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

Gearing Up: Apple‘s (NASDAQ:AAPL) Asian manufacturing partners are readying to begin building new iPhone models in June or July, AppleInsider notes. The report comes from Morgan Stanley (NYSE:MS) analyst Katy Hubert, who says that the company will begin producing more than one iPhone model for a September launch. Hubert also says that iPhone 5 shipments are now meeting forecasts. Reports earlier this year suggested that Apple was experiencing weaker-than-expected demand for its flagship phone. Hubert notes that wireless carriers believe that Apple can boost sales with both a cheaper iPhone and an iPhone with a 5-inch screen. A low-cost iPhone could produce strong sales in emerging markets, especially China, Hubert forecasts.

Buying: Hedge fund manager and activist investor David Einhorn has raised his firm’s holdings of Apple shares, the New York Times notes. Earlier this year, Einhorn, who runs Greenlight Capital, criticized Apple for hoarding more than $100 billion in cash. He proposed that the company issue preferred shares with a perpetual dividend as a means for Apple to return some of that cash to investors. Greenlight then successfully sued Apple to block a proxy vote that would have restricted its ability to issue preferred stock. Last month, Apple announced plans to return $100 billion to shareholders through higher dividends and share buybacks. On Tuesday, Einhorn said that Greenlight had “added to our Apple position.” He also said he was awaiting the debut of Apple’s “next blockbuster product.”

Flood: Heavy rain in New York City led to a leak that sent water cascading from the ceiling of Apple’s 5th Avenue store, the New York Post reports. Customers said the leak began around 8 a.m. No electronics appeared to be damaged and the store was not evacuated. Apple employees began clearing water from the west side of the store. Unnamed employees told the Post that construction on the store’s roof last year hadn’t been completed properly, leading to drainage problems in heavy downpours. By 10 a.m., the water had been removed, though a section of the store remained cordoned off. Despite the unexpected cascade, the store remained open during the entire event and cleanup.

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