JP Morgan backtracks on ‘iPhone nano’ prediction

“Just a day after one of its Taiwan analysts predicted that Apple would produce an iPhone based on the iPod nano, JP Morgan’s American headquarters has dampened expectations with a second report,” Aidan Malley reports for AppleInsider.

Malley reports, “The financial institution appeared to distance itself on Tuesday from bolder claims made by Kevin Chang, who reckoned that a mid-priced iPhone was due to ship by the end of 2007. Senior analyst Bill Shope noted that Chang’s sources have yet to be corroborated and would contradict Apple’s historical business approach of waiting until a new device becomes truly necessary for the market.”

“Shope also warned investors that basing estimates on a single patent was unlikely to prove fruitful, as many of the company’s patents rarely translate directly to shipping products. The iPhone, by JP Morgan estimates, was more likely to keep its existing shape and add 3G wireless Internet at a similar price in early 2008,” Malley reports.

Full article here.

[Thanks to MacDailyNews Reader “MacVicta” for the heads up.]

And now you know why we called Kevin Chang a “Conclusion Jumper” yesterday.

27 Comments

  1. Does anybody else think this was a ploy, aimed at raising the stock price just before dumping some for their elite clients?

    Backpedaling after the fact only serves to bring the price down so the same or other clients can buy the stock to profet another day…

    MDN word: give, as in “give me a break!”

  2. Thanks alot for making the stock drop, Mr. Chang. Simple common sense says it won’t happen. Would you please send me the money you earned for writing nonsense like that? The folks here on MDN are much better analysts than most of you who have to come up with something in order to get paid. A nano iPhone…how ridiculous.

  3. The analyst may have jumped the gun for whatever reasons, and a Nano iPhone may never come to be, but I wish it would!

    Smartphones are great and all, but I’d love a small, slick iPhone Nano that does nothing but make phone calls and make them well.

    So there.

  4. On the suface, it would appear this is exactly what it looks like. However, JP Morgan could be massively crushed if found guilty in such a move.

    More likely incompetence on Mr. Chang’s part, and a Sr. VP. was told everyone needed to straighten this assumption/news/prediction out and downlplay the opportunity.

    If it were a short-term stock manuver, in the long-term the back tracking makes JP Morgan look incompetent… Would you want your retirement in these guys hands?

    This is much more damaging than ammounting any sort of gain, which is why it is not likely to be a stock play.

    As for the John Dvorak or Crammer types, these people work for themselves, so to hurt a company or manipulate stock prices with manufactured “news” could hurt whomever, and what would they care, just so long as it fills their pockets.

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