NEW YORK (TheStreet) -- Apple (AAPL) - Get Free Report is reportedly in early plans to develop a new video sharing and editing application for its iPhone and iPad operating systems, according to sources cited by Bloomberg.
The Cupertino, CA-based iPhone maker is looking to capitalize on the growing userbase of social networks like Facebook (FB) and Snapchat and plans to fully integrate these networks in its own mobile products, sources told Bloomberg.
The new operating system update will include a refurbished messaging system targeting Facebook's Messenger app and other similar services. Apple announced its updated iMessage earlier in June.
The speculated video sharing app lets users record videos, add filters and draw before sending to contacts or followers on existing social networks and will run on both iPhone and iPad devices, sources told Bloomberg.
Apple tried and failed to launch a successful social media service in 2010, with its iTunes-based network called Ping.
Shares of Apple were down in pre-market trading on Thursday.
(Apple is a part of Jim Cramer's charitable trust portfolio Action Alerts PLUS. See all of Cramer's holdings with a free trial).
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "buy" with a ratings score of B+.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: AAPL