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Wall Street loves Apple: Stock up on new iProducts

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So much for selling the Apple news. Even though Apple didn’t offer many surprises with its new product announcements, Wall Street was thrilled. You could even say they were iMpressed.

Apple stock rallied nearly 5% Tuesday afternoon as Apple unveiled the iPhone 6 and iPhone 6 Plus, a mobile wallet service called Apple Pay and an Apple Watch.

The stock dipped initially as the Apple event started in Cupertino at 1PM ET, but soon reversed course.

Apple’s stock has often fallen on the day of new product launches. And tech enthusiasts and investors were all expecting two new larger versions of the iPhone, some sort of mobile payment product and Apple’s first wearable device. But this time might be different simply because Apple was able to prove to Wall Street that it can finally develop new products beyond the iPhone and iPad tablet.

The perception that Apple is no longer innovative has dogged the company since Steve Jobs passed away in 2010. Some investors questioned whether Apple CEO Tim Cook would ever be able to restore the mojo that the company had under Jobs.

But nobody seemed to be worried about that on Tuesday.

Other Apple winners and losers: Apple wasn’t the only stock moving following the latest products news.

Shares of eBay, which owns mobile payment service PayPal, fell more than 2%. Investors might be worried that Apple Pay could be a significant competitive threat.

Watch maker Fossil fell 2% after the Apple Watch was introduced.

GTAT Advanced Technologies, a company that has an agreement to supply sapphire glass to Apple, fell more than 10%.

The stock has rallied sharply this year on the hopes that Apple would use scratch-resistant sapphire as a protective cover for its new iPhones. But Apple did not make any specific mention of sapphire for the iPhone during its event. Apple did say its watch would have a sapphire screen though.

Shares of NXP Semiconductors rose as investors cheered the news that its chip would be used for Apple Play. And the stock of a thinly traded company called Pulse Electronics, which some tech blogs reported was the maker of the antenna used in the NXP chip, soared nearly 60%.

It just goes to show the breadth of Apple’s impact throughout the stock market.

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