Apple “is widely reported to be announcing a refresh to the iPhone, its most important product, on Wednesday. But enthusiasm for the unveiling has been slim – at least among investors,” Erik Holm reports for The Wall Street Journal. “Apple shares are down about 6.7% over the past month and 13% over the past three months through Tuesday’s close.”
“The data crunchers at Bespoke Investment Group are noting that the poor performance of Apple stock in recent weeks runs contrary to the usual pattern for the shares. In the three months prior to all the other iPhone unveilings, they say, the shares have been up,” Holm reports. “But the performance after the prior iPhone unveilings has been far less consistent.”
“Bespoke notes that in the short period between the unveiling and the official launch, shares have notched a positive returns five out of eight times,” Holm reports. “And once the new iPhone is launched, ‘enthusiasm for the stock wanes in the short term,’ Bespoke wrote. In the month after the phones hit the market, the stock has seen a median decline of 2.5%, with gains less than half of the time.”
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MacDailyNews Take: The market is generally the last to figure out the import of what Apple has just revealed.