Apple's App Sends Shares of Card Makers Tumbling

Tuesday, 04 Oct 2011 03:14 PM

 

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A brief mention of a new app that lets people design and send greeting through the mail with an iPhone is sending the stocks of greeting card companies tumbling.

Scott Forstall, Apple's senior vice president for iOS mobile software introduced the $2.99 app at an event at the company's Cupertino, California headquarters Tuesday.

Word that there's now an easy way to send greeting cards with an app sent shares of Shutterfly Inc. down nearly 11 percent. Shutterfly lets people share digital photos and print them out.

American Greetings Corp., based in Cleveland, is down nearly 8 percent. International Greetings PLC is down 8 percent on the London Stock Exchange where it's traded.

Apple is introducing the iPhone 4S, the next version of its popular smartphones.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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