“Apple Inc. shares declined Wednesday morning after the tech company reportedly admitted there are issues with connectivity of its new Apple Watch Series 3,” Jeremy C. Owens reports for MarketWatch.
“The new Apple smartwatch is the first to connect to cellular networks on its own, without having to be electronically tethered to an iPhone, but reviewers had issues staying connected while reviewing the new device,” Owens reports. “The new Apple Watch, which costs at least $399 for versions with a cellular connection, opened for preorders last Friday and will begin reaching customers Sept. 22. ”
Owens reports, “Apple stock fell more than 1% in early trading Wednesday, and is down 0.4% in the past month, as the S&P 500 index SPX, -0.15% has gained 3.3%.”
Read more in the full article here.
MacDailyNews Take: This is a stupid, self-inflicted wound.
This simple bug (trying to connect to captive networks and having no means to do so) should have been caught and fixed months ago, not shipped out to major reviewers.
Now, you’ve got mainstream reporters – [we are not criticizing the reviewers, we’re talking about non-tech reporters misreporting what has happened and blowing it all out of proportion] – who can’t identify their asses from their elbows much less Wi-Fi from LTE rushing to file “reports” on “Apple Watch connectivity flaws.”
Apple Watch Series 3 deserved better. Instead, Tim Cook’s Apple “Mapsified” it.
When you pride yourself on your attention to detail and like to crow about it incessantly, it helps, you know, to actually pay attention to the details.
Some reviewers’ Apple Watch Series 3 ‘LTE issues’ due to easily-fixable Wi-Fi bug – September 20, 2017
Open letter to Tim Cook: Apple needs to do better – January 5, 2015
Why would the watch try to connect to WiFi netwroks anyways? It should only be cellular and the iphone.
Hi Tron, you’d want to use wifi when possible because LTE sucks down the entire battery in about an hour.
To save you money on data
This just in: “The Apple Watch is an unnecessary POS”!
And this is news 🙃
I was just at the gym this morning and Watch OS 4 now allows me to stream Apple Music over wifi – without my iPhone. Let that sink in… As long as I have already connected to the gym’s wifi with my iPhone first. That means my AW (rev.A series 1) can send and receive texts, get notifications, and stream 20 million songs with my iPhone sitting in the locker.
Very cool, but pretty sure this has been a feature for a while.
They must have given Watch responsibility to Eddie Cue.
LOL! I almost fell out of my chair laughing so hard!
How long before Scott Forstall gets his job back, eh, Tim?
Move on. Nothing to see here. The “bug” is the way the watch is supposed to work, other than a small glitch. The watch connects to phone-WiFi-cellular to save data. It is supposed to connect only to saved networks on the iPhone and evidently the bug is that it can connect to unlocked networks, not just saved networks. This is not a long slow fix, like Apple maps, but should be handled quickly. A drop in AAPL like this is absurd and will correct in short order.
This will likely be resolved by Friday. Just because two things occur together at about the same time does not necessarily mean one causes the other. The report on LTE connectivity and a drop in stock price may not be causally linked. I will be upgrading from a Series 0 to the new Apple Watch as soon as I can compare the black stainless steel to the chrome stainless steel.
In other news…
Apple stock falls after company admits many employees don’t take lunch breaks
If it were an easy fix Apple would have already fixed it.
Do not try to cancel your pre-order as Apple has locked them in before this came out.
This has nothing to do with the watch not working. What a load of crap. It’s just an excuse for the big fish to push the stock around.
The stock would have done the same even if the watch wasn’t even selling yet. It’s only been for sale for a couple days. How can they say it’s effecting the AAPL bottom line?
If projections of future iPhone/iPad sales can affect stocks I don’t see why a product that is in pre-sale with a problem being reported wouldn’t affect the stock also.
There were a number of glowing reviews out today and none but the WSJ reported the issue as far as I saw. Guess WSJ want be given a pre-release model for review in the future. The review was snarky even without the LTE issue.
I still find it kind of weird why shareholders are always in such a hurry to dump their Apple stock especially if they intend to buy it back. I wonder if it’s computer-driven trades that automatically dump the stock if some unusual trading activity takes place.
I can’t see the AppleWatch LTE issue causing this fear, but the lowered sales expectation report of the iPhone 8/8 Plus might cause this craziness. Whatever. Daily dips shouldn’t matter to loyal long-term shareholders.
Who knows why the stock is down? People bash the Watch for not selling then they want to blame it for the stock price falling. The market cap dropped about $15B today. There is no way that this minor kerfuffle could affect Apple’s profits by this amount.
Millions of people around the world are constantly making decisions about buying and selling stocks. I love how the headline writers claim to be able to read their minds and explain day-to-day stock price changes.
It’s possible that the analyst report that pre-sales for iPhone 8 are lower than iPhone 7 due to consumers waiting for the iPhone X may also have helped ‘move’ the stock lower.
I had to sell some of my AAPL stock today because I’m buying a home. Nothing to do with the Watch 3. And I still plan to buy a 42mm Gold Aluminum Pink Sand Sport Loop to replace my original Space Gray model. 😱😜