Apple Prepping iPhone Trade-In: Rumor

NEW YORK ( TheStreet) -- Apple ( AAPL) is reportedly starting a program to allow users to trade-in their iPhones in an effort to boost sales.

BloombergTV was the first to report the rumor on its Twitter account.

Apple could not be immediately reached for comment on this developing story.

Shares of Apple were off 1.77% to $437.25 in Thursday trade.

-- Written by Chris Ciaccia in New York

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