The stock value of Apple (NASDAQ:AAPL) plummeted after revealing its flagship iPhone 5S and supposedly less expensive iPhone 5C. The stock closed at around $494 per share, down by more than 2% on Tuesday.

The movement of the stock showed that investors were not happy with the announcement of the tech giant regarding its new iPhones. Some market observers opined that historically, Apple’s stock declines after revealing its new products, but it climbs weeks after its availability in the market.

People anticipated that the iPhone 5C is cheaper and it is intended for the emerging markets particularly in China. However, the price of the iPhone is still pricey at $549 for the 16 GB version of the device without contract, and $99 with a 2-year contract. Analysts, investors, and the media covering the technology industry speculated that the ‘C” in the iPhone 5C stands for China or cheaper, instead the letter represents color. The iPhone 5C comes in different colors such as blue, green, pink, yellow, and white.

Apple’s senior vice president of worldwide marketing, Phil Schiller said,”The iPhone 5C is made with all the incredible technology that customers have loved with the iPhone 5, but there’s more, tooIt has an incredible new design — one that’s more fun, and more colorful than anything we’ve made before.”

The iPhone 5C is equipped with a 4-inch retina display, an A6 processor, 8MP iSight camera with element lens and IR filter. Apple is also selling a custom case made of silicon case fiber lining for the device that costs $29.

On the other hand, the cost of the iPhone 5S starts at $199 for the 16GB model with a two-year contract and the unsubsidized cost for the device is $649. The device is available in silver, gold, and space-gray. It is integrated with an A7 processor, which is two times faster than the A6, and it has new part called M7, a motion sensor that would pave the way for the development of health and fitness apps. The iPhone 5S is equipped with an 8MP camera with five element lens and f/2.2 aperture. It has the ability to auto focus and take multiple shots.

As previously reported, iPhone 5S is integrated with a fingerprint scanner to provide additional security for users. The finger print scanner dubbed as TouchID is built in the home button of the iPhone , and it is 170 microns thin, with  500 ppi resolution, 360-degree readability, and scans sub-epidermal skin layers.

According to Apple, the TouchID scanner captures the image and analyzes the fingerprint of the user. The tech giant said the fingerprint image is not stored in the iCloud or Apple servers so there is nothing to worry about privacy or security.

The iPhone 5C and iPhone 5S will be available in the market through AT&T (NYSE:T), Sprint Corporation (NYSE:S), T-Mobile US (NYSE:TMUS), and Verizon Communications (NYSE:VZ) on September 20.

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