This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Verizon iPhone Off to a Slow Start

NEW YORK ( TheStreet) -- Verizon's (VZ - Get Report) iPhone debut drew small crowds, and if the sampling is accurate, it pulled in a lot of Research In Motion (RIMM) customers.

The national retail launch of Apple's iPhone 4 for Verizon started Thursday, and the early lines in a few New York locations were far from long.

At the Verizon store in Fishkill, N.Y. there were 12 customers lined up at 6:45 a.m. ET, where nearly twice as many Verizon employees were on hand to accommodate the sales rush. One employee carried a bullhorn, but didn't have much of an opportunity to use it. Other employees were handing out cold weather kits that included ski hats and hand warmers.

In lower Manhattan, at the Verizon store on the corner of Water and Wall Streets, 21 people were waiting to buy the iPhone. Based on interviews with those soon-to-be iPhone owners, roughly half were trading up from RIM BlackBerries. And most of those folks were people who had the BlackBerry Storm.

And while it was a ridiculously small sampling, there were some interesting patterns. Three people at the Wall Street store said they were coming to Verizon from AT&T (T - Get Report) and one from Sprint (S). Curiously, five people -- or a quarter of the sample -- said they were breaking their current two-year contracts to get the Verizon iPhone.

The long-anticipated Verizon iPhone has been a captivating topic for tech investors looking for another leg in the Apple growth race. And where there are winners, there also appear to be losers. RIM's stronghold on the business user segment and its expansion into the general consumer market seems to be the most vulnerable to the Verizon iPhone.

But the lack of lines stretching around corners and down blocks Thursday is a minor surprise to those who may have expected immediate iPhone sellouts. The slow showing Thursday also jibes with reports that the Verizon iPhone sales pace is lagging AT&T's iPhone 4 debut numbers -- something that may give RIM investors some hope.

Apple shares were up 0.6% to $358.40, RIM was up 0.13% to $63.65 and Verizon was down slightly at $36.48 in morning trading Thursday.

--Written by Scott Moritz in New York.

Investigating Chinese Reverse Mergers

>To contact this writer, click here: Scott Moritz, or email:

To follow Scott on Twitter, go to

>To send a tip, email:

Readers Also Like:

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
S $3.43 0.00%
T $38.82 0.00%
VZ $50.94 0.00%
FB $117.58 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs