Monday, March 29, 2010

RIMM, AT&T down, Apple and Verizon up on reports of a new iPhone



Shares of CrackBlackberry maker Research in Motion (RIMM) and AT&T (T) are suffering in after-hours trading, while Verizon (VZ) and Apple (AAPL) shares are up.

The Wall Street Journal reports that Apple may soon offer an iPhone that can work on Verizon's CDMA network, which would be a negative for AT&T, who has iPhone exclusivity right now.

From the WSJ story:
Apple Inc. is developing a new iPhone to debut this summer and also appears to be working on a model for U.S. mobile phone operator Verizon Wireless, say people briefed on the matter.
While Apple has unveiled a new iPhone every June or July since launching the product in 2007, the new model with CDMA capability, the cellular technology used by Verizon, is notable because Apple and AT&T Inc. have long had an exclusive relationship with the iPhone. That has given AT&T a competitive edge over other carriers including Verizon for the last three years.
Copyright 2010 AlphaNinja

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