Apple unveils new iPod with Wi-FiCEO Steve Jobs announced major upgrades to its popular music players; cuts iPhone price by $200.
By Jon Fortt, Business 2.0 Magazine senior editor
September 5 2007: 11:00 PM EDT
SAN FRANCISCO (Business 2.0 Magazine) -- Apple announced Wednesday the first major overhaul of its popular iPod music digital players in nearly two years and slashed the price of its new iPhone.
CEO Steve Jobs unveiled a series of iPod upgrades - including more storage and bigger screens - but the showstopper was a new model dubbed the iPod Touch and fashioned after the iPhone.
Apple CEO Steve Jobs speaking Wednesday in San Francisco, where he announced a major revamp of its iPod music players.
The new iPod Touch is modeled after Apple's new cell phone, the iPhone.
Apple (down $7.40 to $136.76, Charts, Fortune 500) also announced a new version of its iTunes music store that will allow users to buy songs wirelessly.
In iPhone news, Jobs said Apple will discontinue one of the two models sold since late June. The remaining version, with 8 gigabytes of storage, will now sell for $399, or $200 less than before.
Investors, however, weren't happy about the price cut (and neither were iPhone owners). Apple shares closed down 5.1 percent on Wednesday.