Market Overview

Apple Developing New iPhones (AAPL, RIMM, VZ, T)

Apple Developing New iPhones AAPL, RIMM, VZ, T

The Wall Street Journal is reporting that Apple (NASDAQ: AAPL) is developing a new iPhone which will debut this summer. According to sources, the company also is working on a model for Verizon Wireless. This is significant because the new model will likely have CDMA capability, which is Verizon's (NYSE: VZ) cellular technology. Historically, the iPhone has been only compatible with the AT&T (NYSE: T) network, a fact that has helped the mobile carrier and hurt its rival, Verizon. "There has been lots of incorrect speculation on CDMA iPhones for a long time. We haven't seen one yet and only Apple knows when that might occur," said an AT&T spokesman.

According to the Wall Street Journal's story, people briefed on the matter said that one of the new iPhones is being manufactured by Taiwanese contract manufacturer Hon Hai Precision Industry Corp. The phone being developed for Verizon (VZ), is being manufactured by Pegatron Technology Corp.

In the after hours trading session, AAPL shares have climbed 1.31% to $235.44. Research in Motion (NASDAQ: RIMM), however, is falling on this news. RIMM, Apple's main competitor in the smartphone space, has lost 2.05% and the shares are currently trading at $75.70.

Posted-In: Wall Street JournalNews Intraday Update After-Hours Center Tech


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