A JP Morgan analysts’ report sent Apple stock soaring on Wednesday when it reported that the tech giant was developing a “Nano” version of the iPhone for release by the end of the year. However, subsequent media reports- and one from JP Morgan itself- indicate that the Nano report was premature at best, and an outright fabrication at worst.
The story began Wednesday morning when Kevin Chang, an analyst in JP Morgan’s Taiwan office, issued a report stating that, based on previous patents, Apple was developing a lower-priced “Nano” version of the iPhone for release by the end of this year.
However, Morgan moved within 24 hours to contradict Chang’s report. According to the Apple blog TUAW.com, which reproduced the second report, Morgan retracted the first report on Thursday, stating that they considered an iPhone Nano “unlikely in the near term” and that Apple’s having filed a patent is insignificant, as the company regularly files patents for products which it has no intention of actually releasing.