Apple Shares Plummet Ahead of Ternus's First iPhone Launch

Apple's stock took a hit in New York trading on Tuesday ahead of its annual September product event. The drop comes as newly appointed CEO John Ternus prepares to take the stage at the Steve Jobs Theater for his first keynote address.

Ternus succeeds Tim Cook, who moved to executive chairman of the board of directors just eight days ago. The iPhone lineup is expected to be a major focus of the event, with Wall Street analysts predicting the introduction of the iPhone 18 family and a foldable smartphone, often referred to as the iPhone Ultra.

The new foldable phone is projected to generate $14 billion in revenue if component supplies meet demand, with some estimates suggesting it could retail for over $2,000. This would put it at the top end of the US phone market.