Apple Inc. share price down, reveals new iPhone handsets, long-awaited Apple Watch and Apple Pay

At its Tuesday event Apple Inc. made a new product and services announcement. The company revealed two new bigger-screen iPhones, the long-awaited Apple Watch, a mobile-payment system and health applications that all work together forming the largest new line-up unveiled under the lead of the Chief Executive Officer Mr. Tim Cook.

Apple revealed its long-awaited Apple Watch, which is considered the first new product category released by the company in almost half a decade after the introduction of its iPad in 2010. The device comes in two sizes and three versions: Watch, Sport and Edition. A range of several different straps and faces will be offered in order to provide customers with a variety of designs. The model features a rectangular face and rounded edges.

As reported by Bloomberg, Chief Executive Officer Cook commented on Apple Watch at the event: “Apple Watch is the most personal device we have ever created. We set out to create the best watch in the world.”

The wearable device will feature a GPS, various notifications, health tracking and other useful applications. Apple Watch will be offered only in the U.S. at the price of $349 and is expected to be available in early 2015. There will also be an 18 karat gold version that will be more expensive. Apple Watch was said to work through a connection to the new iPhone 6 and iPhone 6 Plus, as well as through the older iPhone 5, 5c and 5s.

Apple also finally lifted the curtain on its iPhone 6 and iPhone 6 Plus, which are larger and thinner in comparison to its previously-released flagships. They also have rounded edges, and are expected to go on sale on September 19th. The handsets will be initially available for pre-order on September 12th and shipping on September 19th only in a number of countries, including the U.S., Canada, the U.K., Germany, France, Australia, Japan, Singapore.

The company revealed that the base model has 4.7-inch screen and iPhone 6 Plus features a 5.5-inch display. The new iPhones come with a custom A8 64-bit processor processor, which according to Apple is 25% faster than the previously launched ones. There will be also a new motion processor for fitness and health-related applications.

“Today, we are launching the biggest advancement in the history of iPhone,” Mr. Cook said at a speech, which was cited by the Wall Street Journal.

The U.S.-based technology giant also announced the prices of the new iPhone devices. The iPhone 6 will be available at costs of $199 to $399 with a two-year contract, while the iPhone 6 Plus device will be offered in the price range from $299 to $499. The companys new flagships will come in silver, gold and space grey.

Apart from the new iPhone and Apple Watch devices, Chief Executive Officer Mr. Cook also introduced the companys mobile payment system called Apple Pay. The system will operate with the new wearable device and new handsets of Apple. The company which is working in collaboration with some credit-card companies such as MaterCard Inc., American Express Co. and Visa Inc. for the development and maintenance of the service. Apple Pay will be launched in the U.S. in October 2014.

As reported by Bloomberg, Mr. Cook said as a picture of an old wallet was flashed on screen: “Our vision is to replace this and we’re going to start by focusing on payments.”

Apple Inc. fell by 0.38% to close at $97.99 per share on the NASDAQ on Tuesday, marking a one-year change of +35.51%. The company is valued at $586.75 billion. According to CNN Money, the 42 analysts offering 12-month price forecasts for Apple Inc. have a median target of $107.50, with a high estimate of $135.00 and a low estimate of $51.43. The median estimate represents a +9.71% increase from the last price of $97.99. The tech giants shares fell by 5.94% to €74.81 by 07:33 GMT in Frankfurt on Wednesday.