Steve Jobs' Health Upstages iPod Event

"We are confident that Steve Jobs will be presenting and we anticipate his appearance at the event to be viewed as a positive," Munster wrote. "While some investors are concerned that Jobs will not deliver the keynote, we have reason to believe he will. Therefore, we believe his health has improved since the June event, which would be a positive for the stock."

Investors may not be convinced yet that Jobs will make an appearance. Apple shares were lately down $6.88, or 4.3%, to $153.30. For comparison, shares of Apple climbed more than 4% ahead of last September's "The Beat Goes On" event, where Apple introduced the iPod touch for the first time, a refresh for the iPod shuffle and iPod nano product lines, a partnership with Starbucks (SBUX Quote) and a price cut for the first generation iPhone.

For its September 2006 "It's Showtime" event, Jobs introduced an updated version of the iPod nano as well as a completely new design for the iPod shuffle. Apple also updated its iTunes software and offered a sneak peek at the Apple TV device. During the week leading up to the conference, Apple's stock gained roughly 6%.

In 2005, Apple shares jumped more than 5% the day before the September event where the company replaced the iPod mini with the new iPod nano. The company also unveiled the Motorola (MOT Quote) ROKR iTunes handset, which would ultimately be overshadowed by the iPhone.

Also on Monday, Best Buy (BBY Quote) became the first outside retailer to offer Apple's iPhone 3G. The Minneapolis-based electronics retail giant's Best Buy Mobile stores have begun selling the popular handset nationwide for the suggested retail price of $199 for the 8-gigabyte model and $299 for the 16-gigabyte version.