updated 12:52 pm EDT, Mon July 29, 2013
Info said to come from within Apple
The first low-cost iPhone will indeed be called the iPhone 5C, a source tells Business Insider. Over the weekend, a photo of product packages for a supposed iPhone 5C appeared on WeiPhone. The BI source, though, is allegedly connected to someone inside Apple who confirmed the name. Despite the indirect nature of the rumor, BI says it's "confident" about its assertion.
The source expects the 5C to launch alongside a flagship 5S. The person adds that the C stands for "Color," and that images of iPhones with colored plastic backs are accurate. No other new details have been shared, however.