Apple investors bought its shares during the build-up to Tuesday, but then sold the news.
Apple shares were trading at $161.37 at 1 p.m. Eastern time, when the event began, and climbed as high as high as $163.75 at 1:55 p.m., when CEO Tim Cook began talking about the iPhone.
That move added billions of dollars to Apple's market value.
Yet the stock began to slide once Cook and other executives began sharing details on the iPhone 8, iPhone 8 Plus and the iPhone X (pronounced "ten").
While the iPhone 8 and iPhone 8 Plus will be out in September, when Apple typically launches its new iPhones, the iPhone X will launch later. Customers will be able to pre-order the iPhone X beginning in October before it launches in November. This is unprecedented for Apple, which hasn't ever launched an iPhone so late in the year, and so close to the important holiday shopping season.
By the time the event was over, Apple shares had slid to $160.20 and were in the red slightly for the day.
Still the shares are still priced near recent record highs.
As of 2:55 p.m. Eastern time, when the event ended, Apple's market value was $837.6 billion and it remained the most valuable company in the world.