Apple Confirms Oct. 4 iPhone Event

CUPERTINO, Calif. ( TheStreet) -- After months of rumor and speculation, Apple ( AAPL) has confirmed that its next big product event will take place on Tuesday Oct. 4, likely marking the debut of the new iPhone 5.

Apple has sent out invitations to a "special event" titled "let's talk iPhone" on Tuesday, according to Reuters. The event will take place at the tech giant's headquarters in Cupertino, Calif., the report said.

The iPhone 5 launch will be the first of the post-Steve Jobs era, representing a crucial moment for the company's new CEO Tim Cook.

The new phone is expected to run on a dual-core processor with a better camera. There has also been chatter about a stripped-down iPhone 4 to sell into expanding markets such as China.

Shares of Apple, which have been hitting new highs in anticipation of the new hardware, rose $2.97, or 0.7%, to $406.14 on Tuesday.

-- Written by James Rogers in New York.

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