Apple’s iPhone Events Are Usually Gloomy Days for Its Stock
- Shares had fallen 75% of the time on iPhone debut days
- Event follows the App Store ruling that sank Apple shares
Photographer: Daniel Acker/Bloomberg
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Apple Inc.’s iPhone 13 debut was met with a stock slump on Tuesday, keeping with a tradition of poor share price performance on the day the devices are unveiled.
Shares of the technology giant sank after Apple executives including Chief Executive Officer Tim Cook presented the new lineup of phones and other devices. The stock fell 1% to close at $148.12 in New York trading. Prior to Tuesday, Apple’s shares fell on three-quarters of the days Apple unveiled new iPhones, according to data compiled by Bloomberg.