NEW YORK (TheStreet) -- Maybe it was the stylus.
At a long-anticipated Apple (AAPL) event Wednesday, company executives unveiled an impressive lineup of new products, including enhanced iPhones, a new iPad Pro, fresh models of the Apple Watch and a new Apple TV.
Investors seemed to take it all in stride. Apple stock finished the day at $110.15, a decline of 1.9%.
Perhaps one could blame it on the stylus, the so-called "Apple Pencil" for the iPad Pro. A stylus was something long considered by Apple co-founder Steve Jobs to be an anathema. Jobs intensely disliked even the idea of a stylus.
The truth is, though, investors probably didn't give that much thought to the stylus. As an enormously successful company, Apple's financial challenge continues to be how to keep impressing Wall Street -- how to keep topping itself in an increasingly competitive marketplace.
When the company released its quarterly earnings on July 21, reporting three-month record sales of its widely popular iPhone, Apple shares declined slightly and continued to fall for the next few days. In fact, Apple's most recent high was $132.07 on July 20.
Apple's stock decline Wednesday also came amid a down day for U.S. markets. The Dow Jones Industrial Average dropped by 1.5%, the S&P 500 Index lost 1.4% of its value and the Nasdaq Composite Index shed 1.2%. Investors continue to be concerned about a possible rate hike by the Federal Reserve. Energy prices tumbled nearly 4%.
Shares of GoPro (GPRO) fell by 10.3% Wednesday, closing at $33.65. That was the lowest level for the company since June 27, 2014, the second day after its public offering, according to Investor's Business Daily.
GoPro's shares also took a beating last week. On Tuesday, Sept. 1, the company's shares dropped by 6.2%. They fell another 5.5% the following day. Investors are concerned about a decline in demand for sports action cameras.
Shares of chipmaker Ambarella (AMBA) have fallen in tandem with GoPro's slide. Ambarella shares closed Wednesday at $68.47, a decline of 6%.
Netflix (NFLX) shares rose by 4.5% Wednesday, closing at $99.18. Netflix is among the companies that could get a big boost from the new Apple TV.
"As we look for that great content, whether it's Time Warner's (TWX) HBO Game of Thrones or Netflix House of Cards, we won't be flipping channels anymore," wrote TheStreet's Technology Editor Chris Ciaccia in his report on the Apple TV. "Instead, we'll switch between apps and the new user interface, app store and Siri's voice activated capabilities are only going to enhance that.
"Not only will this make watching TV a better experience, but may actually wind up causing us to watch more TV."
That certainly something that Netflix investors would like to see.