NPR logo iPad Announcement Takes Apple's Shares On A Wild Ride

iPad Announcement Takes Apple's Shares On A Wild Ride

Event guests play with the new Apple iPad in San Francisco. Justin Sullivan/Getty Images hide caption

toggle caption
Justin Sullivan/Getty Images

Today Apple announced its newest and much anticipated product — the iPad tablet. Neither an iPhone or a lap top, the iPad is a something in between that Apple CEO Steve Jobs claimed will become a "revolutionary product." The iPad launch set the Internet ablaze with proponents and detractors passionately debating the device's merits and shortcomings. Why doesn't it have a camera? Why doesn't it run multiple apps? Will it be an ereader competitor? Is the price too much?

Planet Money will leave the speculation to the blogosphere and Twiterati to instead focus on Apple's share price. Apple began the day at 205.7. Half an hour into Jobs' presentation the APPL ticker plunged 2.5 percent to 200.174. An hour later Apple rebounded to 210.32 after Jobs unveiled the iPad's unexpectedly low price of $499. Since then the price has slipped but stabilized well within the green at 207.884, a .94 percent increase. The iPad is expected to ship in March. Apple's share price reached a low in January 2009 of $78.