Today’s Apple event, full of the company’s products, which will help decide whether the company meets, exceeds or exceeds Wall Street’s expectations for its future growth and performance, has had little or no impact on its share price.
So far this is the theme: Apple announces a number of new products, services, software or peripherals, and the price of its action does nothing. It’s almost full of humor; Sure, Apple shares may move after the earnings launch, but a new product summary? Not so much.
Or at least not as long as TechCrunch paid attention (here’s more evidence). It’s almost like Apple customers – and the press – are furiously concerned with what the company is building. And they’re very vocal about it. While investors are essentially at lunch all the time.
Today, for example, Apple shares closed the day off by 1.28% and have since fallen by another 0.36%. Apple shares closed the day at $ 133.11 per share and were worth $ 133.40 at the start of its event. So, the event hardly prevented the company from losing more ground.
The broader Nasdaq index lost 0.92% on Yahoo Finance.
In other words, you know that Apple is renewing its credit card, rebuilding its podcast app, and will support paid subscriptions, that purple iPhones are coming, that AirTags are real, that there are in the end a new Apple TV, new iMacs appearing that look hot, that there are new iPads (including a new iPad Pro) on the way and more, has essentially been a lift from investors.
To avoid being a cliché I will not stick you’re not having fun gif here, but it’s justified. In short, this is what Apple’s shares did today, because investors were too focused on numbers to look upstream at the products that will drive the numbers they will analyze later and come to a firm conclusion.
Here is the chart, via YCharts:
Image credits: YCharts
