Apple shares peak after reports of a possible iPhone nano

Apple shares peak after reports of a possible iPhone nano

Apple Inc. shares touched an all time high after market saw reports about a possible iPhone nano in development.

Apple just recently launched their iPhone mobile phone product which has already reportedly sold around a million units in the market.

However, another market analyst at the same securities firm has stated that he does not believe that Apple is going to launch a low end iPhone model in the near future.

Apple spokeswoman Natalie Kerris had little to say on these latest reports in the media. She said: “We don’t comment on rumors or speculation.”

The Apple stock touched $134.50 Tuesday morning which is an all time high for the company. The stock later closed at $132.35, up $2.02, or 1.5 percent.

J.P. Morgan analyst Kevin Chang had reported in a note on Monday: “We believe it’s a strong sign that Apple could potentially convert every iPod nano into a nano phone.”

Apple has set themselves the target of selling 10 million iPhones worldwide by 2008. The aim is to garner a 1 percent share of the cell phone market.

The company is likely to launch the iPhone in the European market later this year. Asia can get its own iPhone model sometime next year.