Apple stock is slipping after announcing the iPhone X (AAPL)

Shares of the tech giant are down 0.38% lower after the company's keynote address on Tuesday. Apple's stock rose on Monday ahead of the event, gaining about 1.81%.

According to UBS, the company's stock usually moves 1-2% on the day the new iPhone is announced, and then rises for the rest of the year into the next earnings release.

Some analysts expect the new phone to spark a "supercycle" of upgrades. Many iPhone owners are still sporting an older model and didn't upgrade to the iPhone 7, which was announced last year.

The iPhone X will have a new bezel-less OLED screen, which is the first major design change since the launch of the larger iPhone 6.

At the event on Tuesday, Apple launched not only the new iPhone X, but an upgrade to the iPhone 7 line that doesn't sport the new screen. It also announced an update to its Apple Watch and Apple TV products.

Many Wall Street analysts are bullish on Apple as of Tuesday. About 80% of analysts surveyed by Bloomberg rate the company a buy and the remaining analysts are neutral. The analysts have an average price target of $176.18 a share, about 8.2% higher than the company's current price. Analysts usually update their targets after seeing the phone, so these numbers may change.

One analyst, Katy Huberty of Morgan Stanley, thinks the new iPhone is nice, but ultimately cares more about the augmented reality technology Apple could announce. It's what could drive Apple to be the first trillion dollar company according to Huberty, and Apple focused on AR technology a lot in its presentation.

Apple is up 40.24% this year.

There are other stocks to watch as well. Apple often sources its parts from multiple manufacturers to ensure it is getting reliable parts at the best price. Here are the other companies to watch, each listed with the parts they could be supplying for the new phones. The company announced a new processor, the A11 Bionic, that includes a new graphics chip, as well as a new neural networking chip that will help with the new face unlock feature.