Apple‘s stock is typically under pressure the day of its closely watched media events, and Monday was no exception.
Shares of the tech giant fell 1.2 percent as CEO Tim Cook announced a new strategy based around services. But key details such as pricing and content were lacking, and Wall Street analysts thought it was a dud.
Despite the underwhelming event, Apple’s stock performance Monday falls largely in line with how shares perform on average during the day of its event, according to data from Kensho, a hedge fund analytics tool.
While Kensho’s data show Apple shares are down on average for the day and week of a media event, the stock also bounces back. On average, Apple’s stock is up 10.7 percent three months after the event.
Analysts such as those at Citi Research were subdued and largely do not see Apple’s services announcement as a drive for the stock any time soon.
“We do not believe today’s announcement is a major catalyst for the shares as consumers are slow to change their behavior,” Citi said.
Apple’s stock price was up 1.5 percent at midday Tuesday.
