Expectations of millions of Apple fans were dashed, as the Cupertino-headquartered tech titan abstained from making any announcement regarding its smartwatch, supposedly named iWatch, at the opening event of its Worldwide Developers Conference (WWDC) at San Francisco, California, on Monday.

The company made separate announcements regarding the iOS 8 and OS X Yosemite, named after the famous national park in California, but it remained silent on the much anticipated iPhone 8 and iWatch.

There have been numerous rumors regarding Apple working on a smartwatch since Pebble hit the market and became a successful product. Although Apple did not make any announcement about the so-called iWatch fail in 2013, customers were waiting for an announcement at WWDC 2014.

In fact, long back in 2008, Apple co-founder Steve Wozniak disclosed that "Apple's future could lie in an 'iWatch'." In May 2013, the then Apple CEO told attendees at All Things D that "the wrist is interesting" in May, thereby igniting several thousand rumors regarding the iWatch on the Internet.

In November 2013 there was a report that said that Quanta and Foxconn have already started manufacturing the iWatch, but these companies were having problems producing fully functioning products, and as a result, mass production of the smartwatch was pushed back to the second quarter of 2014 (April - June).

In fact, many are of the view that this has led to a 4.35% drop in Apple's stock to $628.65 per share by Monday evening - some attributing this to Apple's failure to make an announcement regarding the iWatch yesterday.

On the other hand, Huffington Post wrote that Apple certainly dropped a hint regarding the iWatch. According to the site, Apple unveiled its HealthKit, which will assemble data from various devices monitoring one's health, at the WWDC on Monday and this is an indication that the company is working on the iWatch.

While Apple senior vice-president (software engineering) Craig Federighi said, "We think this is going to be really important for health care," an analyst with Forrester, JP Gownder, said the HealthKit is an indication that Apple is working on a watch.