Wall Street Unimpressed With Apple's WWDC Keynote, iOS 7

Wall Street isn’t exactly jumping for joy over Apple’s Worldwide Developers Conference (WWDC) keynote. Since CEO Tim Cook left the stage Monday afternoon, Apple’s share price has dropped by nearly 1 percent. As Peter Misek from Jefferies LLC recently noted of Apple’s presentation:

They did a beautiful job. Unfortunately, it is not going to change the biggest dynamic: that up to 70 percent of Apple’s profits come from iPhone and that market is rapidly maturing.

In other words, investors continue to worry about future iPhone sales despite the introduction of iOS 7. Brian Collelo, an equity analyst with Morningstar, states:

Investors would be much more excited if there was a new Apple TV or an Apple iWatch. I am sure some investors out there were hoping for a different iPhone product or an iPad announcement.

Apple's next chance to wow Wall Street won't come until this fall when they are expected to release the next iPhone, iPad, and iPad mini. Since the keynote, Apple shares are trading at around $437. Since reaching a high of $702.10 on Sept. 19, shares are down nearly 38 percent. See also: The AppAdvice iOS 7 Quick Pick Features Some Of The Little Changes Coming Soon, Apple's' iTunes Radio Service Has A Long Way To Go, and The Elephant In The WWDC Room: What's Up With Apple's Maps App In iOS 7? Via: Wired

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