MYLES UDLAND
Apple
Apple Pay.
Shares of eBay, Fossil, Movado, and GT Advanced Technologies are all lower after Apple announced various products that either compete with these companies or that did not include some of their components.
eBay shares were down as much as 2.2% in afternoon trade on Tuesday after Apple announced Apple Pay, a new credit card payment system that is likely to compete with eBay’s PayPal unit.
Fossil shares were down more than 3%, while Movado shares were off 1.5%, after Apple announced Apple Watch.
GT Advanced Technologies, which makes sapphire displays, was down as much as 11% after Apple announced that sapphire displays would be in Apple Watch, but not the company’s newest iPhones: iPhone 6 and iPhone 6 Plus.
Shares of Apple, meanwhile, have been volatile on Tuesday, having gained as much as 4.5%.
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