Wednesday, October 5, 2011

Wall Street Yawns at iPhone 4S

Posted By on Wed, Oct 5, 2011 at 8:53 AM

The thud on Wall Street this morning was the drop of Apple Inc.. Wall Street wasn't showing much love for Apple's highly-anticipated reveal of its iPhone 4S, quickly losing more than $4 a share at the opening bell of the New York Stock Exchange.

Apple surprised more than a few folks Tuesday when it introduced its new iPhone. But instead of an iPhone 5, the company instead introduced iPhone 4S, which will come with new mobile software that will allow the device to sync content wirelessly. The device will also be newly available to Sprint customers as well as those from AT&T and Verizon.

Investors aren't shedding too many tears. Apple stock has risen more than 15 percent this year, at one point hitting an all-time high of $422.86. It has nearly quadrupled since the first iPhone was announced in 2007.

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