Reports suggested that Apple would launch a cheaper iPhone for emerging markets, but as soon as that rumor hit, pundits shot it down. TheStreet's Rocco Pendola said that he didn't believe the chatter, and warned that, if true, it could spell bad news for Apple CEO Tim Cook.
Phil Schiller, Apple's senior vice president of marketing, put the kibosh on the rumor, reportedly saying that Apple will not develop cheap smartphones in an interview with The Shanghai Evening News. "Every product that Apple creates, we consider using only the best technology available," he said, in a translation obtained by The Next Web. "This includes the production pipeline, the Retina display, the unibody design, to provide the best product to the market."
There were also media reports about collaboration between Apple and China Mobile (CHL) on Thursday. In an emailed statement obtained by Reuters, China Mobile said, "In the morning, Apple's CEO Tim Cook visited China Mobile's headquarters. China Mobile's Chairman Xi Guohua and Tim Cook discussed matters of cooperation." A confidentiality agreement was signed, according to the statement.Research In Motion is getting ready to launch its BlackBerry 10 phones at the end of this month, with rumors swirling that the phones are almost ready. The major carriers, including Verizon (VZ), AT&T (T) and T-Mobile USA will reportedly carry the devices. Nokia announced that sales of its Lumia smartphones have "exceeded expectations" this week. Citing "preliminary information on certain aspects" of the company's fiscal fourth-quarter performance, Nokia estimated its Devices & Services division has "exceeded expectations and achieved underlying profitability" in the latest quarter. Shares of Apple lost 1.3% this week to finish at $520.30, while RIM and Nokia tacked on 13% and 12% to finish at $13.56 and $4.70, respectively.
Next week the big event is Facebook's press conference, but earnings season kicks off as well. We'll have results from Intel, eBay (EBAY) and a host of other tech companies. Enjoy the weekend everyone. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Commodity_Bull
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts