No wow factor takes bite out of Apple’s shares

Apple’s failure to blow the world away during Tuesday’s event has taken a pretty big bite out of its shares today. They were down about 5 percent to $469.65 as of this post, continuing the drop that started yesterday after the announcement.¬†Apple suppliers’ shares are also falling.

In case you missed it, Apple unveiled the cheaper iPhone 5c, plus an iPhone 5s that includes a new fingerprint sensor. Some, like our very own Troy Wolverton, are critical, saying “it’s clear the company’s not exactly stretching itself.” From ExtremeTech: “For better or worse, [CEO Tim Cook’s] best ideas so far have been coloring a phone gold, and not releasing a smartwatch.”

Also, the purportedly cheaper ($99 with a two-year contract) iPhone, which is supposed to appeal to overseas markets, really isn’t. It has a steep price when not subsidized by a wireless carrier: $549 in the United States, $730 in China, according to Reuters.

“Critically, by ignoring the mid-tier smartphone segment, Apple will continue to lose users to the Android ecosystem,” Credit Suisse analyst Kulbinder Garcha reportedly wrote. It was a common refrain among analysts.

 

Photo: Apple CEO¬†Tim Cook at Tuesday’s unveiling of the company’s new iPhones. (Glenn Chapman/AFP/Getty Images)

 

 
 

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