Apple Stock Rises on iPhone Rumor

By Richard Menta 7/10/07

You know the iPhone hype is in overdrive when rumors cause stock prices to soar. Shortly after an analyst speculated that Apple would release a smaller and cheaper iPhone by year's end, the company's stock hit an all time high.

The stock rose 1.5% after J.P. Morgan analyst Kevin Chang deduced that a new patent filed by Apple could lead to an new iPhone that will retail for under $300. The patent application, which was filed last November was dubbed by Apple-erati as the blueprint for the iPhone Nano.


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