New York: Apple Inc.’s product events reliably draw breathless coverage in the media. Investors are less enthusiastic. The smartphone maker’s shares fell 0.4% after chief executive officer Tim Cook unveiled the company’s latest gadget aimed at fending off growing competition.

The move was the second-smallest reaction on a day when Apple announced a key product launch going back to the iPhone’s debut a decade ago.

That’s not to say investors have soured on the world’s most valuable company by market cap. Apple shares have rallied 40% this year in part because of optimism that new products such as the ones introduced Tuesday will boost sales.

But day-of stock moves have never reached the heights attained when the first iPhone was shown in 2007. That sparked an 8.3% jump. Since then, the first-day reaction on new models has been lacklustre, with the worst coming in 2010, when the stock dropped 2%. Bloomberg