Apple up 5% on iPod Phone Buzz

“Apple shares rose $2.58 to $48.80 in trading that was almost twice the average volume. Earlier, the shares touched $48.88 in afternoon trading, a new record.

Apple and Motorola Inc. are widely expected to unveil a mobile phone that will include Apple’s technology for downloading songs from the Internet onto portable music players, and have scheduled a press event in San Francisco for Wednesday.”

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