So that report on Monday from JPMorgan Chase, the one about the supposed iPhone Nano? The financial gurus have decided to rethink that one.
The Unofficial Apple Weblog spotted a new research note from JPMorgan analysts (thanks Gizmodo) that takes a very skeptical look at by their colleague, JPMorgan analyst Kevin Chang in Taiwan. Chang said in his report that Apple was hoping to launch a smaller, cheaper iPhone based on the iPod Nano design later this year. But JPMorgan's Bill Shope, Elizabeth Borbolla, and Vlad Rom threw Chang under the iBus in their own report Tuesday.
"We caution that the potential for a low-end, subsidized phone from Apple seems unlikely in the near term," the New York analysts wrote. Chang wrote that Apple could sell an iPhone Nano for around $300, and widespread reports of that price target sent Apple's stock up $2.06 on Tuesday on a day when the broader market fell.
In hindsight, I wish I'd been more critical of Chang's report, although I was skeptical that Apple would release a crippled version of the iPhone just as people are getting used to the new interface. The latest JPMorgan report notes that "it took Apple over two years to launch its first low-end iPod (the iPod Mini)." The New York analysts think a 3G version of the iPhone is more likely for the second iteration.
We've already learned once this year how plenty of news outlets throughout the day Tuesday were still getting around to running the story from Monday based on Chang's report, and probably didn't see the new JPMorgan research note. TUAW didn't post its story until after the market closed at 1 p.m. PDT.can affect Apple's stock. JPMorgan said it released the new report at around 6:30 a.m. PDT, when the stock market opens for business in New York. But