Apple stocks were bearish despite its announcing the release of the latest iPhone model. The company will not begin taking order on its much anticipated iPhone X model until October of next year. The company ended its latest session trading at $160.82 which is a drop of 0.4 percent.
There were also concerns about its new facial recognition technology, after the function failed while it was being demonstrated by Apple during the unveiling. The new Facial recognition features will allow users to unlock their phone just by looking at it.
Traders stated that there were expectations that its 10th anniversary iPhone X, which apple price at $999, would begin shipping shortly, though there are speculations that it could run short of supply.
“When we issued guidance for Q4 in July, we anticipated that the iPhone X would begin shipping in fiscal Q1.” Which Apple said in a statement, The Company is currently in its fourth fiscal quarter, which began July 2.
The Chief analyst at Lindsey Group, Peter Bookvar, stated that “This stock rallied right up into the unveiling of this,” he also added that “There was chatter going into this that there was going to be glitches and delays. … We priced this phone in already.”
It’s not usual for Apple stocks to go bearish after a new iPhone unit is to be released and end the session lower. On the day of iPhone announcements, the Stock was found trading lower by 75 percent of the time and ended flat on average, with a slight gain of 0.04 percent.