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Apple Inc’s first iPhone 13 unveiling came up against a drop in stocks on Tuesday, following a tradition of stock price underperformance on the day the devices were revealed.
Shares of the tech giant sank after Apple executives, including CEO Tim Cook, showcased the new line of phones and other devices. The stock fell more than 1% to close at $ 148.12 in New York trading.
According to Al Arabiya.net’s calculations, Apple’s market value lost around $ 25 billion in yesterday’s trading.
Prior to Tuesday, Apple shares had fallen 75% on the days Apple unveiled new iPhones, according to data compiled by Bloomberg.
Excluding Apple’s 8.3% rise on the day co-founder Steve Jobs announced the first iPhone in 2007, Apple stock fell 0.8% on average on the day it debuted. It comes as the iPhone accounted for nearly half of Apple’s revenue in the last fiscal quarter.
The Bespoke Investment Group attributed the stock decline to the fact that it may be the result of investors accustomed to Apple’s regular innovation, as well as the stock advance based on rumors that revealed many details of its new products before the official announcement. the company.
“Any positive impact of a new share issue is usually taken into account,” the research firm said in a note to clients on Monday.
Apple shares posted double-digit gains this year in their third annual rally, buoyed by investor optimism about the company’s growth prospects. But the action took a hit last week after a federal judge ordered Apple to adjust its App Store business model.
The shares posted their biggest drop in four months after the decision, which wiped out $ 85 billion of its market value. However, Wall Street remains bullish on the title.
80% of the 47 analysts covering Apple recommended buying the shares, with only two recommending selling them, according to data compiled by Bloomberg and seen by Al Arabiya.net. Where analysts’ average expectations for stocks indicated an 11% rise over the next 12 months, starting from last Monday’s closing session.
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