Apple shares fall after Samsung unveils new phones

(Kevork Djansezian, Getty Images)
(Kevork Djansezian, Getty Images)
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Updated: 9/03 9:32 am

NEW YORK (AP) — Apple shares are getting bit by a rival.

The iPhone maker's stock fell more than 4 percent after Samsung unveiled two new smartphones at a trade show in Berlin Wednesday.

Samsung announced the Galaxy Note Edge phone, which has a side display for quicker access to Twitter, the flashlight, news and other apps. It also showed off a new Galaxy Note 4 phone and a virtual-reality headset for the phone to watch concerts or play games.

The Samsung unveiling comes less than a week before Apple is expected to unveil new products, next Tuesday.

Shares of Apple Inc. are down $4.25 to $99.10 in afternoon trading, erasing more than $25 billion of its market value.

 

©2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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