Apple investors bought its shares during the build-up to the latest iPhone announcements Tuesday, but then sold the news.

Apple shares were trading at $161.37 at 1 p.m. Eastern time, when the event began, and climbed as high as high as $163.75 at 1:55 p.m., when CEO Tim Cook began talking about the iPhone.

That move added billions of dollars to Apple’s market value.

Yet the stock began to slide once Cook and other executives began sharing details on the iPhone 8, iPhone 8 Plus and the iPhone X (pronounced “ten”).

By the time the event was over, Apple shares had slid to $160.20 and were in the red slightly for the day.

Still the shares are still priced near recent record highs.

As of 2:55 p.m. Eastern time, when the event ended, Apple’s market value was $837.6 billion and it remained the most valuable company in the world.

Source: Tech CNBC
Apple shares fall after iPhone X release date was later than expected