Apple (AAPL) was once again in the headlines today due to the start of its Worldwide Developers Conference (WWDC). After rallying early in the day, the stock ended up reversing and closing lower by 1.45%.
We went back to 1997 when Steve Jobs first reappeared at WWDC to see how Apple has historically done on the first day of its WWDC as well as over the next week, month and three months. A decline today should have come as no surprise to investors. As shown below, the stock has now amazingly been down for 11 consecutive years on the first day of WWDC! Since 1997, the stock has only been up on the first day of WWDC twice.
So how should Apple perform going forward?