The stock is in negative territory for 2013 and recently failed to break above $500 a share.
“Apple’s iPhone launch event turned out to be a dampener of sorts, as the company priced what was expected to be a significantly cheaper iPhone at a hefty $550 and did not introduce any new products such as an iTV or an iWatch,” Trefis analysts said in a note.
“Further, at its Chinese event scheduled for Wednesday, the company announced the launch of the new iPhones on China Unicom and China Telecom but gave no indications about another widely anticipated China Mobile deal,” they added. “While it is still possible that the company may announce new products and launch the iPhone on China Mobile’s network in the coming months, the markets did not take kindly to the disappointment.”
Full disclosure: Tom Lydon’s clients own AAPL and QQQ.