SAN FRANCISCO, Oct 4 (Reuters) - Shares of Shutterfly Inc <SFLY.O> and American Greetings Corp <AM.N> dropped on Tuesday after Apple Inc <AAPL.O> 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 ${esc.dollar}2.99 in the U.S. and ${esc.dollar}4.99 outside the U.S.
Shares of Shutterfly, an online photo company, declined 12 percent to ${esc.dollar}35.42 in afternoon trading, while American Greetings, a leading card company, lost 6.8 percent to ${esc.dollar}16.51. (Reporting by Alistair Barr; editing by John Wallace)
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