Traders don’t think the iPhone 7 will return Apple to growth.
Apple stock was down about 2.84% at market close on Thursday, the day after the company revealed its new iPhone models.
Apple shares closed at $105.52 as compared to $108.36 at close on Wednesday. At one point during the day, the stock dropped to $105.41.
Apple stock is down about 15% from its 52-week high at $123.82.
Apple announced several new products on Wednesday, including the iPhone 7, the iPhone 7 Plus, new Apple Watch models, and a set of wireless earbuds.
After two straight quarters of annual sales declines, Apple is hoping the new iPhone models can return Apple to year-over-year growth.
But Wall Street analysts are skeptical, with a Deutsche Bank analyst calling the new products “not a game changer.”
On Thursday morning, Apple advised that it would not be announcing the number of first-weekend presale orders for the newest iPhone. Apple had provided that data point for years.
Here’s a chart showing the drop in Apple shares on Thursday: