Apple Investors Leave Unimpressed - TheStreet

Apple Investors Leave Unimpressed

Steve Jobs' annual Apple product show revealed a redesigned iPhone and a video conferencing app.
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) -- At today's WWDC 2010 event,


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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


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iPhone arrival later this year or next year,


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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


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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.