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Apple Investors Leave Unimpressed

SAN FRANCISCO ( TheStreet) -- At today's WWDC 2010 event, Apple (AAPL - Get Report) 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.
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 - Get Report) iPhone arrival later this year or next year, AT&T (T - Get Report) 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 - Get Report) 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.

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