SAN FRANCISCO Apple Inc. cut the price of its entry-level iPhone to $99 Monday, in a nod sure to please recession-weary consumers, but ailing leader Steve Jobs did not put in a much-speculated-about appearance after a months-long absence from public view.
Analysts said the discount is sure to galvanize sales of the device.
But shares in Apple slid 0.6 percent to $143.85 after a 6.5 percent climb in the week leading up to the highly anticipated event as Mr. Jobs failed to show and investors debated the merits of the sharp iPhone price cut.
Apple also unveiled its next-generation iPhone 3GS the S stands for speed which will be twice as fast and take videos. It is to go on sale in countries including the United States and Germany beginning June 19 for $199 to $299.