By Sue Chang, MarketWatch
SAN FRANCISCO (MarketWatch) -- Prior behavior may not be much of a help in reading Apple Inc.'s direction on Wednesday.
Apple (AAPL) failed to get a new-product bounce on Tuesday despite having released two much anticipated devices -- a lower priced iPhone 5C and the iPhone 5S, which boasts a fingerprint sensor. The stock slid 2.3% to close at $494.64.
A quick look at stock movements in the wake of product announcements shows that Apple investors tend to buy on the rumor and sell on the news.
On Sept. 12, 2012, when it released iPhone 5, shares rose 1.4% and continued their winning streak for six sessions.
On Oct. 4, 2011, when it announced the 4S, shares shed 0.6%, falling for a seventh session in a row. It recovered 1.5% the following day but then dropped for two more sessions before rebounding.
On June 7, 2010, when it unveiled iPhone 4, the stock closed down 2%. It remained in negative territory on June 8 and June 9 before it recovered to rally for seven days.
Meanwhile, Texas Instruments (TXN) released its third-quarter earnings after Tuesday's closing bell, offering a revenue outlook that was narrower than previous estimates.
The chip maker now expects earnings per share of 51 cents to 55 cents, compared with 49 cents to 57 cents previously. It also projected revenue of $3.15 billion to $3.29 billion, versus $3.09 billion to $3.35 billion announced in July. Analysts surveyed by Thomson Reuters forecast earnings of 53 cents a share on revenue of $3.23 billion.
Shares of TI slid 1% in after hours.
On Wednesday, Men's Wearhouse Inc. (MW) is projected to report second-quarter earnings of $1.14 a share, according to a consensus survey by Thomson Reuters.
"We're expecting in-line results and for management to reiterate fiscal 2013 guidance following the $100-million buyback program," said analysts at Wedbush in a note on Monday.
-Sue Chang; 415-439-6400; AskNewswires@dowjones.com
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(END) Dow Jones Newswires
09-11-13 0535ETCopyright (c) 2013 Dow Jones & Company, Inc.
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