Apple Offering Falls Short of Expectations

Apple’s first major new product announcement without the venerable Steve Jobs on the podium stumbled badly today. “This is my first product launch since being named CEO—I’m sure you didn’t know that,” Mr. Tim Cook joked at the event’s start.

The company announced a 4S model with faster processor, better camera and voice command software (Siri), but missing was the iPhone 5, a bigger screen and 4G download speeds. Tech journalists seemed disappointed with the new offering and the company stock at mid afternoon had tumbled almost 5% to about $355 a share.

A 4S 16 gigabyte version will sell for $199 with a 2-year contract, and a 32 gigabyte model for $299. Earlier models will be discounted.

Also mentioned at the Apple event was updated versions of the iPod Nano and Touch music players plus the launch of the iCloud and IOS 5 software coming Oct. 12.