Here are your Apple rumors and AAPL news items for today:

Next iPhone Facing Battery Supply Problems: An analyst for Topeka Capital Markets notes that only 30% of batteries for the upcoming iPhone from a Chinese supplier are meeting Apple‘s (NASDAQ:AAPL) quality control standards, Apple Insider says. The analyst is maintaining his prediction that the new iPhone will launch in September, a month ahead of most predictions. Other sources in China are suggesting the possibility of an August launch for the new iPhone model.

iTunes to Get Major Update By Year’s End: Apple will overhaul the appearance and features of its popular iTunes store later this year, Bloomberg reports. The company will integrate its iCloud storage service into iTunes so that uses can distribute content more easily across various Apple devices. iTunes, which offers 28 million songs, 45,000 movies and the App Store’s 650,000 apps, generated revenue if $1.9 billion for the company last quarter. iTunes debuted in 2003.

Apple Shares Rated ‘Outperform’: Analysts at Wells Fargo (NYSE:WFC) are predicting that Apple will have the “largest product cycle in consumer electronics history” when it debuts its new iPhone later this year, according to Apple Insider. The company’s analysts have resumed evaluation of Apple stock and predict that shares of the iPhone and iPad maker will hit a range of between $640 and $660. Wells Fargo says Apple shares are currently undervalued and that its stock typically rises 23% after a new iPhone is unveiled.

For more about the company, check out our previous Apple Rumors stories.