Several publications over the past few days have published stories about Apple moving into the smart watch industry. The New York Times, The Wall Street Journal, and Bloomberg have all come out with articles discussing Apple's move into watches, with some surprisingly strong detail.
Bloomberg went so far as to put a number on the employees working on the watch, even naming some of them. Reportedly, James Foster, senior director of engineering, and Achim Pantfoerder are part of the team. In total, there are supposedly 100 employees at Apple working on the device.
The supposed Apple wristwatch is said to work in conjunction with other Apple devices, perhaps with the iPhone. Nike (NKE - Get Report) already has a smart watch, but has not caught mass traction with the device.A smart watch by Apple could be big business for the company, which has recently dealt with concerns over innovation. Morgan Stanley analyst Katy Huberty believes the watch could be worth as much as $10 billion to $15 billion in annual revenue for Apple, or $2.50 to $4 a share in earnings. This assumes a $200 price point, and 20% of the 500 million iTunes users buying one. Huberty notes that Apple may have an advantage over other watches already in the market. "Current products in the market sell at an average of $140, but offer limited functionality versus the integrated iOS platform," Huberty wrote, in her note. She rates Apple shares "overweight" with a $630 price target. As Apple struggles to deal with the perception that it can't innovate any more, an iWatch and the oft-rumored Apple television could answer some of the company's critics. TheStreet wants to know whether you'd buy an iWatch. Please vote in our poll - the results will be up on Tuesday.
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