We waited. And we waited. And we waited. And for the first time in some time, the big splash at a heavily anticipated Apple (NASDAQ:AAPL) unveiling gala had plenty of people scratching their heads.
What widely was anticipated to be the debut of the iPhone 5 and the next big step for Apple turned into a rose-by-a-different-name-apparently-isn’t-a-rose affair, as Apple announced the debut of the iPhone 4S — previously rumored to be moniker of a cheaper version of the iPhone 4 — as the next update in the iPhone line. And while the iPhone 4S is a significant upgrade — it includes the A5 processor used in the iPad, has an improved camera with HD video capability and comes with dual antennas capable of download speeds comparable to “4G” networks in the U.S. — the millions foaming at the mouth for iPhone numeric sequential nirvana were left disappointed, if not confused.
Investors, not surprisingly, were let down, sending AAPL down as much as 5% after the announcement. What was surprising was reason taking over and the subsequent just-as-quick rebound that helped AAPL finish the day just 0.5% down at $372.50.
But if you were one of the five people crazy enough to try shorting Apple on Tuesday afternoon, here’s hoping you collected your winnings in time. If so, you earned it.
Of course, Apple wasn’t the only major player to recover after taking one to the gut today. Eight of the 30 Dow Jones Industrial Average components reached a 52-week low during Tuesday’s trading day only to finish in the black.
Bottoming out at some point Tuesday were Alcoa (NYSE:AA), which finished the day up about 2.5% at $9.12, Bank of America (NYSE:BAC, +4.16%, $5.76), Caterpillar (NYSE:CAT, +2.82%, $72.54), DuPont (NYSE:DD, +4.52%, $40.23), General Electric (NYSE:GE, +1.16%, $14.86), JPMorgan (NYSE:JPM, +6.55%, $30.26), Travelers (NYSE:TRV, +2.74%, $48.08) and Walt Disney (NYSE:DIS, +2.97%, $29.86).
- Morgan Stanley (NYSE:MS): Up 12.35% ($1.54) to $14.01.
- Cliffs Natural Resources (NYSE:CLF): Up 10.58% ($5.11) to $53.41.
- General Motors (NYSE:GM): Up 8.57% ($1.69) to $21.42.
- Randgold Resources (NASDAQ:GOLD): Down 6.31% ($6.24) to $92.61.
- Silver Wheaton Corp. (NYSE:SLW): Down 5.86% ($1.71) to $27.45.
- Pandora (NYSE:P): Down 6.37% (85 cents) to $12.50.
As of this writing, Kyle Woodley did not own a position in any of the aforementioned stocks.