Today’s Big Story: Apple To Make iPhone For Verizon
The most interesting stock market story today is a report from The Wall Street Journal that Apple is making an iPhone for Verizon (VZ): “New iPhone Could End AT&T’s U.S. Monopoly”, The Wall Street Journal, March 30, B1. Since 2007, Apple has had an exclusive iPhone partnership with AT&T (T).
The iPhone dominates the fast growing and high margin smart phone business and so this news is shaking up the industry. Verizon’s network is CDMA as opposed to AT&T’s which is GSM. Qualcomm (QCOM) is the leading maker of CDMA chips for cell phones. Here are how the stocks of some of the parties are performing today:
Apple (AAPL): +1.51%
Verizon (VZ): +3.19%
AT&T (T): -1.62%
Qualcomm (QCOM): +0.62%
Research In Motion (RIMM): -1.33%
For more on AT&T and Verizon, see my “Top Gun FP Client Note: Two Stocks For A Range Bound Market”.