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TheStreet Open House

Apple Cloud Bores Investors, But Sets New Path

Stock quotes in this article: AAPL

With devices built around Google's (GOOG) Android operating system growing in popularity, Apple is trying to re-invent itself as much more than just a gadget maker. By layering additional services on top of products such as the iPhone and iPad, Apple is opening the door to new revenue in the future. One such example is streaming movies, which while absent from Monday's announcements, is a topic that the company is rumored to be working on via discussions with major Hollywood studios.

Brian White, an analyst at Ticonderoga Securities, said that iCloud, along with the new version of Mac OS X and iOS 5, will also bolster Apple's arsenal against its mobile device rivals.

"These new announcements further strengthen Apple's digital ecosystem by providing consumers with increased functionality, enhanced ease of use, greater efficiency and cool new features that we believe will drive further adoption of Apple devices in the future," he said, in a note released on Tuesday.

Apple, of course, also wants to head off the challenge of Amazon (AMZN) and Google, which already have established online music services. Jobs aimed a couple of quick digs at the rival companies during his keynote, drawing unfavorable comparisons between their offerings and Apple's new iTunes Match. Google's Music Beta, he said -- somewhat derisively -- has not even been launched yet.

Apple shares were dipping $2.94, or 0.88%, to $335.01 on Tuesday.

--Written by James Rogers in San Francisco.

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