By Richard Menta 5/18/07
Apple received the federal nod it needs to deliver its much anticipated iPhone to market this June. Yesterday the company got approval from the Federal Communications Commission to sell the device.
"We're on track to release it in late June," said AT&T Cingular spokesperson Mark Siegel, "Nothing has changed." Initially, iPhones will work exclusively with Cingular here in the US. The news is a very good one for Apple investors who saw the stock take a hit after a false rumor stating the iPhone would be delayed was posted on popular tech site Engadget
The posting sparked a sell-off of Apple stock resulting in a $4 Billion loss in valuation. This news confirms Apple is back on track and should lead to a recovery in the stock price.
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