News Summary: Apple mulls cheaper iPhone

APPLE SAUCE: Apple is exploring the possibility of building a cheaper version of its popular iPhone, according to a Wednesday report in The Wall Street Journal.

iPHONES FOR THE MASSES: A less expensive iPhone built from cheaper material than current models might help Apple Inc. sell more devices to less affluent consumers. Prices for the current iPhone start at $649, without a wireless contract commitment.

OR NOT: Apple could introduce the discount iPhone later this year or table the idea for future consideration, as the company has been doing in the past few years.