Apple shares fall after news iPhone X sales will occur in next fiscal year

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Apple Inc.
AAPL, -0.59% stock fell nearly 1% in late afternoon trading as news emerged that sales of its much-anticipated iPhone X will occur in the next fiscal year.
Apple executives announced Tuesday that the new iPhone X, priced at $999, will be available for pre-order in October, and not delivered until Nov.
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This will enable the tech giant to generate holiday shopping sales but not make the September deadline to include its revenue in this fiscal year.
Shares were up more than 1% during the event but fell as proceedings drew to a close.
Along with the new iPhone X, executives announced an iPhone 8, and, iPhone 8 Plus, as well as a new watch that includes cellular connectivity.
Many of the announcements were expected after a massive leak late Friday evening of the forthcoming iOS 11 software.
In the last three months, Apple stock has climbed 10.2%, with the S&P 500 index SPX, +0.30% gaining 2.6%.
The Dow Jones Industrial Average DJIA, +0.24% of which Apple is a component, gained 4.1%.
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