Just yesterday Kevin Chang, a Taiwan-based JPMorgan analyst said Apple would release an iPhone Nano by Q4 of this year. Chang said the device would retail for $300 or less. Three of the analyst's colleagues at JPMorgan have since issued a research note advising the industry and Wall Street to ignore the analyst's single-sourced comments.  

"We caution that the potential for a low-end, subsidized phone from Apple seems unlikely in the near term," wrote analysts Bill Shope, Elizabeth Borbolla and Vlad Rom. "Perhaps Apple will choose to eventually replace its iPod family with phones over time, but it could be premature to assume this will happen in volume any time soon."

Apple shares soared to an all-time high following the report. Part of Chang's evidence of the "imminent" Nano version of the phone was a patent that Apple filed last July for a phone that features an iPod-like scroll wheel.

For more on JPMorgan's rumor mongering and quashing:
- read this article from InformationWeek