Apple stock price has fallen after the death of CEO Steve Jobs

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Apple (AAPL) shares rose $1.75 to $374.28 a day after the launch of its new iPhone 4S in the prior session failed to create a buzz and on news that Samsung was seeking to ban the product in France and Italy.


AMD (AMD) inched up 8 cents a share to $4.80, but remained on edge after Bernstein Research downgraded the stock to market perform.

The visionary co-founder of Apple - regarded as the mastermind behind an empire of products that revolutionised computing, telephony and the music industry - died of a rare form of pancreatic cancer in California at the age of 56. He stepped down in August as chief executive of the company he set up in 1976 with his childhood friend Steve Wozniak.

Investors were not blown away by Tim Cook Apple event today. With no news of the iPhone 5 at today’s Apple event, the Cupertino-based company is seeing its stock drop in value. Apple’s stock opened at $374.57, and dipped as low as $355 in intraday trading before starting to rebound. The stock dropped nearly 20 points after Apple didn’t reveal the much awaited (and hyped) iPhone 5.

Instead, Apple debuted the iPhone 4S, which looks a lot like the iPhone 4, but includes a new processor, a CDMA/GSM chip that makes it a world phone and a new camera. Plus, it will be available via Sprint now (but this isn’t an exclusive deal, as previously reported).

Apple shares are now trading 3.5% lower at €273, after hitting a low of €270 in Frankfurt. The shares are not traded in London. They are expected to open lower when Wall Street opens at 2.30pm London time.

The level the stock is at right now still gives Apple around a $330 billion market cap, so investors are still doing just fine. And the company revealed some staggering stats around Apple’s dominance in the music, mobile device, and app economies. But some of what was revealed today was announced earlier this summer at the company’s WWDC developer conference, including an in-depth Twitter integration. Clearly, today, investors were hoping for a major surprise. But then, you can never please Wall Street.