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Anyone expecting great things from the Apple stock price today following a flurry of announcements at the tech giant's Worldwide Developers Conference (WWDC) was sorely disappointed.
It wasn't that Wall Street was disappointed with what Apple had to say Monday so much as bored. You see, pretty much everything the company presented had already been leaked ahead of time and so had been baked into the AAPL stock price.
Such investor pessimism at WWDC news is not unusual. Over the previous 10 years, the Apple stock price declined an average of 3.7% in the week that WWDC was held.
But as happens so often on Wall Street, the dismissive reaction to this year's WWDC news is short-sighted. It fails to recognize the true value of some of this week's announcements.
What Matters to the Apple Stock Price Today
Tech pundits have criticized the announcements, saying that many of the new features Apple showed off already exist in Google Inc.'s (Nasdaq: GOOG, GOOGL) Android or Microsoft Inc.'s (Nasdaq: MSFT) Windows.
So the iPad is getting the ability to run two apps side by side, just like a Surface tablet. Maps is getting public transit information, just like Google Maps.
Siri, Apple's much-maligned voice-activated assistant, is borrowing ideas from both. The ability to suggest reminders based on your contact list or location is similar to what Microsoft's Cortana and Google Now can do. Siri can also use date and context to search your photos like Google Now.
And Apple's new music service follows by several years streaming services like Spotify and Pandora Inc. (NYSE: P).
About the Author
Dave has been a journalist for more than 35 years, including 18 spent at The Baltimore Sun. He has worked as a writer, editor, and page designer at different times in his career. He's interviewed a number of well-known personalities - ranging from punk rock icon Joey Ramone to Apple Inc. co-founder Steve Wozniak.
Over the course of his journalistic career, Dave has covered many diverse subjects. Since arriving at Money Morning in 2011, he has focused primarily on technology. He's an expert on both Apple and cryptocurrencies. He started writing about Apple for The Sun in the mid-1990s, and had an Apple blog on The Sun's web site from 2007-2009. Dave's been writing about Bitcoin since 2011 - long before most people had even heard of it. He even mined it for a short time.
Dave has a BA in English and Mass Communications from Loyola University Maryland.