Skip to main content

Apple Investors Leave Unimpressed

Steve Jobs' annual Apple product show revealed a redesigned iPhone and a video conferencing app.



) -- At today's WWDC 2010 event,



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


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



iPhone arrival later this year or next year,


Scroll to Continue

TheStreet Recommends


says it will allow customers whose contracts expire this year to upgrade at the subsidized price.

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



Android phones.



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


. 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.