Apple working on Nano iPhone

Apple Inc. plans to launch a cheaper version of the iPhone in the fourth quarter that could be based on the ultra-slim iPod Nano music player, according to a JP Morgan report. Amid long lines and high demand, stores began selling the iPhone on June 29. Kevin Chang, a JP Morgan analyst based in Taiwan, cited people in the supply channel he did not name and an application with the U.S. Patent and Trademark office for his report dated July 8. Apple filed a patent application document dated July 5 that refers to a multifunctional handheld device with a circular touch pad control, similar to the Nano’s scroll wheel