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Verizon iPhone Officially Announced!

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We wondered if it would happen. We hoped it would happen. But these two bickering titans, could they ever put past discretions behind them and join forces?

The answer came today at New York's Lincoln Center.

Verizon invited members of the press to bear witness to some big news. With rumors and expectations running rampant, it was difficult to believe it was about anything else.

Bloggers and tech analysts packed into the auditorium. The Daily Show's John Oliver was also in attendance, shouting obscenities presumably for tonight's episode.

Verizon Wireless CEO Lowell MacAdam took the stage and stoked the fire. He said, "Okay, it looks like you're expecting a big announcement. I don't think we'll disappoint. If the press write something long enough, eventually it comes true. We're very very excited about our announcement today."

He added, "The innovation in this market is mind boggling -- and today two innovators are coming together."

MacAdam delivered a bit more Steve Jobsian hype for Verizon's achievements, including a dig at competitors. In response to other carriers' rebranding of their 3G networks, "We debated calling it 6G." Cue Sad Trombone.

At this point, the crowd was growing antsy and the announcement was finally made: "Today we're partnering with a giant of the industry, and that's Apple."

Starting February 10, the iPhone 4 will be available on the Verizon network. It's official.

Apple COO Tim Cook joined MacAdam onstage and toed the party line, saying they're "excited to bring it to 93 million Verizon Wireless customers."

The iPhone 4 will retain all the features present in the AT&T model -- with an additional division in the antenna design along the edge. The price is the same: $200 for 16GB. The bad news is, as expected, the device will run on the 3G CDMA network, not Verizon's 4G LTE network. And like other CDMA devices, data and voice will not work simultaneously.

But bigger news: Like many Android devices, the Verizon iPhone will be able to act as a 3G hotspot -- something which can't be done on the AT&T model -- connecting up to five Wi-Fi devices at one time. Android manufacturers better start stepping up their game.

Existing Verizon customers can begin pre-ordering on February 3. Everyone else, February 10.

There you have it. Dreams answered, hopes confirmed.

Now it's up to Verizon to handle the traffic and not botch it like it's competitor.
POSITION:  No positions in stocks mentioned.