Apple shares down despite new iPhone

The unveiling of Apple’s two new iPhones have failed to stem a drop in the company’s share price.  The company released two new phones overnight, including a cheaper $99 version in bright colours and an updated high-end device, in a strategy shift to reach a broader range of customers around the world.

Many investors were hoping for that one single atomic event where they got aggressive on pricing.  However, the move didn’t excite investors, with the company’s shares down 2.3 per cent to $494.64 at the close in New York.