Apple Announces New Product

NEW YORK ( TheStreet) -- Apple ( AAPL) finally announced a new product!! Don't get your hopes up though, shareholders and fanboys, alike. It's simply a new iPod touch, but it doesn't have a rear camera.

The new iPod touch, will come with 16 GB worth of memory only, a dual-core A5 processor, and a front camera, but no rear camera. It's priced drastically lower than the 32GB 5th generation iPod touch, coming in at $229, vs. $299 for the 32 GB model.

This product launch certainly isn't what CEO Tim Cook was alluding to on Apple's earnings call when he said the company has some great products, software and services coming in the fall and into 2014. Cook may have been speaking more about wearable technology and other products on the conference call.

It's also expected that Apple will announce new Macs at its Worldwide Developer Conference in June. KGI Securities analyst Ming-Chi Kuo believes Apple will offer the new Macs with Intel's ( INTC) Hawell processors.

Shares of Apple were higher in early Thursday trading, up 0.24% to $446.03.

-- Written by Chris Ciaccia in New York

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