Apple stock might not rise on WWDC news
For investors, Apple’s (AAPL) Worldwide Developers Conference has been the poster child for “buy the rumor, sell the news.” Apple stock tends to rise ahead of the annual event and fall after the opening keynote, when the big announcements are made. Over the past eight years, Apple stock has risen an average of 3.5% in the month leading up to WWDC, then fallen 1.3% on the opening day of the conference, BTIG analyst Walter Piecyk said in a research report Friday. Apple stock has a streak of seven straight down sessions on the opening day of WWDC, he said. And the stock tends to stay down the day after and a month after the show opening. For the past seven years, Apple stock has declined an average of 1.2% a day after a show opens and 0.7% a month later, Piecyk said. “Apple has still not been able…