Apple updates land with a thud

Apple Inc.'s (APPL) public relations staff deserves a medal for whipping the tech press into a frothy lather about today's "major update" to the iPhone and iPod Touch. Major media outlets ran largely laudatory stories about the upgrade while investors could care less.

Shares of the maker of the iPod and Mac were up about three percent before the announcement, a pretty typical move. Investors who have seen their shares fall 22 percent this year apparently were not impressed by features such as the ability to cut-and-paste text and turn-by-turn GPS directions. There was a yawn after the company announced a new iPod shuffle too.