Apple (NASDAQ:AAPL) gave Gotham the iPhone it deserves, but not the one it needs right now.
The market wasn't pleased with the consumer tech bellwether's iPhone event on Tuesday. The iPhone 5c wasn't cheap enough. The iPhone 5s wasn't slick enough. The iWatch wasn't to be. A couple of analysts lowered their ratings and/or price targets on the stock that had rallied to do a chin-up at the $500 bar before taking the stage.
After seeing its share of the global smartphone market shrink from 17% to 13% over the past year, investors expected Apple to be hungrier. However, despite the market's initial disappointment -- the stock shed 8% of its value on the week beginning the moment its presentation began -- it's ultimately up to consumer to decide.
One can argue that Apple is starting to lose relevance, but just watch those same people tuning in next year to see whether the iPhone 6 will be key to winning back market share.
Briefly in the news
And now let's take a quick look at some of the other stories that shaped our week.
- McDonald's (NYSE:MCD) is testing mobile ordering. The fast-food giant is starting to see whether a smartphone app can help drum up sales and improve customer satisfaction in Austin, Texas, and Salt Lake City. Stateside comps rose just 0.2% in August, so Mickey D's could use the boost. Somewhere, the Hamburglar is brushing up on his hacking skills.
- Microsoft (NASDAQ:MSFT) may seem like an odd beneficiary of Apple's upgrade cycle, but for the next few weeks the software giant will offer at least $200 for iPads as trade-ins for store credit at many of its Microsoft Store locations. It sounds odd, but it's a good plan if it means folks are trading in iOS devices and using that money to buy Microsoft products.
- Best Buy (NYSE:BBY) turned heads this week, when its CEO filed to sell roughly 20% of his stake in the consumer-electronics retailer to help settle a recent divorce. The stock has soared under his watch, so it's understandable why the board waived the requirement for the rookie CEO to wait at least two years before unloading his shares.