“Apple Watch is the most personal device we have ever created,” Cook said at the event. “We set out to create the best watch in the world.”
Cook unveiled the watch after earlier introducing Apple Pay, the mobile payments system. Apple is partnering with credit-card companies including American Express Co., MasterCard Inc. and Visa Inc. for the service, which will be offered in the U.S. starting next month.
In introducing a mobile-payments service, Apple squarely took aim at existing payments services. “Our vision is to replace this and we’re going to start by focusing on payments,” Cook said as a picture of an old wallet was flashed on screen.
The company also posted an image of a leather billfold on its website with a message saying, “Wallet, your days are numbered.”
Apple Pay will work with services including mobile car- booking application Uber Technologies Inc., restaurant reservation system OpenTable and daily deals company Groupon Inc., the company said.
I watched the Apple presentation this morning and I want an Apple Watch for the fitness tracking apps but I’m not sure I need one when I already have a FitBit Flex and an iPhone. The share had rallied to a new high over the last month on expectations of big news in the product line up. The watch is a new product but it is open to question whether it is meaningfully better than the Samsung products already in the market. That would suggest that it will be up to Apple to demonstrate that the apps are better and the ecosystem more attractive than other product stables.
Apple posted a weekly downside key reversal last week and failed to hold today’s earlier rally. Some additional downside follow through in the next few days would increase potential that mean reversion is unfolding.
The South Korean market has been shut for the last few days for the annual harvest moon holiday but Samsung Electronics will need to rally when it reopens on Thursday if type-3 top formation completion is to be offset.
China’s largest cell phone manufacturers Xiaomi and Huawei are both privately held but both are making advances in their product lines and competing on price. Hong Kong listed ZTE Corp remains in a rangey uptrend and hit a new two-year closing high today.
Nokia shares a similar pattern and broke out of an almost yearlong range two weeks ago.
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