Verizon (NYSE:VZ) to Distribute Motorola (NYSE:MOT) 4G Phone

Verizon (NYSE:VZ) chief operating officer, John Stratton, announced in an interview that a Motorola Inc. (NYSE:MOT) smartphone is in the works to run on its new 4G network.

This is the first time Verizon has pointed out a specific smartphone developer in connection to the 4G network.

Stratton said, "We've got LTE smartphones on the horizon. Motorola will be right there."

LTE refers to the technology behind the network called Long-Term Evolution, which as a wireless connection alleges it can run as existing fiber optic technology or cable modems.

Verizon Communications President Lowell McAdam said at the Consumer Electronics Show in January there should be about 6 smartphones revealed which will run on the network, and will be ready for sale sometime in the first half of 2011.

Specifics of the Motorola device weren't revealed.

Verizon closed Tuesday at $34.94, up $0.20, or 0.58 percent. Motorola closed at $9.00, up $0.12, or 1.35 percent.