NEW YORK — 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 mobile software introduced the $2.99 app at an event at the company’s Cupertino, California headquarters Tuesday.
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.
Excerpt by Bloomberg News/Washington Post, By Associated Press,