Apple May Release Cheaper iPhone

CUPERTINO, Calif., Jul., 10, 2007 -- Cupertino-based Apple may be planning to introduce a cheaper version of its new iPhone before the end of the year.

Thousands lined up for the release of the iPhone on June 29th. It's a mobile phone which plays music and has a web browser.

JP Morgan analyst Kevin Chang says the new iPhone could be based on the ultra-slim iPod Nano music player.

Chang says a lower-cost version may convert the Nano player into a phone and sell for $300-dollars or less.

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