Wall Street didn't like Apple's big iPhone 7 event

Traders don’t think the iPhone 7 will return Apple to growth.

Apple stock was down about 2.84% at market close on Thursday, the day after the company revealed its new iPhone models.

Apple shares closed at $105.52 as compared to $108.36 at close on Wednesday. At one point during the day, the stock dropped to $105.41.

Apple stock is down about 15% from its 52-week high at $123.82.

Apple announced several new products on Wednesday, including the iPhone 7, the iPhone 7 Plus, new Apple Watch models, and a set of wireless earbuds.

After two straight quarters of annual sales declines, Apple is hoping the new iPhone models can return Apple to year-over-year growth.

But Wall Street analysts are sceptical, with a Deutsche Bank analyst calling the new products “not a game changer.”

On Thursday morning, Apple advised that it would not be announcing the number of first-weekend presale orders for the newest iPhone. Apple had provided that data point for years.

Here’s a chart showing the drop in Apple shares on Thursday:

EXCLUSIVE FREE REPORT:

25 Big Tech Predictions by BI Intelligence. Get the Report Now »

NOW WATCH: Apple just fixed a major security problem — and you should update your iPhone right now

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.