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Apple Investors: No New iPhone? No Sweat

The stakes are certainly getting higher in the online music market. Last month Google (GOOG - Get Report) took a swipe at iTunes when it announced plans for a cloud-based music service at its I/O developers' conference. Amazon (AMZN - Get Report) is also getting in on this act, unveiling its Cloud Drive and Cloud Player earlier this year, giving users 5-gigabytes of free online storage for computer files including songs that can play on multiple devices.

Despite intensifying competition, Peridot's Brand thinks that Apple can easily blow its Internet rivals away. "The Amazon launch, while not a bad effort, really won't stand much of a chance if Apple can put together a strong offering, which is likely given their track record," he wrote, in an email to TheStreet. "Given how dominant the iTunes and iPod franchises are for music downloads, it seems to me that this is Apple's market for the taking, provided they have a product at least as good as Amazon's and whatever Google comes out with."

There has also been talk that Apple's cloud service, possibly dubbed iCloud, could extend beyond music, syncing up with the company's MobileMe cloud storage service, and offering tighter integration with social networking.

At least one Apple investor, however, has been left scratching his head by all the cloud brouhaha. "The hype surrounding a cloud announcement has been all over the place," explained Scott Grannis, author of the Calafia Beach Pundit blog. "I'm hoping to be surprised, but I'm not holding my breath - the 'cloud' is such a nebulous concept that I would be surprised if anyone can come up with a new, killer, approach."

Grannis told TheStreet that he would love to see Apple debut an iPhone 5, but is still positive on the stock even if this fails to materialize next week. "Even if WWDC doesn't produce anything that is really big, I think that the shares can still do well just on the basis of ongoing earnings growth," he said. "I note that Apple is doing very well with their laptops and desktops, and they still have lots of market share gains ahead."

--Written by James Rogers in New York.

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