Updated with Apple TV's Netflix feature and stock prices.
NEW YORK, ( TheStreet) - Apple (AAPL) unveiled a smaller iPod lineup, a social network for music lovers called Ping and offered its third try at Apple TV during its product showcase event in San Francisco Wednesday.
Apple didn't mention it had fixed the iPhone's antenna problem, it dropped the old iPod classic, killed the original iTunes logo and squashed any near-term hope that it was ready to radically remake television viewing.
The stock, after hitting a high for the day of $251.46 just before the event, lost ground as it became clear that Apple chief Steve Jobs wasn't going to spring any huge surprises on the crowd.For investors, the biggest takeaway is that Apple TV is not being embraced by Hollywood and all the major media outlets. This effectively limits the chances that Apple will rise as the model of a new video sales and distribution system. The iTV solution is still a ways off. In a sign of progress, Disney (DIS) and News Corp.'s (NWS) Fox unit signed on for Apple's $1-a-show TV rental service. Apple will also offer $5 streaming movie rentals along with Netflix (NFLX) access for subscribers. Netflix shares closed up 7% at $134.91 Wednesday. The Apple TV, which is small enough to fit in your palm, will sell for $99, replacing the previous $300 version. The newly logoed iTunes got a few new features, including Ping, a Twitter- or Facebook-styled social networking system that lets you follow your friend's music choices and comments. The move, while huge, was far from the cloud-based music streaming service LaLa that Apple acquired and killed earlier this year.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV