Verizon iPhone: Weekly Tech Recap

Posted in iPhone News by admin. Published January 17th, 2011

Verizon iPhone: Weekly Tech Recap

After months of rumor and speculation, the Verizon iPhone finally became reality this week, with the telco announcing its arrival at a glitzy New York City event Tuesday.

Verizon rival AT&T, which had the exclusive U.S. deal to sell Apple’s iPhone, shrugged off Verizon’s announcement, moving quickly to downplay its impact.

Lowell McAdam, left, Verizon
President and COO, and Tim Cook, COO of Apple, announce that Verizon
Wireless will carry Apple’s iPhone.

The Verizon deal, of course, is expected to bolster tech giant Apple’s position in the smartphone market, according to analyst firm Needham & Company. Qualcomm, which provides a wireless chip for the Verizon iPhone, is also expected to be a beneficiary of the deal.

Verizon shares closed down 0.95%, at $35.46 on Friday, while Apple went up 0.81% to $348.48. Qualcomm ended the week up 0.33% at $52.04, while AT&T was up 1.25% at $28.43.

[Thanks: http://www.thestreet.com]