Canadian Markets close in 3 hrs 52 mins

Apple is falling on the first day the iPhone 8 is being sold

Seth Archer
Tim Cook angry sad

(Apple CEO Tim Cook.REUTERS/Rick Wilking)

Shares of Apple are down 1.69% to trade at $150.95 on the first day of availability for the new iPhone 8 and 8 Plus.

Shares have been falling since the company announced several new products, including the iPhone X, on September 12. Shares are down about 7.07%, or $11.91, since the market opened on the day of the launch event. That fall is equivalent to about $61 billion in value lost since the announcement.

Friday marks the first day the iPhone 8 and 8 Plus are available for sale. The flagship iPhone X was likely delayed due to component supply constraints and is set to be released on October 27 of this year.

Many analysts are wondering what demand for the new iPhones will look like. Many think Apple will sell a large number of devices in a "supercycle" of upgrades but are unclear which phone consumers will gravitate toward. The new iPhone X features a redesigned form factor, which should help sales, but costs $1,000, which may be too much for some consumers.

The high-end phone space is heating up, adding pressure to Apple's dominant hold on the market. Google announced a partnership with HTC which will beef up Google's nascent hardware division, and many see the deal as a strong step toward releasing an iPhone competitor by Google.

Apple fell around 1.5% on Thursday after the HTC-Google deal was announced.

Click here to watch Apple's stock price in real time.

apple stock price

(Markets Insider)

 

NOW WATCH: THE BOTTOM LINE: Gary Shilling on expensive stocks and Alibaba vs. Amazon



More From Business Insider