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No Apple TV, iTV mention at WWDC costs $16bn

Shares drop as Tim Cook leaves iTV out of keynote speech

Apple has lost a total of $16bn simply by not mentioning its upcoming iTV at this year's worldwide developer conference (WWDC).

The loss occurred on the stock market which saw shares drop by $17.33, according to Marketwatch. Tim Cook, CEO of Apple, didn’t mention the Apple TV or iTV is his keynote speech resulting in a loss of $16.2bn.

See also: Apple TV, iTV release date, specs and rumours.

"Clearly, Apple stock is vulnerable to a serious decline. The shares were trading at $588.50 and, after the disappointment, closed at $571.17. Apple has 935.06 million shares outstanding. The stock drop resulted in a hit to Apple’s market capitalization of $16.2 billion." said Marketwatch.

The site said that the firm delivered what Apple fans were hoping for, including iOS 6, new MacBook Airs and new MacBook Pros. However, short-term traders were hopeful for an iTV announcement.

"It is not uncommon for Apple stock to run up into an event and then fall on the event. This time was somewhat different because the stock initially held up during keynote, falling only when Cook didn't end his presentation with Steve Jobs’ classic 'One more thing.'" added Marketwatch.

According to PCmag, analyst Brian White from Topeka Capital Markets said the iTV will feature motion controls and a touch-screen remote control similar to the iPad.


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