch Event Sparks Boring Updates
iPhone 13 and iPhone 13 mini come in five beautiful aluminum colors, including red, starlight, midnight, blue, and pink. Photo: Apple Inc

Apple stock has gained approximately 28.2% in the past year and is now up approximately 11.63% YTD.

Apple Inc (NASDAQ: AAPL) stock closed yesterday trading at $148.12, down 0.96%. The drop has partially been attributed to a widespread thought that Apple iPhone 13 updates are almost similar to iPhone 12. Mind you, a greater percentage of the physical characteristics and for the iPhone 13 resembles its predecessor.

However, the company remained adamant that the latest iPhone series will sell greatly and do interesting tasks with the users. “iPhone 13 has a faster chip, faster 5G speeds, a brighter OLED display and the most advanced dual-camera system ever in an iPhone, and with all these upgrades the iPhone 13 has a better battery life,” Apple’s vice-president Kaiann Drance said.

Having scaled the battery capabilities and its processing powers, the company is confident the latest iPhone series will do well against the competitors’ products.

“We are so excited for iPhone13,” said Apple CEO Tim Cook. “For all its power and capability, we can’t wait to see what our users can do with it.”

Yesterday’s drop on AAPL stock continued the bleeding that had been going on for the past two weeks. After hitting an all-time high of around $157.26 in hopes that the Apple event will make thrilling products, Apple stock has retracted approximately 5.47%.

However, iPhone 13 was key for the company as the new processor chip will be tested by more products. Consequently, subsequent products will be guaranteed a tested in-house processor chip.

Apple Stock and Notable Products’ Updates

Apple stock stands the chance to greatly gain from yesterday’s event on one hand. On the other hand, the company’s stock market might be torn apart should the company’s competitors launch better, and cheaper products.

According to market analytics provided by MarketWatch, Apple stock has gained approximately 28.2% in the past year and is now up approximately 11.63% YTD. With 17.34 billion outstanding shares, Apple has a reported market valuation of approximately $2.47 trillion.

Putting the figures into comparative perspective, Apple’s market valuation is almost $3 billion higher than the entire crypto market cap.

During the September Apple Event, the company announced the update to the Apple Watch Series 7, an iPad mini, and the iPhone 13.

As for the iPhone 13, the company unveiled the iPhone 13, iPhone 13 mini, iPhone 13 Pro, and iPhone 13 Pro Max. Among the notable features include the capabilities of 1TB storage as an option. Notably, the iPhone Pro 13 will start at $999 and is expected to start shipping on September 24, 2021.

Business News, Market News, Mobile, News, Stocks
Steve Muchoki

A financial analyst who sees positive income in both directions of the market (bulls & bears). Bitcoin is my crypto safe haven, free from government conspiracies. Mythology is my mystery! "You cannot enslave a mind that knows itself. That values itself. That understands itself."

Related Articles