Is the Apple pullback on earnings an opportunity?

A pedestrian walks by an Apple store in New York.
Scott Mlyn | CNBC
A pedestrian walks by an Apple store in New York.

Apple's share price dropped almost 6 percent Wednesday morning, a day after the iPhone maker reported disappointing sales of the smartphone. This decline is not something Apple investors are used to and could cause some of them to bail on the stock, according to history.

Since the start of the iPhone era in 2007, shares of the tech behemoth rose 60 percent of the time on the day after the release of its quarterly earnings, posting a median gain of 2.6 percent and average return of 1 percent, according to data compiled by CNBC Pro using FactSet.

Conversely, the average return when the stock fell the day after earnings was negative 4 percent while the median return was minus 2.7 percent.

A disappointing earnings day usually weighs on investor confidence in the stock far beyond that day or even week, history shows.

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