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Sprint Gets iPhone; Cheap Phones Proliferate

NEW YORK ( TheStreet) -- Sprint (S) will join AT&T (T) and Verizon (VZ) to become the third U.S. carrier to sell Apple's (AAPL - Get Report) iPhone, according to the Wall Street Journal.

The nation's third-largest carrier will begin selling the new version of the phone, called the iPhone 5, in October. The decision will provide a much-needed boost to Sprint, which has struggled with customer defections as users have shifted to other carriers.

Shares of Sprint jumped 2.8% in pre-market trading Wednesday to $3.69.

Nokia (NOK - Get Report) and Samsung both announced cheaper smartphone models Wednesday in an attempt to tap into emerging markets. Rumors say that Apple, too, is working on a less expensive version of the iPhone.

Shares of Nokia fell 0.5% to $6.09 in pre-market trading Wednesday.

Facebook rolled out several new privacy features that make it easier for users to choose who they share information with. Facebook users will also be able to pre-approve photo "tags" of themselves before they are broadcast to the network.

The changes come as a response to Google's (GOOG) rival Google + network, which allows members to target smaller groups of users when posting information.

In other Facebook-related news, a group of parents in New Jersey are collaborating with the American Civil Liberties Union to sue the city of Newark for failing to make public how Facebook founder Mark Zuckerberg's $100 million gift to the struggling school system will be spent. The group is looking for e-mail correspondence between Newark mayor Corey Booker and Zuckerberg.

Twitter founders Evan Williams and Biz Stone -- who left the microblogging site earlier this year to build a start-up lab -- unveiled their first new product Tuesday: Lift, an app that helps users achieve goals. The duo said they are interested in creating and investing in technology that improves the world.

--Written by Olivia Oran in New York.

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