Technology Report: Shutterfly slumps on Apple card app announcement

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	10/4/2011
Good afternoon Bit Sprint Nextel shares fell as much as 17 percent on Tuesday as investors worried about the cost of selling the Apple Inc iPhone on top of its plans to upgrade its network and its debt obligations. The decline followed a 10 percent dive in Sprint's stock on Monday after a Wall Street Journal report that the money-losing company will have to pay Apple $20 billion over the next four years and will lose money on the iPhone until 2014. Apple took the wraps off a new iPhone on Tuesday, but may have left some fans wishing for more than an updated version of last year's smartphone. See what analysts had to say. On the day that Apple launches the fifth generation of its ubiquitous iPhone, the once mighty Nokia is still weeks away from mounting a fightback. On Tuesday, Nokia CEO Stephen Elop promised to unveil its first Windows-based smartphones this quarter but it remains to be seen whether the they will start shipping in time for Christmas. A new plastic-based tablet designed by a California tech company for school students is going on trial in Russia thanks to funding from the Russian state-run tech giant Rusnano, reports Reuters correspondent Sonia Legg. FT columnist Richard Waters says Microsoft CEO Steve Ballmer received only half the potential bonus he could have made this fiscal year. "While some Microsoft shareholders gripe about their CEO's performance, they haven't got a lot to complain about with regards to his compensation," writes Waters, adding: "His salary and bonus totalling less than $1.4 million last year, was far short of the $15.8 million that his counterparts in peer-group companies stood to make, according to Microsoft's calculations." LATEST NEWS Shutterfly slumps on Apple card app announcement October 04, 2011 03:52 PM ET SAN FRANCISCO (Reuters) - Shares of Shutterfly Inc and American Greetings Corp dropped on Tuesday after Apple Inc unveiled a new greeting card application. | Full Article Sprint shares tumble on iPhone cost fears October 04, 2011 11:20 AM ET NEW YORK (Reuters) - Sprint Nextel shares fell as much as 17 percent on Tuesday as investors worried about the cost of selling the Apple Inc iPhone on top of its plans to upgrade its network and its debt obligations. | Full Article RIM shares sink after Apple deployment comments October 04, 2011 02:30 PM ET TORONTO (Reuters) - Shares in Research In Motion fell 4.3 percent to their lowest level in almost six years after Apple CEO Tim Cook said that more than 90 percent of Fortune 500 companies are testing or deploying the iPhone and iPad. | Full Article Apple rejects Samsung offer to end tablet row in Australia October 04, 2011 04:01 AM ET SYDNEY (Reuters) - Apple Inc rejected an offer from Samsung Electronics Co to settle their tablet computer dispute in Australia, possibly killing off the commercial viability of the South Korean firm's new Galaxy tablet in that market. | Full Article Wall Street toys with bear market, buyers rush in October 04, 2011 04:36 PM ET NEW YORK (Reuters) - The S&P 500 brushed up against a bear market on Tuesday, but investors rushed in to buy technology and other beaten-down sectors and the index posted its largest gain in more than a week. | Full Article BUSINESS NEWS U.S. "close to faltering," Fed ready to act: Bernanke October 04, 2011 03:07 PM ET WASHINGTON (Reuters) - The Federal Reserve is prepared to take further steps to help an economy that is "close to faltering," Fed chairman Ben Bernanke said on Tuesday in his bleakest assessment yet of the fragile U.S. recovery. | Full Article BofA to close correspondent mortgage lending unit October 04, 2011 04:41 PM ET (Reuters) - Bank of America Corp said Tuesday it will close its correspondent mortgage lending business by the end of the year after failing to find a borrower for the operation. | Full Article KFC parent Yum meets profit forecast October 04, 2011 04:43 PM ET (Reuters) - KFC parent Yum Brands Inc reported a quarterly profit that met Wall Street's expectations, helped by another quarter of strong sales in China. | Full Article Analysis: U.S. stocks deemed one-eyed man in land of the blind October 04, 2011 03:36 PM ET (Reuters) - Big U.S. stocks are providing some shelter from cascading world equity markets but they are far from a safe haven. | Full Article Boehner: Bill on China yuan "dangerous" October 04, 2011 01:49 PM ET WASHINGTON (Reuters) - A U.S. bill to pressure China into letting its currency rise in value, which has drawn warnings from Beijing of a possible trade war, ran into opposition from the top Republican in Congress on Tuesday. | Full Article U.S. TOP NEWS Congress settles funding fight, for now EU preparing bank rescues amid Greece doubts New Jersey's Christie keeps word, passes on 2012 candidacy Ford, UAW agree on new labor contract More beer, fewer brawls at Germany's Oktoberfest RELATED VIDEO Samsung a threat to Apple's iPhone - but not yet Pylon contest set to alter UK power landscape Russia's iPad alternative to text books A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. 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