Looks likely, doesn't it?

Shortly after speculation from a JP Morgan analyst that Apple would go Nano with the iPhone, shares of Apple leaped 1.5 percent to $134.50 from its 52-week high of $133.34 from Friday, according to The Globe and Mail.

Apple's stock has already jumped 40 percent in the months between announcement of the iPhone and its June 29 release. Recently, a patent filing disclosed by the US Patent and Trademark Office lent fuel to rampant rumors that Apple would follow the hype-ridden, but costly, item with a smaller and less expensive "iPhone Nano."

The patent application was filed in November and describes a multifunctional, iPhone-like handheld device.

Other analysts at JP Morgan told investors last Tuesday that Nano iPhone speculation could not be confirmed.