On this exact day a year ago, the scene was no different. Tech enthusiasts and traders were equally gung-ho over the launch of the historic 10th anniversary iPhone model. Apple (AAPL) shares were trading around a record high, all set to unleash the bull.
As CEO Tim Cook took the stage and started detailing the iPhone X, the stock climbed 1.5% to $163.75. However, as the event progressed, stock started declining, and by the time it was over, AAPL was trading in the red. It closed down 1% at $160.86.
But by the time iPhone X reached markets on November 3, the stock had gained 6%. And this is the stock pattern that you should keep in mind ahead of trading Apple stocks today.
On analyzing Apple’s stock history, you will find that it’s a recurring trend after most iPhone launches. The stock gains during the event and pares most of the gains by the end of the day. Even if you go back till the lunch of the first iPhone by Steve Jobs on June 29, 2007, AAPL stock has fallen 80% of the times on the day of the grand event.
Apple Event LIVE: Say hello to iPhone XS, XS Max and the cheaper iPhone XR!
The stock then gradually rallies towards the sale date. The stock was, on an average, up 4% during this period, following the launches of iPhone 6s, 6 and 5.
Apple is once again hosting its grand tech event today starting 1 PM ET, where a slew of new products including the next-generation iPhones will be unveiled. You can catch the live blog of the event here.