Apple (AAPL) Unveils IPhone 7, New Apple Watch
Apple Inc. (AAPL) stock was trading down -0.39 or -0.36 percent to $107.97 in Thursday’s premarket after the company unveiled its new iPhone 7 at their annual fall iPhone event held at the Bill Graham Civic Auditorium in San Francisco, California yesterday. In addition to the new smartphones, Apple unveiled a number of other new products. Apple Inc. stock closed at $108.36, up +0.66 or +0.61 percent in Wednesday’s regular trading session.
Cupertino, California based Apple Inc., formerly known as Apple Computer Inc. is the largest information technology company in the world by revenue, as well as the largest technology company by total assets.
At the company's annual fall event in San Francisco, Apple unveiled its new smartphones, the iPhone 7 and the iPhone 7 Plus, which include enhancements to the camera and processing power, a longer lasting battery and are the first dust and water resistant phones made by the company.
Philip Schiller, Apple’s Senior Vice President of Worldwide Marketing said in the company’s press release that, “iPhone 7 and iPhone 7 Plus dramatically improve every aspect of the iPhone experience, reaching a new level of innovation and precision to make this the best iPhone we have ever made. The completely redesigned cameras shoot incredible photos and videos day or night, the A10 Fusion chip is the most powerful chip on any smartphone while delivering the best battery life ever in an iPhone, and an entirely new stereo speaker system provides twice the sound, all within the first water and dust resistant iPhone.”
In addition to the camera enhancements, Apple removed the analog headphone jack from both iPhones. The new headphones provided by Apple will plug into the same port as the recharging cord, making the device incompatible with most headphones without an adaptor, which is included by Apple. The company offers a wireless option for headphones with its new Air Pods.
Apple also unveiled its new Apple Watch Series 2. The new watch features a swim proof casing and will be made available in 25 countries on September 16th. A new version of the device developed in partnership with athletic gear manufacturer, Nike (NKE), is called the Apple Watch Nike+. The watch features a GPS system.
Pricing for the new iPhone 7 begins at $649, while the slightly larger Plus edition, which features an additional camera with a telephoto lens will be priced beginning at $769. The Air Pods will be priced at $159 and will be available next month.
Surprisingly, Apple stock is virtually unchanged in this morning’s premarket. The lack of activity suggests a lukewarm reception to the new products or that the stock is fully valued at its current level. The company’s stock is currently trading in the middle of its yearly range and could go either way after the public reaction to the new products when they begin shipping later this month.
Other News About AAPL
Apple just demonstrated why people hate the tech industry
Some people consider the elimination of the headphone jack as a deliberate downgrade.
Apple will not announce first-weekend sales of iPhone 7
Company says the figure has become a reflection of Apple’s supply more so than the demand.
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