This is a breaking news story and will be frequently updated.

UPDATE 4 p.m. EDT:

The trajectory of Apple Inc. (NASDAQ:AAPL) stock during its iPhone 6S launch event followed a typical pattern Wednesday. If Apple didn’t present a “wow factor” during the launch, shares would decline in the short term, said Adam Sarhan, founder and chief executive officer of Sarhan Capital. Following the event, shares dropped roughly 2 percent to close at $110.15. 

Apple kicked off its highly anticipated launch event in San Francisco Wednesday, and shares initially gained around 1.5 percent, to as high as $114.02, in afternoon trading, after CEO Tim Cook formally unveiled a new supersized iPad Pro.

UPDATE 3:05 p.m. EDT:

Schiller introduced the "iPhone Upgrade Program" that allows users to get a new iPhone "every single year" with a monthly fee of $32 per month. 

UPDATE 3 p.m. EDT:

Shares of Apple eased some of its losses in late afternoon trading. The Apple iPhone 6S will be priced between $199-$399, and the iPhone 6S Plus will be priced from $299-$499, the company said. Pre-orders for the new iPhone begin Sept. 12, and the devices will be available in multiple countries by Sept. 25. Meanwhile, iOS 9 will be available across other devices on September 16, Apple marketing exec Phil Schiller said.

Older versions of the iPhone 6 and 6 Plus will be priced lower.

2015-09-09T190327Z_97784401_TB3EB991GXGP6_RTRMADP_3_APPLE-PRODUCTS (1) Phil Schiller, Senior Vice President of Worldwide Marketing at Apple Inc, speaks about pricing for the entire iPhone line during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

UPDATE 2:50 p.m. EDT:

Apple's shares dipped 0.5 percent, trading around $111.70, after the company said its new iPhones will come with a 12 megapixels camera and a new touch ID fingerprint sensor that is twice as fast as before, Apple marketing exec Phil Schiller said. 

2015-09-09T184321Z_675917352_TB3EB991FZYOI_RTRMADP_3_APPLE-PRODUCTS Craig Federighi, Senior Vice President of Mac Software Engineering, takes the stage to discuss the 3D Touch featured on the new iPhone 6s line during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

UPDATE 2:30 p.m. EDT:

Apple shares traded roughly 1 percent lower after CEO Tim Cook unveiled the iPhone 6S and the iPhone 6S Plus. "While the may look familiar, we have changed everything about these new iPhones," Cook said. Apple marketing exec Phil Schiller said the phones take multi-touch to the next level, calling it "3D Touch." the phones will be available in silver, gold, space gray and rose gold.

2015-09-09T183256Z_2084868902_TB3EB991FIMO4_RTRMADP_3_APPLE-PRODUCTS Apple CEO Tim Cook introduces the iPhone 6s and iPhone 6sPlus during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

UPDATE 2:25 p.m. EDT:

Cook highlights the iPhone's growth in China, saying customer satisfaction is very high for the device.

2015-09-09T182855Z_2092554689_TB3EB991FBXO2_RTRMADP_3_APPLE-PRODUCTS Apple CEO Tim Cook discusses the smartphone market in China during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

UPDATE 2:20 p.m. EDT:

The new Apple TV will be available starting in late October, available with Siri that will search across iTunes, HBO, Hulu and Netflix and more for content. 

UPDATE 2 p.m. EDT:

Apple shares continued to edge lower, trading down 0.3 percent to $111.95 after the company debuted a new Apple TV with touch remote.

2015-09-09T180425Z_886784216_TB3EB991E72N4_RTRMADP_3_APPLE-PRODUCTS Eddie Cue, Apple's senior vice president of Internet Software and Services, takes the stage to discuss Apple TV during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

UPDATE 1:49 p.m. EDT:

Apple shares edged down 0.10 percent, to $112.11 in afternoon trading, after the company announced the iPad Pro will start at $799 for a 32GB model, available starting in November. The product will come in silver, gold and space grey. The Pencil will be $99, and the Smart Keyboard will be $169.

2015-09-09T175256Z_664739980_TB3EB991DNXMG_RTRMADP_3_APPLE-PRODUCTS Phil Schiller, Senior Vice President of Worldwide Marketing at Apple Inc, speaks about the new iPad Pro's pricing during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

UPDATE 1:40 p.m. EDT:

Shares of Apple eased early gains, trading up 0.2 percent to $112.55, after Apple unveiled the "Apple Pencil" stylus for the iPad Pro. The company also introduced an Adobe editing package for iPad. Meanwhile, Apple unveiled "The Smart Keyboard" that attaches through a "brand new connector technology" called the "Smart Connector."

 

Original story: As Apple Inc. (NASDAQ:AAPL) kicked off its highly anticipated launch event in San Francisco Wednesday, shares gained 1.5 percent, to $113.95, in afternoon trading after CEO Tim Cook formally unveiled a new supersized iPad Pro. The company also announced it will partner with Hermès for a luxury watch band, and said the Apple Watch Sport will now be available in gold and rose gold options.

Wall Street expects the company to unveil a new iPhone 6S and 6S Plus versions, with new features likely to include an improved 12-megapixel camera, Force Touch technology, faster A9 processor and a rose color option. Apple is also expected to revamp its TV set-top box, and analysts expect it to include an App Store and Siri among other features. 

2015-09-09T171553Z_967773110_TB3EB991BY7KQ_RTRMADP_3_APPLE-PRODUCTS Apple CEO Tim Cook discusses the Apple Watch during an Apple media event in San Francisco, September 9, 2015. Photo: Reuters/Beck Diefenbach

Apple’s stock had a momentous run earlier this year, but the stock has lost 16 percent from the all-time high it set in April. The stock tumbled below its 200-day moving average in Aug. 3 for the first time since September 2013.

The recent losses come after the company also set a new milestone in February, marking the first time a company has ever hit a market capitalization of more than $700 billion. Apple’s growth accelerated sharply during the holiday quarter in 2014 and the January-March quarter of 2015, driven by booming iPhone 6 and iPhone 6 Plus sales that have so far fueled the company's two best quarters ever.

Apple missed Wall Street sales forecasts for its iPhone in the April-June quarter. Shipments for its flagship iPhone, Apple's biggest product category by unit sales and revenue, came in at 47.5 million, below analysts’ forecasts of 50 million. Although online sales for the Apple Watch began globally in April, the wearable device didn't hit retail stores in the U.S. until mid-June, two weeks before the end of the quarter.

Despite the sales miss on its flagship iPhone, S&P Capital IQ maintained its Hold rating on Apple, with a 12-month price target of $150.