By Rex Crum and Laura Mandaro, MarketWatch
SAN FRANCISCO (MarketWatch) -- Apple Inc. shares fell 2%,
reversing a brief rise after the consumer electronics maker
announced two new iPhones, including a lower-priced model.
Apple (AAPL) gave up $10.35 a share, to trade at $496.28 after
the company revealed two new iPhone models -- a lower priced iPhone
5c and a high-end iPhone 5s -- at an event at the company's
Cupertino, Calif. headquarters. (Read more about the details on the
new iPhones:
http://www.marketwatch.com/story/apple-lifts-wraps-on-iphone-5s-5c-2013-09-10.)
The iPhone 5C will replace the iPhone 5, and cost $99 for a
16-gigabyte model with a two-year carrier contract. It'll come in a
range of plastic, bright colors. The iPhone 5S will come in gold
and other metallic finishes and will run on the new A7
processor.
Pandora Media Inc. (P) shares rose 1.7%, to $20.47, erasing an
earlier loss that came after Apple talked about its new iTunes
Radio offering.
Intel Corp. (INTC) edged up 2 cents a share to $22.93 as the
chip giant met with developers. CEO Brian Krzanich said it had
developed a new low-power chip platform aimed at the emerging arena
of wearable computers.
Hewlett-Packard Co. (HPQ) fell almost 1%, to $22.21 a share. The
Dow Jones Industrial Average is dropping the computer-industry
giant that is in the middle of a turnaround effort under Chief
Executive Meg Whitman.
Netflix Inc. (NFLX) rose more than 5%, to an all-time high of
$311.65 a share. The online video-streaming company is preparing to
release its latest original series, "Derek," starring Ricky
Gervais, on Thursday.
The Nasdaq Composite Index (RIXF), which counts Apple as one of
its biggest components, rose almost 19 points, or 0.5%, at 3,725,
and the Philadelphia Semiconductor Index (SOX) rose 1.7%.
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