Apple shares drop on iPhone 5 disappointment

Apple CEO Tim Cook speaks at the event introducing the new iPhone 4s at the company's headquarters October 4, 2011 in Cupertino, California. The announcement marks the first time Cook introduces a new product since Apple co-founder Steve Jobs resigned in August. October 4, 2011 in Cupertino, California. Kevork Djansezian/Getty Images/AFP

NEW YORK—Apple shares dropped more than four percent on Wall Street on Tuesday after the California gadget-maker unveiled an updated version of the iPhone but not a new model many analysts had been expecting.

Apple shares were down 4.93 percent at $356.14 shortly after the company took the wraps off the iPhone 4S at an event at its Cupertino, California, headquarters.

The more powerful iPhone features a speedier processor, a built-in “personal assistant” that responds to voice commands and a more powerful camera.

Many analysts and Apple fans had been expecting a next-generation iPhone 5.

The iPhone 4S will be available in the United States, Australia, Canada, France, Germany, Japan and Britain on October 14 with pre-orders commencing a week earlier.

In the United States, iPhone 4S prices will start at $199 for a 16-gigabyte model and top out at $399 for a model with 64 gigabytes of memory.