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

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Everything You Need To Know About Today’s Apple Event

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).

Apple’s stock has been performing particularly well over the past few months, passing $400 for the first time in late July. Apple hit a high of $422 in September.

The level the stock is at right now still gives Apple around a $330 billion market cap, so investors are still doing just fine. And the company revealed some staggering stats around Apple’s dominance in the music, mobile device, and app economies. But some of what was revealed today was announced earlier this summer at the company’s WWDC developer conference, including an in-depth Twitter integration. Clearly, today, investors were hoping for a major surprise. But then, you can never please Wall Street.

UPDATE: Apple closed at $372.50 today.