Wall Street greets Apple's WWDC news with knowing yawn

Shares down 1.6 percent on first day of annual developers' conference

Despite gaining slightly in pre-market trading Monday, shares of Apple (NASDAQ: AAPL) tumbled 5.40, or 1.6 percent, to 338.04 on the day it announced several product initiatives at its annual Worldwide Developers Conference in Cupertino, Calif.

Probably not a real surprise, since the stock spiked last Monday when Apple uncharacteristically told the world what to expect at this year's WWDC -- namely iCloud, a new version of its iOS mobile operating system, an updated Mac OS and, last but not least, a keynote address by founder and CEO Steve Jobs, who remains out on an indefinite medical leave of absence.

That pushed shares up last Monday to 347.83, a 3.1 percent jump from the previous Friday's closing price of 337.41. Now we're pretty much right back to that point again.

Interestingly, Apple shares fell nearly 2 percent on the first day of last year's WWDC, which the company kept shrouded in its typical secrecy, with Jobs hinting that attendees would not be disappointed.

Unlike investors who hoped to get a WWDC bounce on Monday .

(You can read ITworld's live-blogging coverage of WWDC 2011 here.)

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