Apple’s new Cards app sends greeting card company stocks tumbling

Update on Apple's Announcement 12:00 PST:

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.

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.

Excerpt by Bloomberg News/Washington Post, By Associated Press, Updated: Tuesday, October 4, 12:10 PM