Apple’s stock recovers after iPhone XS announcement

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Apple’s stock has largely rebounded after a turbulent reaction to the announcement of its new iPhone and Apple Watch.

In the first product presentation since becoming the first US listed company ever to top a valuation of $1 trillion, the technology giant unveiled its new iPhone XS Max, iPhone XS and the iPhone XR and Apple Watch Series 4.

As with all of Apple’s annual tech announcements, the stock market reacted excitedly, seeing peaks and troughs both its own and its rival’s stock throughout the day.

Its share price rose 3.7 per cent from $216.7 to a peak of $224.9 in the two days leading up to the announcement as the hype and now predictable anticipation of the release grew.

By the end of the presentation Apple’s stock had dropped 2.1 per cent from its morning peak to $220, ending around 1.7 per cent below its peak, hovering around $221.

The announcement had a more significant affect on its smartwatch rival Fitbit, which saw its stock drop around seven per cent following the reveal of its new Apple Smart Watch Series 4.

Its new watch has been granted “Denovo Clearance” by the Food and Drug Administration (FDA) meaning it can be legally marketed as capable of providing health readings, a feat never before seen in the smartwatch sector.

Samsung’s stock remained fairly resilient, dropping just one per cent despite three new rival phones being announced.

The new iPhone XS range will be the first to be powered by 7nm chips, and according to Apple’s chief executive Tim Cook will represent the best phone the company has ever made.

Despite a stormy day for its stock, it represents a mere blip on Apple’s overall performance this year, having risen more than 30 per cent.

In August the technology giant’s share price spiked by 2.8 per cent to $207.05, which enabled it to pass the $1 trillion mark in New York trading.

It comes after its stock surged nine per cent following Apple’s third quarter results, which saw profits spike 32 per cent to $11.5 billion (£8.7 billion) and sales grow 17 per cent to $53.3 billion (£40.6 billion).

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