A report on MarketWatch today notes that Apple’s stock price is up on speculation that a less expensive iPhone model, based on the iPod nano, may be in the works. “J.P. Morgan analyst Kevin Chang, in a note to clients, said a filing with the U.S. Patent and Trademark Office indicates Apple is developing a cheaper device aimed at younger customers,” notes the report. “Apple shares continued their yearlong surge, reaching another all-time high of US$134.50 before closing at $132.35. In less than two weeks, Apple and its exclusive wireless partner, AT&T have sold hundreds of thousands of iPhones at $500 to $600 apiece. Sales have been so brisk that several stores have reported shortages or have run out of their stock of iPhones.”