After trading up as much as 4% earlier, shares of Apple (AAPL) have dipped into negative territory following the conclusion of its unveiling of the iPhone 6 and new Apple Watch. AAPL's decline seems to be following the typical script it has followed in prior product launches, where the stock tends to sell off following the unveiling of new models of the iPhone.
The table below summarizes the performance of AAPL, the S&P 500 Technology sector, and the S&P 500 following the unveiling of new versions of the iPhone. For each time period, we color coded the returns from worst (red) to best (green). For the most part, the further you get away from AAPL, the better your returns. Over the following day, week, and month, the average return of AAPL trails the average return of the S&P 500 Technology sector, which itself underperforms the S&P 500. The only time frame where AAPL does not have the worst return of the group is three months out, when AAPL's average return outperforms the average return of the S&P 500 Technology sector by 51 bps (2.61% vs. 2.10%). Even still, the S&P 500's average return (+4.45%) still outperforms both.