NEW YORK (TheStreet) -- Apple (AAPL) - Get Report sent out invitations this morning for an event on September 7 during which it is expected to reveal new iPhones and updated Apple Watches, The Verge reports. 

The iPhone maker will likely unveil a new model of the phone that is speculated to have fewer antenna lines and no headphone jack. The new model also is expected to be more water resistant and to have a dual camera system to take improved photos. 

As for the Apple Watch, the Cupertino company might release new models with quicker internal components and GPS as well as a potential camera, according to The Verge.

Apple stock was up in early-afternoon trading on Monday.

(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)

Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B+.

Apple's strengths such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins, increase in stock price during the past year and notable return on equity outweigh the fact that the company has had sub par growth in net income.

You can view the full analysis from the report here: AAPL

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author. 

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