Only a couple of days after the leak of the next-generation iPhone that is expected to launch on June 22nd, Adobe, the maker of the popular web development platform Flash, has announced the company will entirely stop development for the iPhone.

The relationship between Apple and Adobe has deteriorated in recent weeks as the companies have failed to reach an agreement to bring Flash support to the iPhone.

Apple recently announced it has banned the use of Flash in its hugely popular app store; today prompting Adobe to cease future development for the iPhone entirely, meaning Adobe has no plans to bring Flash to the iPhone.

Four days ago, Adobe CEO Mr. Narayen confirmed Flash support would become available on BlackBerry, Android, and Palm devices by mid 2010.

According to Mr. Narayen, over 75-percent of all Internet websites use Flash, and that if any company blocks the technology it will only adversely affect the under experience.

iPhone users and users of many other mobile platforms alike have anxiously been waiting for Flash support since the introduction of smartphone devices many years ago.

If Apple is unable to reach an agreement with Adobe, a significant amount of consumers would likely switch to competing iPhone devices such as to Google’s Android platform.

Additionally, Apple would have the added difficultly of selling it’s iPad tablet computer with a browser that is supposed to offer PC-like browsing without Flash support.

Despite the success of the app store, many consumers argue that Flash support is a paramount technology in mobile phones today, especially with quality websites such as Hulu that only use the technology.

The truth is that with over 70-percent of all websites utilizing Flash to deliver dynamic content, Apple simply does not have much leverage and can’t rely on HTML 5 to replace Flash, at least in the short-term.

The news today comes as the Apple stock has (NASDAQ:AAPL) reached the top level in its history, closing today at $259.22, or $14.63 up alone today. Some analysts believe the stock could top out at $320 in the next few months. However, following the news today, sales of the latest upcoming iPhone could take a hit as consumers flock to other popular platforms that offer Flash support