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. >To follow the writer on Twitter, go to http://twitter.com/jamesjrogers. >To submit a news tip, send an email to: firstname.lastname@example.org.