Within hours of Apple CEO Steve Jobs’s breathless iPad presentation — he called the device “extraordinary,” “unbelievable” and “a dream” — the independent reviews from techie types began rolling in.
Some shared Jobs’ rapturous delight. Others snidely slammed the machine on counts ranging from its lack of features to its name. Many adopted a more cautious, wait-and-see approach.
Apple iPad sends stock down – then up
The debut on Wednesday of Apple’s long-awaited tablet sent the company’s stock on a wild ride.
Apple shares fell 4% immediately after CEO Steve Jobs unveiled the Apple iPad, a touch-screen tablet computer that runs apps from the iTunes store and boasts a 10-hour battery life.
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But shares recovered a little over an hour later and rose 1% after Jobs announced that prices would start at $499.
The volume of trading was more than three times the normal daily average, reaching 61 million versus the typical daily average of 19.5 million.
“What this device does is extraordinary — the best browsing experience you’ve ever had. Way better than a laptop,” Jobs said as an invite-only event in San Francisco got underway.
But about 45 minutes into the event, the market was not impressed. Shares of Apple (AAPL, Fortune 500) slid as low as $199.53 before regaining some ground. By 2:25 p.m. ET, shares were up 1% and managed to hold those gains, ending the day at $207.88.
Historically, the company's stock price has lulled or sold off slightly immediately following product releases. Analysts have a median price target of $250 for Apple's stock.