Investing.com - Apple shares (NASDAQ:AAPL) fell close to their lows of the day after the company announced new products at its keynote event Wednesday, including its largest-ever iPhone.
Apple’s new iPhone product line includes: the iPhone XR starting at $749, iPhone Xs starting at $999 and iPhone Xs Max starting at $1,099. Apple's price points for both the iPhone Xs and iPhone Xs matched Wall Street's estimates. The cheaper iPhone XR was priced lower than the $849 analysts had expected.
Heading into the event, analysts cited the price of the Apple's iPhone XR would be one of the highlights as a lower-priced iPhone could underpin consumer demand and boost unit sales.
The iPhone Xs and Xs Max will be available for pre-order on Friday. They will ship on Sept. 21. The iPhone XR will be available for pre-order on Oct. 19 and ship a week later.
Apple's stock rose as the tech giant introduced its Apple Watch 4, with new features focusing on health, including an ECG app. But shares turned lower during the iPhone presentations, which some traders attributed to algorithmic selling on the news right as iPhone details began to be released.
The “iPhone Xs Max delivers a more immersive experience with over 3 million pixels for videos, movies and games, offering the largest display ever in an iPhone in a footprint similar to iPhone 8 Plus,” the company said.
Shares were down most of the day ahead of the presentation, but had climbed more than 2% in the previous session.