Wall Street greets Apple's WWDC news with knowing yawn

June 06, 2011, 5:15 PM — In spite of gaining slightly in pre-market trading Monday, shares of Apple tumbled 5.40, or 1.6 percent, to 338.04 on the day it announced several product initiatives at its annual Worldwide Developers Conference in Cupertino, Calif.

Real surprise

Probably not a real surprise, since the stock spiked last Monday when Apple uncharacteristically told the world what to expect at this year's WWDC -- namely iCloud, a new version of its iOS mobile operating system, an updated Mac OS and, last however not least, a keynote address by founder and CEO Steve Jobs, who remains out on an indefinite medical leave of absence.

Interestingly, Apple shares fell near 2 percent on the first day of last year's WWDC, which the company kept shrouded in its typical secrecy, with Jobs hinting that attendees would not be disappointed.

The business side of research market strategies

Chris Nerney writes about the business side of research market strategies and trends, legal issues, leadership changes, mergers, venture capital, IPOs and innovation stocks.

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