This is a breaking news story and will be frequently updated.
UPDATE: 4 p.m. EDT
Shares of Apple Inc. (NASDAQ:AAPL) traded virtually unchanged Monday as the company unveiled the Apple Watch at its "Spring Forward" event in San Francisco. The stock hovered around $127.17 at the start of the event at 1 p.m. EDT, then dipped more than 0.3 percent after CEO Tim Cook announced the entry-level price for the Apple Watch is $349 and the midrange is $549, with preorders beginning April 10. Shares of Apple edged up 0.43 percent Monday to close at $127.14.
Market professionals warned that if Apple didn’t present a “wow factor” during Monday’s launch, shares would sell off in the short term. However, Apple’s stock is currently in a sweet spot, because it’s attractive to both value and growth investors, even at these historic levels, according to Adam Sarhan, CEO of Sarhan Capital. "Even if we get a small short-term sell-off today, the stock can hit $150 by the end of 2015," Sarhan said.
UPDATE: 3:10 p.m. EDT
Apple shares reversed and edged higher to $127.42.
UPDATE: 2:50 p.m. EDT
Following the event, shares of Apple Inc. dipped to $125.06.
UPDATE: 2:37 p.m. EDT
Shares of Apple Inc. edged lower Monday, sliding down more than 0.3 percent, to $126.18, in afternoon trading after CEO Tim Cook announced the entry-level price for the Apple Watch is $349 and the midrange is $549, with preorders beginning April 10.
UPDATE: 2:26 p.m. EDT
As Apple Inc. kicked off its highly anticipated "Spring Forward" event in San Francisco Monday, shares jumped more than 2 percent, to $129.57, in afternoon trading. CEO Tim Cook formally unveiled the final features of the Apple Watch, the company’s first product developed under Cook.
Ahead of the launch, shares of Apple hovered around $127.17 at 1 p.m. EDT, but gained more than 2 percent, to $129.22, after the company unveiled a new thinner, lighter MacBook. Cook also announced the company has reduced the price of Apple TV to $69 from $99 and that the company will be an exclusive partner with HBO Now starting in April. The CEO also said every major car brand has committed to delivering Apple CarPlay, including more than 40 models of new cars shipping after the announcement of CarPlay.
The trajectory of Apple's stock during the event followed a typical pattern. However, Adam Sarhan, CEO of Sarhan Capital, noted, “If this event lacks the wow factor, typically the stock sells off in the immediate and in the short-term future.”
The launch comes as the tech giant prepares to replace AT&T Inc. on the Dow after the close of trading on March 18. During the event, the S&P 500 stock index added 12.15 points, or 0.59 percent, to 2,083.31. The Nasdaq composite index rose 21.75 points, or 0.44 percent, to 4,948.89.
Apple’s stock has had a momentous run over the past few months, hitting a recent all-time high of $133 in February after the world's most valuable company set a new milestone last month, marking the first time a company has ever hit a market capitalization of more than $700 billion. Apple posted quarterly earnings Jan. 27 that smashed Wall Street expectations, with 74.5 million iPhones sold during the holiday quarter, another record for Apple. The company also reported a record-breaking profit of $18 billion.