Just read this on Bloomberg.

Apple Is Said to Not Plan IPhone 4 Recall Tomorrow

July 15 (Bloomberg) -- Apple Inc., facing complaints over the antenna reception of its new iPhone 4, doesn’t plan to announce a recall for the product at a press event tomorrow, according to a person familiar with the company’s plans.

The event, slated for 10 a.m. local time at Apple’s Cupertino, California, headquarters, will center on the iPhone, though no recall is planned, said the person, who asked not to be named because the information isn’t public. Apple has declined to elaborate on what will be discussed.

Since Apple released the iPhone 4 on June 24, users have complained about losing reception when they cover the lower-left corner of the device.

Consumer Reports said this week it wouldn’t recommend the phone because of the glitch, and some analysts have said Apple needs to address the concerns or risk harming sales.
Paddy Power Plc, Ireland’s biggest bookmaker, said this week that the odds of a recall increased after the Consumer Reports review, leading to a “betting frenzy.” The iPhone, first introduced in 2007, is Apple’s top-selling product, accounting for about 40 percent of revenue. The company sold 1.7 million in the first three days after the release of the fourth-generation model. Apple reports earnings on July 20.

The latest model has a new design that encases the antenna in a metal band surrounding the phone, instead of making it a separate piece. In response to the complaints, Apple has advised users to either not touch the phone in the lower-left corner or use a case.

Apple fell $1.24 to $251.49 at 3:42 p.m. New York time in Nasdaq Stock Market trading. The shares had risen 20 percent this year before today.