Tech stocks: Apple closes below $500

It's a busy day in the tech industry, headlined by Apple's unveiling of the next iPhone. Let's take a look at how key tech stocks fared Tuesday.

Apple disappoints. Apple shares closed down $11.53, 2.3%, to $494.64 after briefly surging to $507.45 on anticipation of the company's new smartphones. The world's biggest technology company unveiled its next-generation iPhone 5S, a new iPhone 5C in several colors starting at $99 and the latest version of its new iOS 7 operating system. Disappointment stemmed from no "must-have" new features and fears the lower-priced phones will hurt profit margins.

HP shares slip. Shares of the personal computer maker ended down 9 cents, 0.4%, to $22.27 after the company's stock was dropped from the Dow Jones Industrial Average.

HP joins Alcoa and Bank of America in the Dow shakeup. In a statement, The S&P Dow Jones Indices cited "the low stock price of the three companies slated for removal" and an interest in diversification. Goldman Sachs, Nike and Visa will replace them in the benchmark 30-stock average.

Despite the move and continued struggles in a weakening PC market, HP shares have performed solidly over the past year. The stock price has doubled in value since hitting a 52-week low of $11.71.

Activision up. Shares of the video game publisher behind Call of Duty finished the trading session up 11 cents, 0.7%, to $17.15, as the gamer industry gets ready for new hardware.

In November, both Sony and Microsoft launch their PlayStation 4 and Xbox One video game consoles, both of which are expected to fuel sales of retail video games.

Along with a new Call of Duty title launching this November, Activision is working on a new series, Destiny, with Halo creators Bungie.

Follow Brett Molina on Twitter: @bam923.