Apple developing iPhone for Verizon

To add a little more excitement to the hype surrounding Apple's (AAPL) iPad release comes this bit of news.

Apple is developing a new iPhone to debut this summer. It also appears to be working on a model for U.S. mobile-phone operator Verizon's (VZ) Verizon Wireless business, The Wall Street Journal said late today.

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Apple has unveiled a new iPhone every June or July since launching the product in 2007.

Apple shares were up 2.5% after hours to $238.30. The shares closed at a new high of $232.39 in regular trading -- hitting an intraday of $233.87 in the process. Verizon was up 3.8% to $31.59 after hours from a regular close of $30.45.

The new model with CDMA capability, the cellular technology used by Verizon, is notable because Apple and AT&T (T) have long had an exclusive relationship with the iPhone. That's given AT&T a competitive edge over other carriers, including Verizon, for the last three years.

The Journal said that one of the new iPhones is being manufactured by Taiwanese contract manufacturer Hon Hai Precision Industry Co., which produced Apple's previous iPhones.

The model that has CDMA capability, used by Verizon Wireless, is being manufactured by Pegatron Technology Corp., the contract manufacturing subsidiary of Taiwan's ASUSTeK computer.

The iPad device is supposed to go on sale Saturday.

One source said Pegatron is scheduled to start mass-producing the CDMA iPhones in September, but it was unclear when Apple might make the model available.

Spokesmen for Apple, Pegatron, Hon Hai and Verizon had no comment, the Journal said.

AT&T was down 2.5% after hours to $25.85.