Here are your Apple rumors and AAPL news items for today:
iPad to Receive Technology Upgrade: Apple (NASDAQ:AAPL) will release an updated iPad by the end of this year featuring a single-LED backlight and IZGO display technology, Apple Insider reports. The rumored updates would allow Apple to reduce the iPad’s thickness, while solving heating issues associated with the two-LED backlights in current iPads. The newly updated model would feature better battery life and will hit shelves in time for the holiday shopping season.
New iPhone to Get Faster Chips: Apple is planning to introduce quad-core processors in its next-generation iPhone, according to DigiTimes. The quad-core chips would be made by Qualcomm (NASDAQ:QCOM). Smartphones from Samsung, HTC and LG already feature quad-core chips, so the move is seen as necessary to keep pace with escalating smartphone competition. Other rumors say Apple will adopt Samsung’s Exynos 4 quad-core processor in its new iPhone. The new iPhone is expected to debut in either September or October.
Apple Shares to Explode: Topeka Capital Markets analyst Brian White has reiterated his stock forecast for Apple on CNBC’s Fast Money. White says with the looming introduction of the next-generation iPhone and the possible debut of a smaller iPad sometimes this fall, the company’s shares could hit $1,001. That would give Apple a valuation of about 18 times current earnings. Adding to the stock’s value, says White, are the eventual release of an Apple-branded TV and a deal to bring the iPhone to China Mobile (NYSE:CHL).
For more about the company, check out our previous Apple Rumors stories.