No iPhone 5 after all

Apple unveiled a new iPhone today that is faster and more powerful but stops short of a more radical upgrade. The iPhone 4S has an improved camera with a higher-resolution sensor. The processor is faster, which helps run smoother, more realistic action games. It’s also a “world phone,” meaning Verizon iPhones will be usable overseas, just as AT&T iPhones already are. There had been speculation that Apple would reveal a more radical revision of the phone, an “iPhone 5.” The no-show leaves room for conjecture that Apple will reveal a new model in less than a year, perhaps one equipped to take advantage of Verizon’s and AT&T’s new high-speed data networks. There had also been speculation that Apple would include a chip that could talk to payment terminals at retail stores, turning the iPhone into a “mobile wallet.” Competitors are starting to include this capability in their phones, though the payment systems are still immature. Apple made no mention of such a feature in the iPhone 4S. Apple says the new phone will come in black or white. It will cost $199 for a 16 gigabyte-version, $299 for 32 GB and $399 for 64 GB—all with a two-year service contract requirement. It will now be available through Sprint Nextel, besides existing carriers AT&T and Verizon Wireless. Apple’s stock fell nearly 5% on the news, down $17.15 to $357.45 in afternoon trading today. Read more about the new phone here.