Apple Launches 3G iPhone, but the Market reacts adversely

Steve Jobs has uncovered a 3G iPhone at the WWDC 2008 today. The new iPhone is a lot faster than the Edge version of the device. It would be rollout worldwide from 11th of July 2008. The device is not just faster but cheaper as well. The 8GB model now ships for just $199, whereas the 16GB model ships at $299. This has been the most important, yet anticipated announcement of WWDC 2008. You can see our live coverage of the event here.

However there were many things that were hyped but didn’t materialized. One such product was Mac fusion. Mac fusion was rumored to target the developers, but alas that has not been the case.

Today’s WWDC keynote was strange in a sense that the One Last Thing was really not a surprise any more for any one. Other than this it has lived upto its norms, since usually on the day of an Apple conference the Apple stock takes a sound beating. Today was no different and Apple share price has dropped around 4% and are now trading at $177.90. So Apple lost around $6 billion in market cap from the time Steve Jobs took to stage till the time he left it. But historical data predicts that now is a good time to buy some Apple stocks. They have sold a hell lot of iPhones and with the new 3G phone and world wide launch coming up, this trend is bound to accelerate.