Apple Inc. (NASDAQ:AAPL) gave Gotham the iPhone it deserves, but not the one it needs right now.
The market wasn’t pleased with the consumer tech bellwether’s iPhone event on Tuesday. The iPhone 5c wasn’t cheap enough. The iPhone 5s wasn’t slick enough. The iWatch wasn’t to be. A couple of analysts went on to lower their ratings and/or price targets on the stock that had rallied to do a chin-up at the $500 bar before taking the stage.
After seeing its share of the global smartphone market shrink from 17% to 13% over the past year investors expected Apple Inc. (NASDAQ:AAPL) to be hungrier.
However, despite the market’s initial disappointment — the stock went on to shed 8% of its value on the week beginning the moment its presentation began — it’s ultimately up to consumer to decide.
One can argue that Apple Inc. (NASDAQ:AAPL) is starting to lose relevance, but just watch those same people tuning in next year to see if the iPhone 6 will be key to winning back market share.
Briefly in the news
And now let’s take a quick look at some of the other stories that shaped our week.
McDonald’s Corporation (NYSE:MCD) is starting to test mobile ordering. The fast food giant is starting to see if a smartphone app can help drum up sales and improve customer satisfaction in Austin and Salt Lake City. Stateside comps rose just 0.2% in August, so Mickey D’s could use the boost. Hamburglar is brushing up on his hacking skills.
Microsoft Corporation (NASDAQ:MSFT) may seem like an odd beneficiary of Apple Inc. (NASDAQ:AAPL)’s upgrade cycle, but for the next few weeks the software giant will be offering at least $200 for iPads as trade-ins for store credit at many of its Microsoft Corporation (NASDAQ:MSFT) Store locations. It sounds odd, but it’s a good plan if it means folks are trading in iOS devices and using that money to buy Microsoft Corporation (NASDAQ:MSFT) products.
Best Buy Co., Inc. (NYSE:BBY) turned heads this week when its CEO filed to sell roughly 20% of his stake in the consumer electronics retailer to help settle a recent divorce. The stock has soared under his watch, so it’s understandable why the board waived the requirement for the rookie CEO to wait at least two years before unloading his shares.
The article A Fool Looks Back originally appeared on Fool.com and is written by Rick Munarriz.
Longtime Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool recommends Apple and McDonald’s and owns shares of Apple, McDonald’s, and Microsoft.
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