High Bar Knocks Down Apple Shares

"We could write an application that lets shippers and senders track packages [in transit] from their iPhone," he said.

Overall, Khechfe said he was happy with Jobs' presentation, though he said none of the announcements were "earth-shattering."

As it often does, Apple's stock has been moving higher into the Jobs speech, which has historically marked new products or alliances. On Monday, no significant product refreshes were announced, and speculation about a new partnership with Google -- that company's CEO, Eric Schmidt, is an Apple director -- didn't materialize.

"Jobs really showed us where he's taking Leopard," said Khechfe. "The presentation was all about business, which is what it should be."