Apple's stock sank more than 5% on Wednesday as investors expressed their disappointment that Apple did not unveil a cheaper iPhone on Tuesday.
The company did roll out the new iPhone 5c, a plastic-coated phone available in five colors. However, the price came in much higher than expected.
About an hour after Wall Street's opening bell, Apple shares were trading at $466.37, down $28.27, or 5.7%, from Tuesday's closing price.
The 5c will sell for $99 with a contract. But without a contract, the price starts at $733 in China and $549 in the U.S. That makes the iPhone 5c Apple's midpoint phone, between the high-end iPhone 5s and the older iPhone 4S.
Analysts have been clamoring for a cheaper phone to make Apple more competitive in overseas and emerging markets, where Samsung's Android phones have become the runaway leaders.