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Apple Inc. shares closed lower Monday after Chief Executive Steve Jobs unveiled a widely anticipated upgraded iPhone with a speedier Internet connection, GPS capabilities and lower price.
Apple (nasdaq: AAPL - news - people )'s stock declined $4.03, or 2.2 percent, to $181.61. In the past year, the stock has traded between $111.62 and $202.96.
Speaking at the company's annual Worldwide Developers conference in San Francisco, Jobs showed off the latest version of the hybrid device, which works over so-called 3G, or third-generation, wireless networks. Like the first-generation iPhone, the newer model will support Wi-Fi and EDGE wireless networks.
An 8-gigabyte model will be available July 11 for $199, while a 16 GB model will cost $299. The first-generation iPhones have been retailing for $399 for an 8 GB model and $499 for a 16 GB model.
The latest iPhone will also include the company's iPhone 2.0 software.
Analysts had generally expected such an announcement from Apple.
In a phone interview, RBC Capital Markets analyst Mike Abramsky said the $199 price point on the 8 GB model "opens up a significant addressable market" of potential iPhone users to Apple.
"I would call it a positive affirmation of what Apple needed to expand the market," he said.
Abramsky, who rates the stock "Outperform" with a $220 price target, said high expectations may have been related to the stock's Monday decline.
"There probably were investors that were hoping for some additional announcements, such as, perhaps, an update to (Apple's laptop line) or others," he said.
source
hehehehe apple is dumb
Apple (nasdaq: AAPL - news - people )'s stock declined $4.03, or 2.2 percent, to $181.61. In the past year, the stock has traded between $111.62 and $202.96.
Speaking at the company's annual Worldwide Developers conference in San Francisco, Jobs showed off the latest version of the hybrid device, which works over so-called 3G, or third-generation, wireless networks. Like the first-generation iPhone, the newer model will support Wi-Fi and EDGE wireless networks.
An 8-gigabyte model will be available July 11 for $199, while a 16 GB model will cost $299. The first-generation iPhones have been retailing for $399 for an 8 GB model and $499 for a 16 GB model.
The latest iPhone will also include the company's iPhone 2.0 software.
Analysts had generally expected such an announcement from Apple.
In a phone interview, RBC Capital Markets analyst Mike Abramsky said the $199 price point on the 8 GB model "opens up a significant addressable market" of potential iPhone users to Apple.
"I would call it a positive affirmation of what Apple needed to expand the market," he said.
Abramsky, who rates the stock "Outperform" with a $220 price target, said high expectations may have been related to the stock's Monday decline.
"There probably were investors that were hoping for some additional announcements, such as, perhaps, an update to (Apple's laptop line) or others," he said.
source
hehehehe apple is dumb
