(Updated from 3 p.m. ET with closing prices at the end.)

NEW YORK ( TheStreet) -- Apple ( AAPL - Get Report) shares rose 2.49% to $430.50 as rumors of the iPhone 5S picked up steam.

Apple-focused Web site iMore said, citing sources, that the new iPhone 5S would be available in August. The world's most valuable technology company has previously released the iPhone 4, 4S and iPhone 5 in June, October, and September, respectively.

In addition to the iPhone launch, iMore suggested that Apple may release the newest iPad and iPad mini tablets around April, but nothing has been finalized yet.

Cree ( CREE - Get Report) shares soared 12.79% to $50.44 as the lighting company announced new, cheaper LED lightbulbs that could change the way people light their homes.

Starting at under $10 for a 40-watt bulb, Cree hopes to replace incandescent light bulbs in the home, helping consumers save money on their electric bills. "The Cree LED light bulb was designed to offer consumers a no-compromise lighting experience at a compelling price," said Chuck Swoboda, Cree chairman and CEO, in the press release. "Over the last couple of years we recognized that the consumer is instrumental in the adoption of LED lighting, but we needed to give them a reason to switch. We believe this breakthrough LED bulb will, for the first time, give consumers a reason to upgrade the billions of energy-wasting light bulbs."

The 40-wattt bulb costs $9.97, a 60-watt warm white replacement bulb will cost $12.97, and a 60-watt day light will cost $13.97. The light bulbs will be available exclusively at Home Depot ( HD).

Vodafone ( VOD) shares jumped following reports it may reach a resolution with Verizon ( VZ - Get Report) over its 45% stake in Verizon Wireless by the end of this year.

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There are no formal talks going on at this point, according to reports, but the European telecom giant and New York-based Verizon have spoken in the past about resolving ownership of Verizon Wireless, the crown jewel in Verizon's portfolio.

Shares of Vodafone rose 6.24% to $26.95, while Verizon tacked on 1.15% to $47.65.

Closing prices: Cree ended the day up $6.44, or 14.4%, at $51.16; Vodafone was up $1.31, or 5.2%, to $26.68; and Verizon ended up 58 cents, or 1.2% to $47.69.

-- Written by Chris Ciaccia in New York

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