Mixed reaction to Apple’s latest iPhone update

APPLE took the wraps off a new iPhone yesterday, but left some fans wishing for more than an updated version of last year’s smartphone.

Apple shares fell up to 3% before recovering a little.

New chief executive Tim Cook helmed his first major product launch with aplomb. The operations and supply-chain expert, not known for pitching products, stood in for ailing co-founder Steve Jobs, who did not show up as some expected he would.