Wall Street clearly wasn’t impressed with what Apple CEO Tim Cook and his team brought to the stage yesterday. It was the first announcement in a long time for Apple, when the company unveiled the iPhone 5S and the colorful iPhone 5C. Though, the iPhone 5C came in at a higher cost than was expected, which could make it a tough sell in markets such as China, where the phone is still expected to launch. Shares of Apple were down 23 points, or 4.69 percent, to $471.44 at the time of this article.
As CNBC notes, it’s not just Apple that’s taking a hit. In fact, parts suppliers are also seeing slumping market prices. ACC Technologies, the company that provides some of the acoustic tech for the iPhone, is down 4.7 percent. Apple manufacturer Hon Hai is also down 1.3 percent. Meanwhile, Largan, which produces the lenses for Apple’s iPhone cameras, is down 6.4 percent.
The “S” iPhone – or the one introduced between every major redesign so far – is always a tough sell for Apple. The company largely leaves the body unchanged but tweaks a few hardware features, makes it more powerful, and it puts it on the market again. The iPhone 5C could prove popular with its colorful body, though we’ll need to wait until both phones hit the market to draw conclusions. Finally, there could be some concern that Apple is short on parts for the iPhone 5S, which might explain why it isn’t taking pre-orders for the phone before its Sept. 20 launch.