Apple reveals Apple Watch, first foray into smart watch market

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With “one more thing” at the end of Apple’s Tuesday product launch, CEO Tim Cook unveiled the first brand new device to be released under his tenure at the head of the company: the Apple Watch.

The announcement followed Apple’s unveiling of its latest smartphones, the iPhone 6 and the iPhone 6 Plus, as well as a new mobile payments system called Apple Pay.

For Cook, the Apple Watch marks the first new Apple device to be launched during his tenure at the head of the company and the CEO certainly chose a fitting venue for the unveiling, which took place in the same building, Cupertino’s Flint Center for the Performing Arts, where Steve Jobs announced the first Macintosh computer in 1984 and where he launched the iMac 14 years later.

Along with being Cook’s first major product launch since taking over for Jobs three years ago, the Apple Watch is the company’s first new device since it released the first iPad four years ago. After years of rumors, the company is finally entering a wearables market that has already been tested by several of its rivals to less than stellar results. Fortune wrote this week about the public’s lukewarm reception, so far, of smart watches put out by tech companies such as Samsung, Sony, Motorola and several others.

The initial reaction to Apple’s announcement was reasonably well received, though, as the company’s stock jumped 3.6% in heavy afternoon trading shortly after the smart watch was revealed.

The price of the watch will be $349 and it will be available early 2015 — unfortunately missing the busy Christmas season. The Apple Watch will also work with the Apple Pay system.

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Much-hyped Apple Watch finally unveiled at product launch