Apple just announced two new iPhones, the iPhone 5S and the iPhone 5C.
The immediate reaction to the phones is not great. The stock fell 3%, or $15.
The phones themselves seem fine.
The iPhone 5S in particular looks great. It has a new fingerprint scanning feature built into the home button that allows users to easily, and securely unlock their phones. It will also allow them to purchase stuff from iTunes without a password.
The iPhone 5S has a new 64-bit A7 chip, which Apple says makes it "desktop-class" in terms of speed.
It also has a new camera system and an improved flash.
The iPhone 5C is essentially the iPhone 5, but with a colorful plastic backing.
Contrary to what many people hoped, the 5C will not be cheap. It won't even be mid-range. Off contract, the 5C is going to cost $549, which means it will be pretty expensive for most people around the world. This seems to be the reason the stock dropped.
The new iPhones go on sale September 20.
Our live blog from the event is below.
