Apple stock slips after new phones with few changes

Share prices of Apple, the first $1 trillion publicly listed US company, dropped over 1 per cent to $221.20 today after it launched new bigger phones, but stuck to smaller changes.

Apple unveiled the XS, with a 5.8-inch (14.7-cm) screen, starting at $999, and the larger XS Max, with a 6.5-inch (16.5-cm) screen, starting at $1,099 and a low-cost 6.1-inch iPhone Xr made of aluminum, with an edge-to-edge liquid retina display, starting at $749.

These launches follow last year's iPhone X - pronounced “ten” - that represented a major redesign.

Apple also introduced the new Apple Watch Series 4 range with edge-to-edge displays as it looks for ways to lessen reliance on phones for revenue.

The company’s new watch, which is positioned as a more comprehensive health device, has US FDA approval. Shares of Fitbit closed 7 per cent down at $5.53.

As of Tuesday’s close, Apple valued at $1.07 trillion, followed by Amazon at $970.60 billion.

Shares of the company rallied more than 30 per cent so far in 2018.