Apple's plans land with a thud

Matt Krantz | USA TODAY

Show Caption Hide Caption Apple event reaction - Graham and della Cava Jefferson Graham and Marco della Cava weigh in on the Apple event and offerings of new iPhones, iPads and a revamped Apple TV. Their take? Tune in.

Apple (AAPL) is pulling out all the stops. But nothing — it seems — can get the stock moving or get investors jazzed again.

Shares of Apple closed down 1.9%, or $2.16, to $110.15 Wednesday as CEO Tim Cook released several new products including another updated smartphone, set-top box and a $99 pencil. It's the biggest one-day drop on the day of an iPhone announcement since the unveiling of the iPhone 5C and 5S in 2013, when shares dropped 2.3%.

The decline of the stock amid the announcement of several products is somewhat of a disappointment since Apple shares didn't get the pop ahead of the event this time around, either. Apple's status as an innovator was under fire as the new products lacked any breakthrough enhancements. The Internet lit up with comments on how Apple's new iPad borrows heavily from the design of Microsoft's signature Surface line of tablets that have a keyboard and stylus. The Apple TV's gaming features resembled those of Nintendo's Wii and the new iPhone was ho-hum.

Usually Apple shares jump about 5% in the 30 days prior to an iPhone unveil, but this time, the shares fell 6.2% leading some to think the stock could have upside on announcement day.

The stock - again - is succumbing to the announcement day blues. Shares of Apple have gained just 0.2% in the day of iPhone announcements going back to the original in 2007 when the stock jumped 8.3%. Excluding the big gain on the announcement of the original iPhone, the stock on average has fallen 0.8% on the days new smartphones were announced.

The lack of buying ahead of the announcement - and on the day of the announcement - is a bit of a surprise for Apple investors who have grown used to this stock being a big-time winner. Shares of Apple are down 17% from their high - putting the shares in a correction and just a hair away from being in a bear market. Shares are barely clinging to a gain this year.

Looks like its sell on the rumor - and sell on the news.