Apple shares fall after Samsung unveils new phones

SHARE Apple shares fall after Samsung unveils new phones
SHARE Apple shares fall after Samsung unveils new phones

Apple shares are getting bit by a rival.

The iPhone maker’s stock fell 4 percent Wednesday after Samsung unveiled two new smartphones at a trade show in Berlin.

Samsung announced the Galaxy Note Edge phone, which has a side display for quicker access to Twitter, the flashlight, news and other apps. It also showed off a new Galaxy Note 4 phone and a virtual-reality headset for the phone called Gear VR to watch concerts or play games.

The Samsung unveiling comes less than a week before Apple is expected to reveal its new products, next Tuesday in Cuppertino, California. A larger iPhone, and possibly a computerized watch, are expected.

Apple’s stock drop comes a day after its shares hit an all-time high of $103.74. That same day, Apple said that the theft of private photos from celebrities was not because of a security breach of its iCloud system. Instead, hackers took user names and passwords for the accounts, Apple said Tuesday.

The tech giant’s stock slumped $4.36, or 4 percent, to $98.94 on Wednesday.


Apple sends media invites to Cupertino event Sept. 9


THE ASSOCIATED PRESS

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