Why Apple Fell Today
Shares of Apple (NASDAQ: AAPL) declined today, falling as much as 2.1% in early trading before moderating those losses to a 1.3% decline as of 1:43 p.m. ET. While not a tremendous decline, it was notably weaker performance than the market overall as well as the tech-heavy Nasdaq Composite, which were both positive on the day at that time.
Today's weakness could be attributed to some "selling the news" by traders following yesterday's event, in which Apple unveiled new iPhones, watches, and services, with more incremental innovation than any great leaps forward. Additionally, it appears most large-cap tech stocks of the FAANG cohort were underperforming today, with other lower-valued parts of tech such as semiconductors outperforming, so there may be some rotation going on here.
Yesterday, Apple unveiled a slew of updates to its product portfolio, mostly centering on incremental health and emergency features for the new iPhone 14, as well as improved battery and camera specs. The biggest surprise may have been that Apple wasn't raising prices on the iPhone 14, perhaps making a play for more market share in order to boost future services revenue. The most "new" product was a $799 Apple Watch Ultra, designed for extreme athletes. However, that is a relatively limited market.
Source Fool.com
