Apple 2.0

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Apple's surprise-free iPhone 5 launch: How Mr. Market reacted

September 12, 2012: 3:39 PM ET

Were traders watching the live blogs? You be the judge.

FORTUNE -- How does Apple's (AAPL) share price respond to a high-profile media event in which there are few surprises?

You can read too much into a chart like the one above, but it suggests that Mr. Market was:

  • Disappointed with the unsurprising name of the new iPhone
  • Pleased with the engineering specs and other details as they unfolded
  • Lost interest during the rehashing of iOS 6 features that he saw in June
  • Perked up when the prices were announced
  • Liked what he saw in the new iPod nano and iPod touch
  • Started to lose hope when "one more thing" turned out to be new earbuds
  • Chastised the stock mildly when it was clear that we will have to wait a bit longer for the iPad mini, a new iMac, Apple TV news, etc.
  • Came to his senses before the trading day ended

Apple closed at $669.79, up $9.20 (1.39%) for the day.

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Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for

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