Apple Expected to Unveil New iPad and More Macs at Event on Tuesday

At an event in New York on Tuesday, Apple is expected to take the wraps off at least one new iPad, as well as a cheaper Macbook Air and an updated Mac Mini.
By Annie Gaus ,

Apple (AAPL) - Get Report is headed to the Big Apple for a mystery unveiling this Tuesday.

The tech giant, which typically makes product announcements near its home base of Cupertino, Calif., is scheduled to host an event on Oct. 30 at the Brooklyn Academy of Music in New York City.

At the event, Apple is expected to reveal at least one new iPad, and potentially other new products such as a new MacBook Air or Mac Mini.

Though Apple tends to keep a tight lid on its product announcements, much of the speculation comes courtesy of the often-accurate analyst Ming-Chi Kuo of TF International Securities, who predicted in a recent note that Apple would release a new 11-inch iPad Pro this year. The basic iPad was updated in March of this year, but the iPad Pros haven't had a more extensive overhaul since 2015. 

In March, Kuo also forecast that Apple would release a new and less expensive MacBook Air. Separately, in August, Bloomberg reported that Apple was planning to unveil a cheaper MacBook Air as well as an update to the Mac Mini desktop computer aimed at professional users.

While iPhone sales make up the majority of Apple's revenue, and are updated every year, the iPad and Apple's PC products appear to have taken a backseat in recent years. During fiscal 2017, Apple sold 19.2 million iPads and 19.25 million Mac computers, compared with 216.76 million iPhones. Much like the iPad, Apple's MacBook Air also hasn't received a significant overhaul in several product cycles, and the Mac Mini also hasn't been updated since 2014.  

Apple's stock was down 2.5% in late afternoon trading on Monday, but they are up roughly 25% for the year. The company reports quarterly earnings on Thursday, Nov. 1 after the close.

Apple is a holding in Jim Cramer'sAction Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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