This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
See Cramer's multi-million dollar portfolio for FREE and get his new book Get Rich Carefully! Learn More

Apple Investors Leave Unimpressed

SAN FRANCISCO (TheStreet) -- At today's WWDC 2010 event, Apple (AAPL) unveiled a redesigned glass-and-steel iPhone plus a video chat application called FaceTime.

Hoping for something more, investors booked profits and sent Apple shares down 2% after the presentation.

Apple
WWDC 2010.

Apple chief Steve Jobs, who hosted the iPhone ceremony that was live-blogged by TheStreet from the Moscone Center in San Francisco, said that the new iPhone will start at $199 and will be available on June 24 in five countries.

As expected, Apple cut the price of the current iPhone 3GS to $99. And in an effort presumably to lock in subscribers ahead of a Verizon (VZ) iPhone arrival later this year or next year, AT&T (T) says it will allow customers whose contracts expire this year to upgrade at the subsidized price.

Apple Conference 2010
New iPhone: Thinnest Smartphone Ever

The move by AT&T not only accelerates Apple's iPhone replacement cycle, it will help AT&T lock in iPhone customers for another two years amid rising smartphone competition from Google (GOOG) Android phones.

As TheStreet has reported, Apple has plans to start producing a CDMA version of the iPhone that will be available as early as November, raising the possibility of a Verizon iPhone.

Jobs presentation included his "one more thing..." The climatic final act was the introduction of FaceTime, a video calling application not unlike Skype. The FaceTime app will work with the front-facing cameras on the new iPhone only on WiFi Net connections.

Apple shares fell $2.90, or 1%, to $253.06 in late afternoon trading Monday.

--Written by Scott Moritz in New York.

Stock quotes in this article: AAPL, T, VZ, GOOG 

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
DOW 16,408.54 -16.31 -0.10%
S&P 500 1,864.85 +2.54 0.14%
NASDAQ 4,095.5160 +9.2910 0.23%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs