While much of the attention surrounding the new iPhone is focused on the device’s missing headphone jack, USA Today reports that something more important appears to be missing: enthusiasm for Apple’s stock.

“Shares of Apple are down 0.7% in the 30 days leading up to the 11th iPhone product launch expected Wednesday, lagging the Standard & Poor’s 500 index 0.1% increase during the same time,” the publication reports this morning. “The lackluster stock reaction coming into the smartphone announcement is a departure from previous Apple smartphone launches going back to the original iPhone almost a decade ago.”

Revenue from the iPhone accounted for two-thirds of Apple’s revenue last year, the report notes, citing data from market research firm Trefils.

“On average, Apple shares have gained 3.8% in the month prior to an announcement,” the report notes. “The last iPhone, the shrunken-down and discounted SE, certainly sparked more interest, gaining 10.3% in the 30 days prior to the March 2016 announcement as the S&P 500 rose 6.9%.”

The report cites a note to clients from UBS analyst Steven Milunovich in which he says investors expect the iPhone 7’s features to be “underwhelming.”