Apple shares slip during first keynote with CEO Ternus

Apple shares fell 1.18% to $312.50 at 11:30 ET on Wednesday during the first major product presentation led by John Ternus as CEO. Wall Street is monitoring details on the foldable iPhone, new Pro models, pricing, and artificial intelligence features, along with signals on consumer demand and profit margins.

The launch event follows a sharp run for the company. Apple added nearly $570 billion in market value since late June, with its stock gaining around 15% over that stretch. The shares entered the presentation trading at roughly 33 times projected 12-month earnings, well above its 10-year average of about 23 times.

Pricing remains a central concern for investors as Apple manages rising component costs, including memory, without weakening demand. The foldable model could establish a new product tier priced above $2,000, serving as a test of consumer willingness to pay for premium hardware.

Immediate stock drops on launch days are common for the company. Apple shares fell during five of the last eight iPhone keynote sessions. However, according to data compiled by Bloomberg since 2007, the stock gained an average of 10% in the six months following those events.