Apple shares fall after Samsung unveils new phones

samsung1

NEW YORK (AP) — Apple shares are getting bit by a rival.

The iPhone maker’s stock fell more than 4 percent Wednesday after Samsung unveiled two new smartphones at a trade show in Berlin.

Samsung announced the Galaxy Note Edge phone, which has a side display for quicker access to the flashlight, Twitter, news and other apps. It also showed off a new Galaxy Note 4 phone and a virtual-reality headset for the phone called Gear VR to watch concerts or play games.

The Samsung unveiling comes as Apple is expected to reveal its new products Tuesday in Cupertino, California. A larger iPhone, and possibly a computerized watch, are expected.

Apple’s stock drop comes a day after its shares hit an all-time high of $103.74. That same day, Apple said that the theft of private photos from celebrities was not because of a widespread security breach of its iCloud system. Instead, hackers took usernames and passwords for the individual accounts, Apple said Tuesday.

Apple did not respond to a request for comment Wednesday.

Shares of Apple Inc. fell $4.36 to close at $98.94 Wednesday, erasing more than $26 billion of its market value. The stock is still up nearly 24 percent this year and Apple’s market value is about $592 billion.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s