As we predicted in our article yesterday, the day of WWDC was not a good day to buy Apple shares. The share price slumped following the event, closing down $9.15, or 1.6%, at $571.17.
During the day it had reached a high of $588.50. The share price closed at $580.32 on Friday.
Of course, the decline is unlikely to be solely a negative reaction to Apple’s announcements at the WWDC keynote, which included a high-res Retina display MacBook Pro, a preview of iOS 6 including Siri for iPad, preview of Mountain Lion including dictation features. Apple wasn’t the only stock to slide yesterday: US stocks slid sharply due to concerns about Europe, namely Greek elections, the prospect of Greece exiting the Euro, and news that Spain has asked for a 100 billion euro bailout. As a result, the Dow Jones Industrial Average closed lower for the first session in five.
“It’s a market that is looking to the next thing. It could be Greece, and it could be further economic data. It’s a market waiting for possible Fed or European bank easing,” Andrew Fitzpatrick, director of investments at Hinsdale Associates told MarketWatch.
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