Apple's big iPhone event doesn't seem to have gone over well with investors.
Apple stock dropped by 2% on Tuesday and declined by more than 5% in premarket trading as investors appeared disappointed by pricing for the iPhone 5C and the absence of immediate deal to distribute the new iPhones on China Mobile, the world's largest carrier by subscribers.
See also: How Launching an iPhone Affects Apple's Stock
Leading up to the launch event, analysts expected Apple to introduce a lower-cost iPhone priced between $400 and $500 that would play better in emerging markets like China. Instead, the iPhone 5C retails for $99 with a contract and $549 without — cheaper than the iPhone 5S, but effectively unchanged from Apple's traditional pricing structure. The 5S is $649 without a contract and $199 with a contract.
As Van L. Baker, VP and research director with Gartner, told Mashable in an earlier interview, offering multiple new devices at different price points should help Apple boost its smartphone market share somewhat, but "we would have liked to have seen something [priced] lower."
Several analysts have since suggested that Apple opted to focus more on profit growth rather than subscriber growth with this pricing model.
At the same time, there had been much speculation in recent weeks that Apple would finally seal a deal with China's largest carrier, China Mobile, to distribute the iPhone. While it appears Apple is moving in that direction, no such deal was announced at launch.
Apple's stock opened at $467, down from $494 on Tuesday at close, effectively shaving off more than $20 billion from its market cap overnight.

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Image: Mashable