New Apple iPhone fails to wow investors, fans

Apple Inc's newest iPhone left Wall Street and fans wishing for more than a souped-up version of last year's device, at a time when rival smartphone makers are nipping at its heels.

At his first major product launch since being crowned CEO, Tim Cook ceded the critical iPhone presentation to another executive, and failed to generate the same level of excitement and buzz that predecessor Steve Jobs was famous for.

The new iPhone 4S is identical in form to the previous model, disappointing fans who had hoped for a thinner, bigger-screened design.

Apple's shares fell as much as 5 percent, before recovering with the broader market to close down 0.6 percent.

Image: An advertisement about iPhone is shown before an announcement at Apple headquarters in Cupertino, California.

Text: Reuters, AP

AP Images