Shares of Apple Inc. (NASDAQ:AAPL) were down 1.78% approaching the noon hour on September 22. Apple stock has been surprisingly weak since the company unveiled the new iPhone 8, iPhone 8 Plus, and iPhone X, along with several other Apple products set for release. The stock has dropped 6% since the announcement, which accounts for the worst post-product launch performance in years.
Should investors see this as an opportunity to buy the dip, or is this is a sign of consumer weariness? The new iPhones have been the subject of a great deal of buzz even before the unveiling. This marks the 10th anniversary since the launch of the original iPhone so there is little doubt loyalists will be out in droves. Some critics emerged to say the smart phone market had petered out to some extent and that the iPhone X, which will be sold for over $1,000 on launch, represents more of a status symbol for its buyers than a big technological jump over other top options on the market.
Apple stock is up 30% in 2017 and 31% year over year. The stock still offers a dividend of $0.63 per share representing a dividend yield of 1.7% at offering. Investors will have to wait until October to see Apple’s fourth quarter results which are set to include initial orders for the new devices. I think this dip is an attractive buying opportunity on the hype of the devices alone, let alone Apple’s great performance in other product areas.
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