The Week In Announcements: The Market Reacts To Sony, Amazon And Apple Product Revelations
There is no doubt that Apple Inc. (NASDAQ: AAPL)'s iPhone 7 unveiling was the main event of the week. However, that was far from the lone product reveal. This week also hailed a Sony Corp (ADR) (NYSE: SNE)'s PlayStation 4 upgrade announcement and Amazon.com, Inc. (NASDAQ: AMZN)'s new product launch, a sub-$100 tablet.
The Main Event
Apple introduced its new iPhone 7 and upgraded Watch on Wednesday. For the most part, the upgraded components and features were as expected, and the general consensus among Wall Street analysts was that the phone could be good enough — just not spectacular.
Apple's stock opened for trading on Wednesday at $107.83, hit an intra-day low of $107.07 and an intra-day high of $108.76 before closing the day at $108.36.
However, shares of Apple notably sold off on Thursday and lost more than 2.50 percent. The stock's decline carried over into Friday's pre-market trading session where it was trading at $105.15.
Cheaper PS4, New PS4 Pro
Sony also announced Wednesday it will begin selling a $299.99 PlayStation 4, which features a lighter console that is more energy efficient. A PS4 Pro offers gamers support for 4K resolution technology and High Dynamic Range (HDR) and will sell for $399.99.
Sony's stock opened for trading on Wednesday at $33.83, hit an intra-day low of $33.42 and an intra-day high of $33.86 before closing the day at $33.44.
The stock sold off on Thursday and lost nearly 1 percent to close at $33.12.
Sony's stock showed no trades early Friday morning.
Fire HD Tablet
Amazon decided to wait until Thursday to introduce its all-new Fire HD 8 tablet, which will sell for just $89.99. The new tablet will include Amazon's cloud-based voice service Alexa and will have the ability to play music, games, read audiobooks and more.
Amazon's stock opened for trading on Thursday at $783.89, hit an intra-day low of $781.44 and an intra-day high of $786.50 before closing the day at $784.06.
Shares of Amazon were trading lower by 0.06 percent early Friday morning at $783.60.
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