On Monday, Apple kicked off its 24th annual Worldwide Developers Conference and rolled out no shortage of software and product refreshes plus a few unexpected surprises tossed into the mix.
From iOS 7 and the refreshed MacBook Air, to a surprise preview of the next Mac Pro and the unveiling of iTunes Radio, Apple gave the tech blogosphere enough to ramble about for the early part of summer. But how did investors react to the WWDC keynote today?
Not well, apparently.
Shares of Apple slipped after the keynote, closing on the NASDAQ at $438.89, which is down $2.92 on the day. Ironically, while Apple’s shares closed in negative territory, Pandora Media Inc. rose 2.5% Monday.
Perhaps investors aren't worried about iTunes Radio killing Pandora after all.
But a post-WWDC sell-off on Wall Street is nothing entirely new. In fact, CNBC finds it to be quite the norm.
Going back five years, AAPL's average return during the five-day WWDC is negative 3.92 percent.