APPLE (AAPL) GREETING CARD APP: NEGATIVE FOR SHUTTERFLY (SFLY) AND AMERICAN GREETINGS (AM)
Shutterfly (SFLY) and American Greetings (AM) derive signicant revenues from letting consumers print their greeting cards. Apple (AAPL) has just introduced an app that allows consumers to print greeting cards. We expect similar apps to proliferate on Android and Windows. This is a negative development for Shutterfly
October 4, 2011