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Apple Unlocks iPhone to Support Microsoft Exchange

Apple (NASDAQ: AAPL) said on Thursday it will start supporting Microsoft (NASDAQ:MSFT)'s Exchange product for corporate e-mail, opening a potential new market for the popular iPhone.

Shares of Research In Motion (NASDAQ: RIMM), maker of the popular BlackBerry smartphone widely used by corporations, fell 2.7 percent to $99 on the news on NASDAQ. Apple shares were little changed, up less than 1 percent to $123.66, also on NASDAQ.

Phil Schiller, head of worldwide marketing for Apple, the maker of the iPhone, iPod and Mac line of computers, made the announcement at its headquarters.

"The iPhone can now work directly with the Exchange server," Schiller said, adding that it would enable corporate e-mail, contacts and calendars.

Schiller spoke at an event to discuss a software kit that would let outside developers create software programs for the iPhone.