Let's Snooze: Apple Rebounds Slightly After iPod Refresh

Apple’s much-anticipated “Let’s Rock” media event yesterday featured a group of largely expected announcements on updates to iTunes, the iPod Nano and the iPod Touch that left investors distinctly uninspired.

The stock dropped sharply yesterday during and after the event, held in San Francisco, rebounding modestly today.

The Street’s reaction to the announcements was largely mixed. Expectations heading into Apple (AAPL) product launches are often far beyond the rational; almost all of yesterday’s product news had already leaked into the rumor mill.

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