There was a great deal of catch up being played at the Apple Inc. (NASDAQ:AAPL) presentation in Cupertino today and investors are not happy with the company’s showing. Apple stock has fallen by around 2 percent on today’s market, killing theories that stock in the company always flies after a new iPhone is announced.

Apple Stock

There were a couple of big disappointments today and no surprises that the market cared for. The biggest problem for traders and analysts is likely the pricing of the iPhone 5c. Apple Inc. (NASDAQ:AAPL) did not release a cheaper iPhone today. The company released the iPhone 5 with higher margins.

iPhone 5c disappointment

Analysts and investors had been looking at Apple Inc. (NASDAQ:AAPL) in a new light in recent weeks and months as the iPhone 5c became more firmly rooted in reality. Some people thought the “C” stood for cheaper, making the iPhone 5c a competitor in mid-range phones. Some thought it stood for China, making it an earnest entry into the Chinese market. The “C” in iPhone 5c stands for color. No analyst was clamoring for a more colorful iPhone.

The iPhone 5c will cost users $549 and will cost $99 on contract. Both prices are for the lowest memory 16GB version of the phone. The iPhone 5c is not cheap and its not made for China. Apple Inc. (NASDAQ:AAPL) didn’t mention the country all that much except to say that the iPhone 5c would hit the country on launch day.

Another big omission was China Mobile, the biggest carrier in China and one that still does not sell the iPhone. Apple is hosting an event in Beijing tomorrow. It may be the same as today’s, but in Chinese. There is always the chance that the company will offer something for China, like a China mobile deal.

Apple and Nokia reborn

Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) sold off its smartphone business because it was losing money. Today’s presentation from Cupertino seemed to be playing a lot of catch up to a company that lost money when it sold things. The iPhone 5c is full of the color and brash fun of the Nokia Lumia range. The iPhone 5s was full of camera and OS updates that are already available on Android.

Apple Inc. (NASDAQ:AAPL) was clawing its way back to par with some features today, and it didn’t look good. The lack of anything surprising and the accuracy of most rumors means that investors are disappointed. Apple is worth $9 billion less than it was this morning.