UBS analysts said Apple (AAPL) shares could see further weakness following a MacWorld presentation that failed to inspire investors, but noted shares are set up positively long-term.
Other analysts saw the drop as a buying opportunity.
Analysts from Citigroup said they were surprised by the stock's weakness following MacWorld, and would be a buyer at present levels. Deutsche Bank also said it views the weakness as a buying opportunity.
"No big earthshaking announcements from Apple today, but lots of good news on growth and growth potential," said telecom analyst Jeff Kagan.
During his keynote address, CEO Steve Jobs announced:
- Time Capsule, a backup appliance that wirelessly backs one or more Macs on a wireless network using an integrated 500GB ($299) or 1TB ($499) hard drive that resides in a base station.
- A free iPhone update that introduces support for maps with location, web clips, other features; and a $20 iPod Touch update that gives the device capabilities for mail, maps, stocks, weather and notes. Jobs said Apple has sold 4 million iPhones to date.
- iTunes will now carry over 1,000 movies, to rent for $2.99-3.99. Apple lowered the price for Apple TV to $229 from $299, and updated its software.
- The MacBook Air - at $1,799, the "world's thinnest notebook." Air measures 0.16-inches at its thinnest point, and 0.76-inches at its thickest. MacBook Air boasts a 13.3-inch LED-backlit widescreen display, a full-size and backlit keyboard, built-in video camera, and a trackpad with multi-touch gesture support so users can pinch, rotate and swipe. 1.6 GHz or 1.8 GHz Intel Core 2 Duo processor with 4MB L2 cache, 2GB of memory, an 80GB 1.8-inch hard drive. It can be pre-ordered now, and begins shipping in two weeks.