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Shutterfly slumps on Apple card app announcement
October 4, 2011 / 6:30 PM / 6 years ago

Shutterfly slumps on Apple card app announcement

<p>Scott Forstall, senior vice president of iPhone Software at Apple, speaks about the new app "Cards" at Apple headquarters in Cupertino, California October 4, 2011. REUTERS/Robert Galbraith</p>

SAN FRANCISCO (Reuters) - Shares of Shutterfly Inc and American Greetings Corp dropped on Tuesday after Apple Inc unveiled a new greeting card application.

The new app lets users design greeting cards on iPods, iPhones or iPads. Apple will then print and mail the cards for $2.99 in the U.S. and $4.99 outside the U.S.

Shares of Shutterfly, an online photo company, declined 12 percent to $35.42 in afternoon trading, while American Greetings, a leading card company, lost 6.8 percent to $16.51.

Reporting by Alistair Barr; editing by John Wallace

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