Apple Stock Drops to $319 Ahead of Major iPhone Launch Event
Apple's stock price dropped to $319 ahead of its highly anticipated 'Surprise and Shine' event on September 9, where it is expected to unveil several new products. The company's newly appointed CEO John Ternus will make his first major product introduction since taking the reins from Tim Cook, who has transitioned to executive chairman.
According to Bank of America Securities, Apple will introduce three new smartphone models: the iPhone 18 Pro, Pro Max, and its debut foldable device, possibly branded as the iPhone Ultra or Fold. The Pro variants are projected to retain their 6.3 and 6.9 inch screen dimensions and operate on the advanced 2nm A20 Pro processor.
The foldable iPhone Ultra is expected to feature a book-style configuration with a 5.5 inch exterior OLED screen and a 7.8 inch interior panel, along with 12GB of memory and storage capacities reaching up to 2TB. Citi projects the base price will surpass $2,000.
KeyBanc analyst Brandon Nispel expressed concerns about pricing, stating that price escalations will either diminish unit volume or create challenges for future profitability decisions. He characterized the upcoming event as 'a likely negative catalyst' for shares, irrespective of how Apple approaches its pricing framework.