Apple's Stock Falls on iPhone Fail but It's Still a Bargain

Last Updated Oct 5, 2011 4:21 PM EDT

It's said that the most important part of a CEO's job is managing Wall Street's expectations. In that regard Apple's new chief Tim Cook failed with the launch of the iPhone 4S in a way former CEO Steve Jobs hardly ever did. Apple's stock initially tanked on the news.

The market, driven by hedge funds and their robot cousins, was expecting a full-fledged upgrade -- a brand-spanking-new iPhone 5 -- and it got something less. So what's in a name? Only as much as 13 billion bucks in market