Apple (AAPL) Stock Closesd Lower Following Negative Apple Watch Study Results

NEW YORK (TheStreet) -- Shares of Apple (AAPL) closed down 0.56% to $126.79 on Friday as a new study finds that many millennials are dissatisfied with the Apple Watch, CNBC.com reports.

Conducted by MBLM, a brands intimacy agency, the study shows that many reported that the original thrill of using it began to dissipate after 30 days. Many found that it was "like a weak extension of their iPhone," CNBC.com noted.

Others said that they were even guilty when wearing the wearable, stating that it was an "ostentatious symbol of wealth," CNBC.com added.

In addition, "The initial demand for the Apple Watch looks lackluster," managing director at Rosenblatt Securities Brian Blair stated. "It's nice to get notifications, but it's a nonessential product."

Like most wearables that are often notorious for having a high ditch-rate, interest for the Apple Watch may be waning, CNBC.com said.

Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

If you liked this article you might like

Coolest Apple iOS 11 Features That You Might Have Missed

Apple iPhone 8 and iOS 11's Positive Reviews Bode Well for the iPhone X

Best Buy CEO -- We, Together With Amazon, Will 'Kill' the Competition

A Sprint/T-Mobile Deal Still Faces Big Hurdles, Especially for Sprint

How to Make a Deal Like Billionaire Investor Warren Buffett