NEW YORK, USA

Apple, which revealed a new app yesteray that lets users create and mail greeting cards with their iPhones, might want to consider crafting its own condolence card for traditional greeting card companies.

A brief mention the US$2.99 app that lets people design and send greeting cards through the postal service sent the stocks of greeting card companies tumbling.

Scott Forstall, Apple’s senior vice president for iOS mobile software, released details of the app during an event at the company’s Cupertino, California, headquarters as it also unveiled the latest version of the iPhone.

The announcement of the new technology, perhaps the perfect app for procrastinators, sent shares of American Greetings Corp, based in Cleveland, down more than six per cent to close at US$16.68.

Shutterfly Inc fell more than two per cent to close at US$39.42. Shutterfly lets people print and share digital photos or make personalised greeting cards or photo books.

Apple Inc, which introduced the iPhone 4S yesterday, also saw its stock fall because of rampant speculation that the company would release a more radical upgrade, an iPhone 5. Its stock fell more than four per cent in afternoon trading before rebounding to close at US$372.50, down 0.6 per cent.

AP