Apple Stock Drops 5 Percent After The iPhone 5 Fails To Appear

Investors were not blown away by Tim Cook Apple event today. With no news of the iPhone 5 at today's Apple event, the Cupertino-based company is seeing its stock drop in value. Apple's stock opened at $374.57, and dipped as low as $355 in intraday trading before starting to rebound. The stock dropped nearly 20 points after Apple didn't reveal the much awaited (and hyped) iPhone 5. Instead, Apple debuted the iPhone 4S, which looks a lot like the iPhone 4, but includes a new processor, a CDMA/GSM chip that makes it a world phone and a new camera. Plus, it will be available via Sprint now (but this isn't an exclusive deal, as previously reported).]]>

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