Apple shares slid nearly 5 percent on Wednesday, as investors showed dissatisfaction with the company’s  announcements yesterday at Macworld in San Francisco.

As has become tradition, Apple CEO Steve Jobs sought to excite Mac fans—and investors—with his keynote address on Tuesday, announcing the roll out of an ultra-thin laptop, a digital movie rental service, and improved features on iPhones and iPods.

But shares dropped 4.8 percent, or $8.68, yesterday to close at $169.04. And they have continued to weaken today, down 4.6 percent by midday trading.

“I think a lot of folks were thinking that Steve Jobs would pull a pretty big rabbit out of his hat,” said Enderle Group President Rob Enderle. “But firms just can’t do spectacular every year.”

Last year Mr. Jobs announced the launch of iPhone during Macworld, sending shares up 7 percent.

Mr. Enderle said the new laptop and movie rental service will capture some business, but he predicts neither will be huge successes. He said the Macbook Air, at a base price of $1799, is too pricey for it to gain much traction among consumers. Also, Apple will find it difficult to compete in the movie rental space as cable and telecom companies, as well as online companies like Amazon, offer similar pay-per-use services.

“Studios can cut similar deals with anyone,” said Mr. Enderle.

The market at least so far agrees.

Still, the financial health of Apple is impressive and many analysts expect share prices to rise in coming months. The Cupertino, California, company saw its net sales increase 24 percent, or $4.7 billion, in the fiscal year ending September 2007 compared with 2006.