Apple stock drops following Wednesday’s packed event

The excitement exuded by consumers after Apple’s event on Wednesday did not match the reaction of those on Wall Street.

The company’s stock price for the day peaked within the first few minutes of the event’s start and then declined as it progressed and eventually came to a close.

Apple stock price on September 9, 2015The event started at 1:00PM ET and the stock price continued to rise for about twenty minutes.

Then, by the time Apple called it a day, the stock price was on a decline right up until the closing bell at 4:00PM ET. Apple’s stock price now sits at $110.15, down 1.9% from the previous day’s close.

A possible reason for the drop is the unpredictability of consumers upgrading their current devices to Apple’s latest round.

Apple’s products are known to be pricey and Wall Street seems to be balking, for the moment, on the idea that consumers will rush to upgrade.

Via:CNBC