Apple's app sends shares of card makers tumbling

October 4, 2011

(AP) -- 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 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 4S, the next version of its popular smartphones.

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1 / 5 (1) Oct 07, 2011
Just shows how stupid the people in control of the stock market are (by which I mean average Americans). Apps have existed to send e-greetings for a decade at least. The fact remains that it is not the same as a physical card... I don't see anyone passing around their cell phones at little Timmy's birthday party...

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