After hitting session highs, shares of Apple fell nearly 2 percent Wednesday as the technology giant unveiled new iPhones, iPads, Apple TV, Apple Watch features and a surprise device, the Pencil.
The stock slip came despite hype over Apple's new iPhones, available for preorder Sept. 12, that will be significantly faster and more powerful. The new devices debuted as some analysts wondered if Apple can keep customers upgrading mobile phones, its best-selling product, while focusing on future, innovative ventures like the TV.
"I probably couldn't figure out half the things they announced today and the other half I'm not particularly interested in," Andy Hargreaves, senior research analyst at Pacific Crest Securities, told CNBC. "I think the phones are great, I'm actually reasonably bullish on the stock right now."
The company's shares have historically risen before autumn launch events, where Apple has been known to make waves with flashy new technology, only to fall afterward, a phenomenon some have called "antici-pointment." Wednesday's share moves were no different, with the stock rising after the debuts of a new Apple Watch collection and iPad Pro earlier in the afternoon, then dropping as executives discussed the Apple Pencil, TV, and iPhone 6S and 6S Plus.
The iPhone, Apple's flagship device, will be 70 percent faster at CPU tasks and 90 percent quicker at graphics compared to the current model, Phil Schiller, senior vice president of worldwide marketing at Apple, said at the San Francisco event Wednesday.
The improved processing speed built on previously rumored features like a 3-D touch display that creates easier movement between apps, and an improved camera, that supports 12 megapixel images, ultra high-definition video and "live pictures," stand-alone images which resemble short video clips.
The streaming device Apple TV also generated buzz, thanks to apps that allow gaming, live sporting events and Siri-enabled search.
"The future of television is apps," Apple CEO Tim Cook said. The new phones and iPads will feature iOS 9, which Apple said will be available Sept. 16.
Other upgrades across the other devices focused on display, processing speed and cosmetic updates. For instance, the new line of products will have chassis colors like rose gold, and Apple Watches will have bands designed by luxury brand Hermes.
Apple's new iPad, and accessory stylus Pencil, focused on building on enterprise partnerships with companies like Microsoft and Adobe. But at $799, the larger iPad Pro was comparably pricy to other very powerful tablets on the market as well as Apple's own Mac computers.
"Cannibalization is definitely a potential headwind," said Dan Ives, managing director at FBR Capital Markets. But Ives added, "They finally have a product to go after enterprise ... this is long-overdue breath of fresh air."