Apple‘s stock is typically under pressure the day of its closely-watched media events and Monday was no exception.
Shares of the tech giant fell 1.2 percent as CEO Tim Cook announced a new strategy based around services. But key details, such as pricing and content, were lacking and Wall Street analysts thought it was a dud.
Despite the underwhelming event, Apple’s stock performance Monday falls largely in-line with how shares perform on average according to data from Kensho, a hedge fund analytics tool.
While Kensho’s data shows Apple shares are down on average for the day and week of a media event, the stock also bounces back. On average, Apple’s stock is up 10.7 percent three months after a media event.
Analysts, such as those at Citi Research, were subdued and largely do not see Apple’s services announcement as a drive for the stock any time soon.
“We do not believe today’s announcement is a major catalyst for the shares as consumers are slow to change their behavior,” Citi said.