Apple Introduces iPhone 7, Watch Series 2, Investors Yawn

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Wednesday’s Apple Inc. (NASDAQ: AAPL) in San Francisco did not have many surprises. The latest model of the company’s smartphone is called the iPhone 7, as everyone expected, and the new phone’s headphone jack is gone and the dual rear-facing cameras are included on the iPhone 7 Plus.

And while Apple touted the technological advances in the iPhone 7, investors remained cool to the new products, taking the stock down about 0.5%, from last night’s closing price of $107.70 to around $107.50.

Apple Watch Series 2 is now water resistant to a depth of 50 meters and owners can play Pokemon Go on the new Watch although Pokemons can only be captured on the iPhone. It remains to be seen if the water resistant capabilities of the Watch are better than the waterproofing of the Samsung Electronics’ Galaxy S7 Active smartphone which failed a test routinely used by Consumer Reports to test waterproof claims for devices.

The Watch also now includes built in GPS and the display is said to be twice as bright as the Series 1 devices. New Series 2 Watches will be priced at a $369 starting point and the Series 1 Watch price will drop to $269. Preorders for the Watch begin Friday, except for a Nike Inc. (NYSE: NKE) version designed specifically for runners which debuts in late October.

Returning to the iPhone 7, the new device will be available in a new color, Space Black, as rumored and is both dust- and water-resistant. The 12-megapixel camera enhancement was also announced, also as expected.

Apple also introduced its new AirPod wireless earphones. The new iPhones come with an adapter that allows customers to use their analog headsets, but the company has taken the plunge on removing the headset jack. AirPods are said to have 24 hours of battery life. The new pods cost $160.

The battery life on the iPhone 7 has been extended by 2 hours and the iPhone 7 Plus will run an hour longer with the new batteries.

Apple has also ditched the 16GB version of the iPhone, also an expected announcement. The new storage levels are 32GB, 128GB, and 256GB, double the amounts in previous phones.

As for pricing the iPhone 7 with 32GB will cost $649 and the iPhone 7 Plus will ring up at $769.

By the end of the presentation, Apple’s shares had risen to $170.81, up about 0.08% for the day.