Apple Testing New, Smaller iPad

Apple (NASDAQ:AAPL) is testing a new iPad with a smaller screen, and which will probably run on 4G LTE.

According to the WSJ report Apple has already revealed the design of this 8-inch tablet to some of its manufacturing partners, and has been involved in testing the smaller tablets together with Asian suppliers. Rumors in December that Apple had purchased 7.85-inch panels from LG and AU Optronics now make sense.

Though Steve Jobs was always against the notion of smaller tablets, the outright success of Amazon’s 7-inch Kindle Fire tablet may have caused Apple to change its mind. With Samsung and Amazon snapping at its heels in competition, this smaller, 4G device may be Apple’s route to complete domination of the tablet market. The WSJ further said that the new tablet could easily run on 4G networks owned by AT&T (NYSE:T) and Verizon (NYSE:VZ).

Here’s how these stocks recently traded on the news:

Apple Inc. (NASDAQ:AAPL): AAPL shares recently traded at $509.46,. They have traded in a 52-week range of $310.50 to $509.56. Volume today was 314,091 shares versus a 3-month average volume of 12,486,500 shares. The company’s trailing P/E is 14.50, while trailing earnings are $35.14 per share.

AT&T, Inc. (NYSE:T): T shares recently traded at $30.07,. They have traded in a 52-week range of $27.27 to $31.94. Volume today was 29,338 shares versus a 3-month average volume of 26,235,600 shares. The company’s trailing P/E is 45.56, while trailing earnings are $0.66 per share.

Verizon Communications Inc. (NYSE:VZ): VZ shares recently traded at $38.04,. They have traded in a 52-week range of $32.28 to $40.48. Volume today was 3,347 shares versus a 3-month average volume of 13,951,100 shares. The company’s trailing P/E is 44.75, while trailing earnings are $0.85 per share.

To contact the reporter on this story: Lindsey Grossman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com