Today’s Apple event, brimming with the company’s products that will help decide whether the company meets, exceeds, or falls short of Wall Street’s expectations for its future growth and performance, had little to no impact on its stock price.
Now here’s the theme: Apple is announcing a slew of new products, services, software, or peripherals, and the stock price isn’t doing anything. It’s almost humorous; sure Apple stock could move in the wake of a profit release, but a new product review? Not so much.
Or at least not while TechCrunch is paying attention (here’s more evidence). It’s almost as if Apple’s customers – and the press – care deeply about what the company builds. And are very noisy about it. While investors are essentially having lunch all the time.
Today, for example, Apple shares closed the day at 1.28% and have since fallen a further 0.36%. Apple stock closed the day at $ 133.11 a share and was worth $ 133.40 at the time the event kicked off. The event thus hardly prevented the company from losing more ground.
The broader Nasdaq index was down 0.92%, according to Yahoo Finance.
In other words, news that Apple is renewing its credit card, rebuilding its podcast app and supporting paid subscriptions, that purple iPhones are coming, that AirTags are real, that there is And last but not least a new Apple TV, that new iMacs that look great, that new iPads (including a new iPad Pro) are on the way, and more was essentially an investor shrug.
To avoid cliché I will use the don’t you enjoy yourself poison here, but it’s justified. In short, this is what Apple shares did today as investors were too focused on numbers to look upstream from earnings to the products that will drive the numbers that they later analyze and come to a definitive conclusion.
Here’s the chart, via YCharts:
Image Credits: YCharts
