Apple iPad Mini AnnoucementUPDATED: Apple‘s new iPad Mini enters the ring against small-sized tablets including Google’s Nexus 7 and Amazon’s Kindle Fire HD. But it doesn’t appear to deliver a knock-out punch. Indeed, the price of Apple shares fell during the roll-out presentation, and are down about 2% in mid-afternoon trading. Apple says the iPad Mini’s 7.9-inch screen compares to the 9.7 inch screen for its larger iPads. The company says the total screen area is 35% larger than the 7-inch screen rivals. But iPad Mini’s screen resolution is 1024 X 768 — which means it’s not as sharp as the Nexus 7 and Kindle Fire HD. The iPad Mini is 7.2 mm thick, about 25% thinner than the latest iPad. It weights 0.68 pounds. All of the software for the iPad will work on the Mini, unchanged. The iPad Mini has an A5 processor, FaceTime HD camera in front and 5MP iSight camera in back. Beginning November 2, models with 16 GB of storage and communicate via WiFi will sell for $329 (a higher price than the Google and Amazon competitors) with 32GB versions for $429 and 64 GB $529. Two weeks later, iPad Minis with 4G cellular communications will go for $459, $559 and $659.

Meanwhile Apple may infuriate consumers who bought the new iPad introduced in March: The company just announced a fourth-generation model with a more powerful processor and the new Lightning connector. Price starts at $499 with 16GB of storage.

Execs also introduced thin and light versions of the MacBook Pro. A 13-inch screen model is 0.75 inches thin — 20% thinner than the current 13-inch MacBook — and weighs 3.57 pounds, about 1 pound lighter. It has a Retina display with more than 4M pixels. Base configuration with 2.5Ghz dual-core i5 processor, 8GB RAM and 128GB of memory will go for $1,699. A model with a 15-inch screen will start at $2,199.

The company also unveiled a thin new iMac. The base model Mac Mini for $599 includes a 2.5Ghz dual-core i5 processor with 4GB of RAM and a 500GB hard drive. A server edition has two 1T hard drives and goes for $999.