Apple shares dropped more than four percent on Wall Street on Tuesday as the California gadget-maker unveiled an updated version of the iPhone but not a new model many had been expecting. Apple's new chief executive Tim Cook, who replaced ailing founder Steve Jobs in August, presided over the launch of the iPhone 4S at Apple headquarters in Cupertino, California. The iPhone 4S features a speedier processor, a built-in "personal assistant" that responds to voice commands and a more powerful camera, but it was not the revamped next-generation iPhone 5 smartphone many Apple fans had hoped for. The iPhone 4S will be available in the United States, Australia, Canada, France, Germany, Japan and Britain on October 14 with pre-orders commencing a week earlier.

read more