The iSeesaw: Apple stock goes up, then down

See the new Apple Watch in :60 

See the new Apple Observe in :60

So significantly for that Apple rally. Apple’s stock went on a wild trip following the company’s big occasion Tuesday afternoon.

Even although Apple didn’t supply many surprises with its new merchandise announcements, Wall Street was thrilled at very first. You could even say they had been iMpressed.

Apple ( AAPL , Tech30 ) shares rallied nearly five% Tuesday afternoon as Apple unveiled the iPhone six and iPhone six Plus, a mobile wallet services named Apple Pay and an Apple View.

But those gains evaporated in the ultimate hour of trading. The stock finished the day somewhat reduced. To paraphrase Apple’s special musical guest U2, the stock moved in mysterious ways.

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Apple’s stock has often fallen on the day of new item launches. And tech fanatics and traders had been all expecting two new more substantial versions of the iPhone, some type of mobile payment solution and Apple’s very first wearable gadget. But it might be different this time basically due to the fact Apple was ready to prove to Wall Street that it can ultimately develop new products past the iPhone and iPad tablet.

The perception that Apple is no longer innovative has dogged the organization considering that Steve Jobs passed away in 2011. Some traders questioned whether Apple CEO Tim Cook would ever be able to restore the mojo that the firm had below Jobs.

See Apple's new iPhone 6 in :60  

See Apple’s new iPhone six in :60

In spite of the drop from its highest ranges of the day, nobody appeared to be that worried about Apple dropping relevance with customers.

Other Apple winners and losers: Apple was not the only stock moving following the most current goods news.

Shares of eBay ( EBAY , Tech30 ) , which owns mobile payment support PayPal, fell virtually three%. Investors may be worried that Apple Shell out could be a significant competitive risk.

The stocks of observe makers Fossil ( FOSL ) and Movado ( MOV ) each and every fell two% after the Apple Observe was introduced.

GTAT Sophisticated Technologies ( GTAT ) , a firm that has an agreement to provide sapphire glass to Apple, plunged 13%.

The stock has rallied sharply this 12 months on the hopes that Apple would use scratch-resistant sapphire as a protective cover for its new iPhones. But Apple did not make any distinct mention of sapphire for the iPhone for the duration of its event. Apple did say its observe would have a sapphire screen though.

Shares of NXP Semiconductors ( NXPI ) at first spiked as investors cheered the news that its chip would be employed for Apple Shell out. Shares pulled back as the day wore on though. But the stock of a thinly traded business called Pulse Electronics ( PULS ) , which some tech blogs reported was the maker of the antenna employed in the NXP chip, soared almost fifty five%.

It just goes to show the breadth of Apple’s effect all through the stock market place.

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