Investors react to Galaxy Note 9 unveiling: Apple shares up, Samsung shares down8
So now that the Samsung Galaxy Note 9 has been unveiled, what are investors saying about the new phone? Do they perceive Sammy's latest Note model as a threat to the Apple iPhone X? Apparently, those who put their money at risk in the stock market are saying that the new Galaxy Note 9 is no threat to Apple's highest priced and most premium handset.
During the regular U.S. trading day (which is from 9:30am EDT to 4:00pm EDT), shares of Apple set a new 52-week high of $209.78 before closing at $208.88 for a gain of 1.6% on the day. Interestingly, Apple traded at $209.50 just 30 minutes before the 11am EDT start to Samsung's event (which took place in New York City). The stock bottomed at $208.38 at 11:15am EDT, and once the Note 9 was actually unveiled, investors started buying Apple again with the new all-time high set at 1:25pm EDT.
Galaxy Note 9. The company's stock is down 3.5% in trading on Friday in Korea (even though it is still Thursday here in the U.S.) to 42,250 Won ($37.59 USD).The action in Samsung's shares, which trade on the Korean Exchange, indicate that traders are not impressed with the
The Samsung Galaxy S9 and Galaxy S9+ are not selling well despite a number of promotions. As far as the Galaxy Note 9 is concerned, the question is whether the large amount of default storage that comes with the phone (128GB), the latest chipset driving the device, the larger 4000mAh battery powering the unit, and the more capable S Pen will entice consumers to pay $999.99 in the U.S. for the phone. Expecting some resistance, the carriers have already announced BOGO deals, or in the case of T-Mobile, 50% off with a qualified trade-in.
Investors change their minds quite often, so while they seem to be down on the Samsung Galaxy Note 9, the tables could turn once Apple introduces the 2018 iPhone models, which is expected to occur next month.
(chart courtesy of Yahoo Finance)