Apple, Verizon Expected to Begin Selling New iPhone in 1Q’11

The WSJ reports that Apple (AAPL) plans to begin mass producing a new iPhone by the end of FY 2010 that would allow Verizon Wireless (VZ) to sell the smart phone early next year.

Journal sources say the new iPhone would be similar in design to the iPhone 4 currently sold by AT&T Inc. (T) but would be based on CDMA [Code Division Multiple Access] technology, which is currently being used by Verizon. WSJ source also say that the phone, for which Qualcomm Inc. (QCOM) is providing a key chip, is expected to be released in Q1 of next year.

Shares of Verizon advanced 25 cents, or 0.76 percent, to $33.34 in NYSE composite trading. About 26 million shares changed hands as of 2:30 pm ET.

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