March 7 (Bloomberg) -- Immersion Corp., which makes a technology that adds more sensation to touch screens, fell the most since December as Apple Inc. didn’t say the company would be involved in a new version of the iPad tablet computer.
Immersion fell as much as 7.3 percent in New York trading, after earlier gaining as much as 12.1 percent, the most since Nov. 11, on speculation that Apple might include its technology in the iPad version unveiled today. Shares of Immersion were trading at $6.45, down 3.6 percent, at 2:13 p.m. local time. The stock had risen 29 percent this year before today.
“It happens every time Apple has a product -- retail investors start to state that Immersion will be in the next-generation product,” said Jeffrey Schreiner, an analyst with Captsone Investments Inc. in San Diego. “That ship has sailed.”
San Jose, California-based Immersion, which makes a technology called haptic, has tried for years to get into Apple products, Schreiner said in a telephone interview. Apple started announcing its new line, including an updated iPad, at 10 a.m. in Cupertino, California.
Samsung uses Immersion’s haptic technology in some of its mobile devices, said Mark Argento, an analyst with Craig-Hallum Capital Group in Minneapolis, Minnesota.
Reagan Crossley, a spokesman for the company, said Immersion had no comment.
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