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Steve Jobs Underwhelms Investors, Stock Plummets


Given the numbers of rumors preceding the WWDC 2008, Apple may have delivered the bare minimum of product announcements today. The 3G iPhone was announced as expected, but it is not available immediately. It will launch on July 11 and its features are not as extensive as some may have hoped or the beta releases of the iPhone 2.0 SDK indicated. The big new feature is GPS, a slimmer form factor and a reduced price of $199 for the 8 GB model (although we do not know AT&T’s pricing yet).

Over the course of the keynote, it was clear that investors were hoping for something big and as the keynote went on with rather boring demos, the stock fell more than 4% or $7. When teh 3G iPhone was annoucned, the stock suddenly recovered, reducing the loss to less than 2%, but feel back when the keynote ended. At the time of this writing, Apple stock was down 4.23% or $7.86.

  • Hitokage
    Oi vei. 'teh' 'annoucned' 'feel back'.

    That second to last sentence made me feel stupid reading it.
  • More brilliant financial analysis - stock was actually slightly UP at the end of after hours (which meant down ~$3.5 for the day or down ~2%).

    I guess with after hours volatility you can pretty much wait and cherry pick the price such that it fits the premise of the article.

    Nice work! Had you actually waited 30min more, you may have had to report that it was up after hours (but still down for the day) and you would have had to come up with a new headline. By the way a 2% or for that matter even the misreported 4% does not normally constitute a stock plummeting, but I guess you needed to jazz up the headline!
  • sunwoo
    People don't like it when a company says negative messages about other company's product just to boost their own image. Is it easy to learn than a PC? No. It depends on the software. Is it more secure than Vista? No. Who is charging $140 (w/tax) updates for their OS, while XP has been round for 7+ years and charges nothing. And don't talk about drivers for 3rd party upgrades for Mac, it's worse than Windows. If your going to go with Apple be prepared to walk a very fine line. Oh yeah, you also can't watch netflix videos. Make it a filament. But if you do like it that way be my guest it looks nice doesn't it.