i was watching CNN money, and they said apple is coming out with a new iphone this summer all updated and all, and going to have a cheaper version, entry version of the iphone. Go to Macrumors.com they have news there too.

And that's all they are until something more substantive comes from Apple (either directly or via leaks).

9 times out of 10 "New iPhone" rumors are just speculative link bait. No one outside of Apple knows for sure, no matter how educated their guesses might be.