Apple Inc. employees wait to check-in attendees ahead of an event at the Steve Jobs Theater in Cupertino, California, U.S. (Photographer: Michael Short/Bloomberg)

Apple's Product Events Fall Flat With Investors as iPhone Ages

(Bloomberg) -- Apple Inc.’s product events reliably draw breathless coverage in the media. Investors are less enthusiastic.

The smartphone maker’s shares fell 0.4 percent after Chief Executive Officer Tim Cook unveiled the company’s latest gadget aimed at fending off growing competition. The move was the second-smallest reaction on a day when Apple announced a key product launch going back to the iPhone’s debut a decade ago.

Apple's Product Events Fall Flat With Investors as iPhone Ages

That’s not to say investors have soured on the world’s most valuable company by market cap. Apple shares have rallied 40 percent this year in part because of optimism that new products such as the ones introduced Tuesday will boost sales.

But day-of stock moves have never reached the heights attained when the first iPhone was shown in 2007. That sparked an 8.3 percent jump. Since then, the first-day reaction on new models has been lackluster, with the worst coming in 2010, when the stock dropped 2 percent.