- Obama takes aim at ‘corporate deserters’
- Dick’s Sporting Goods lays off 478 PGA golf pros
- Senators: Cease-fire must allow Israel to defend against rockets, tunnels
- Sierra Leone doctor fighting Ebola catches disease
- Iraq welcomes Russian fighter jets, helicopter gunships into ISIL fight
- John McCain laments: Obama’s ‘self-pity … is really kind of sad’
- GOP offer to fix VA gives $10 billion in emergency funds
- Paul Ryan offers to repair U.S. economic safety net with a single grant stream
- Kim Jong-un builds bond with Putin: $250M Russia-backed addition to key port opens
- Pope Francis meets Meriam Ibrahim, a Sudanese woman sentenced to death
Apple’s app sends shares of card makers tumbling
Question of the Day
NEW YORK (AP) - Apple, which revealed a new app Tuesday that lets users create and mail greeting cards with their iPhones, might want to consider crafting its own condolence card for traditional greeting card companies.
A brief mention the $2.99 app that lets people design and send greeting cards through the postal service sent the stocks of greeting card companies tumbling.
Scott Forstall, Apple's senior vice president for iOS mobile software, released details of the app during an event at the company's Cupertino, Calif., headquarters as it also unveiled the latest version of the iPhone.
The announcement of the new technology, perhaps the perfect app for procrastinators, sent shares of American Greetings Corp., based in Cleveland, down more than 6 percent to close at $16.68.
Shutterfly Inc. fell more than 2 percent to close at $39.42. Shutterfly lets people print and share digital photos or make personalized greeting cards or photo books.
Apple Inc., which introduced the iPhone 4S Tuesday, also saw its stock fall because of rampant speculation that the company would release a more radical upgrade, an iPhone 5. Its stock fell more than 4 percent in afternoon trading before rebounding to close at $372.50, down 0.6 percent.
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