Apple, which revealed a new app Tuesday that lets users to 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 $2.99 app that lets people design and send greeting through the postal service immediately sent the stocks of greeting card companies tumbling as much as 10 percent.
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 8 percent to $16.40. Shares of International Greetings PLC fell 8 percent on the London Stock Exchange where it's traded.
Shutterfly Inc. fell nearly 11 percent to $35.99 in afternoon trading. Shutterfly lets people print and share digital photos or make personalized greeting cards or photo books.
Apple Inc., which introduced the iPhone 4S Tuesday, also saw its stock take a hit because of rampant rumors that had the company releasing an iPhone 5. Its shares fell 4.3 percent to $358.40.
