“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.
Too late JP Morgan, it’s been broadcasted all over the finachial news networks worldwide already.
You’ll just have to eat crow when it turns out to be false.
Can’t backpedal now, ha ha!
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!”
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.
Stupid anall-yst. I doubt Apple will ever release an “iPhone Lite”. These people are nuts… they drive me nuts…
So, uh, MDN, why are do you repeatedly report this garbage speculation all day? All you doing is linking to rumor sites and bullshit analysts. This is not news.
Sorry: make that profit, not profet.
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.
Bill Shope is the JP Morgan analyst who proclaimed that the iPhone was not a success since it didn’t sell out on day 1!
what a joke JP Morgan has turned into …..
Not really JPM……it’s Chase
Man, that place has gone down hill !
Shope has been on the wrong side of this stock for about 40 points.
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.
Bill Shope has been bearish on Apple for quite some time. Chang was being honest ) Shope realized it goes against what he has been telling his clients so he convinced his seniors to do some sort of a retraction- that is my theory imho
Mr. Chang, find a new line of work.
I guess my job offer from JPM won’t be forthcoming after back peddling from their stance on these bold ‘predictions’…
@Steven
Although you make a great point, what is stopping individual brokers (aka K. Chang) from manipulating stock prices for a little something on the side?
Loosing their job would be contingent on proof of malice, wouldn’t it? And that could be very difficult to prove.
However, I think you are right, and it is more likely a matter of incompetence of Mr. Chang.
Well no. Sh/t.
Looks like it is a bit of a dumb idea at the moment, doesn’t it?
Anybody got any other brilliant prognostications?
NEXT.
-c
Anyone Know the Answer? …
If (when) Apple debuts a new phone, do they need to do the six months ahead of time FCC announcement again? Is it so that from now on we’ll always know about six months ahead of time when a new phone is in the works?
And what about if (when) the standard (awesome) iPhone is upgraded with GPS or some other significant addition? Will Apple have to go through all the testing again?
Inquiring minds want to know. (I want to know!)
JP Morgan today announced the imminent release of iPussy™ by Apple, Inc. iPussy™ comes with a wireless interface and can satisfy the carnal needs of computer nerds the world over with a two-speed “missionary” mode and a high-speed “hand job” mode. Special “skins” for the device enable operation in “B J” mode and “back door” mode for gay users. A software upgrade scheduled for the fall will provide a “doggy style” mode and a “carpet licking” mode for lesbian owners.
The devices will come in two sizes: “tight” and “loose.”
Steve Jobs refused to comment on the product. However, Apple recently registered both iPussy™ and iDick™ through a San Francisco based shell company owned by Apple, Inc.
Photos of a prototype iDick™ were recently seen on the Think Secret website. The iDick™ development effort has been underway for over two years and field trials have reportedly completed in San Francisco. Steve Jobs was recently photographed with an iDick™ in his hand at the June WWDC.
Microsoft’s CEO, Steve Balmer, recently vowed to own the iDick and iPussy market and announced the release of Vista Blows™. Vista Blows™ will support embedded applications running on battery-operated sex toys.
but funny
The level of anger in this thread is amusing.
The thing is, I want the iPhone nano. A tiny, simple, straightforward, competent, user friendly phone call making devise seems like a great product to me.
The thing is, I want the iPhone nano. A tiny, simple, straightforward, competent, user friendly phone call making devise seems like a great product to me.
Yea it’s called a Motorlla Razr.
” Mr. Chang ? “
” Yes. “
“I have a Mr. Jobs & Apple Legal Council on line one for you.”
You’ve just been Steve’d.
Roughly Drafted, as so often, has some amusing comments.
As Daniel points out, it’s not the hardware that costs; it’s the service plan. So crippling the product would make the product less attractive, and damage the brand, without saving the potential customer much anyway:
” … Clearly, Chang just didn’t give any of this much thought. … The cheaper the iPhone got, the less value it could offer. And again, because a phone requires a service plan the hardware cost that some analysts just can’t get their mind around is really not the problem. I’ve already spotted plenty of fast food workers with iPhones.
“It’s only billionaire Steve Ballmer who thinks it’s expensive.”
http://www.roughlydrafted.com/RD/RDM.Tech.Q3.07/F790A84F-D5E8-49B8-8EB5-8E0C3C6DC5E8.html
“Roughly Drafted, as so often, has some amusing comments.”
The whole site is amusing. Not in a good way.
“I’ve already spotted plenty of fast food workers with iPhones.”
Those are the people who give pro Apple investment advice in MDN
Eran is very good most of the time.
I think some JP Morgan biggie must have got a call from a pissed-off Apple on some private line.
@ EranSucks
I’d love to hear your insightful critique.