Steve Jobs’ Appearance At WWDC Fails To Rally Apple Stock (NSDA: AAPL)
Shares of Apple (NSDQ: AAPL) tumbled on Tuesday as CEO Steve Jobs appearance at the company’s Worldwide Developer Conference failed to rally the stock.
Tuesday’s decline continued a late sell-off that began yesterday during the midst of the conference, shares finished lower $6 or 1.8 percent to $132.08.
Jobs took a leave from his current medical leave of absence to present at the conference, mainly the introduction of the Apple’s new iCloud service that allows users to store music and other on remote servers so they may access it wirelessly from any of their connected devices, as opposed to having stored on a person’s local hard drive.
The cost of the full service is still to be announced, but for the ability stream music through iCloud users will need to pay about $25 a year. However, estimates for iCloud’s full services are around $99 a year.
As opposed to past announcements made by Jobs that rallied the stock, investors seem unenthusiastic about the product launch as it doesn’t have the immediate revenue impact that the launch of a new iPhone would.
The iCloud does give the company a “cloud” effect on all its products though, as users will now be able to access their content from any of Apple’s connected devices, which in the end could help drive sales of those items since its all streamlined.
We all know that no one enjoys moving all their content to a new device.