Photo: Wikimedia Commons
Today was the first day of the Worldwide Developers Conference (WWDC), and Apple unveiled a bunch of new products.However, shares fell 1.6 per cent, which was basically in line with the 1.7 per cent decline in the Nasdaq composite.
So, should Apple investors be worried?
According to the folks at Bespoke Investment Group, Apple has a long unenviable history of selling off on the first day of WWDC.
We went back to 1997 when Steve Jobs first reappeared at WWDC to see how Apple has historically done on the first day of its WWDC as well as over the next week, month and three months. A decline today should have come as no surprise to investors. …[T]he stock has now amazingly been down for 11 consecutive years on the first day of WWDC! Since 1997, the stock has only been up on the first day of WWDC twice.
What’s enviable is Apple’s 11-year stock price performance:
Photo: Google Finance