Yesterday, Apple was expected to introduce the iPhone 5, but instead they unveiled the iPhone 4S.

Although, it has lots of improvements over the last model,  it wasn't was expected. After the annoncement, Apple's stock dropped before going back up late in the day.

The iPhone 4S will be available on October 14th and will be priced at $199 for the 16 gig version, $299 for the 32 gig and $399 for the new 64 gig phone. Also announced, Sprint will join AT&T and Verizon as iPhone service providers.

Source: AP