Apple Drops as iPad Mini Rumors Swirl

NEW YORK ( TheStreet) -- Apple ( AAPL) is reportedly getting ready to ramp up production of the next version of the iPad mini, with shipments starting in August.

Apple shares were falling 1.1% to $431.35 in mid-day trading. Company officials could not be immediately reached for comment.

Tech Web site DigiTimes notes that Apple's manufacturing partner, Pegatron, has received orders from Apple to start building the next version of the iPad mini, in addition to the cheaper iPhone that's been much buzzed about in recent days and weeks.

It's expected the next version of the iPad mini will look largely similar to the first version, but will have Retina Display, Apple's high-pixel density screen technology. It's also rumored that the next-gen iPad mini will have a faster processor and better camera.

Sales of the iPad mini have gone extraordinarily well since the product was announced in October 2012. Though Apple doesn't break down iPad sales by the 9.7-inch larger iPad and smaller iPad mini, iPad sales have continued to rise sharply. Apple sold 19.5 million iPads during its most recent quarter, compared to 11.8 million in the same quarter last year.

Apple owned 39.6% of the tablet market, according to research firm IDC.

Apple shares were lower in Friday trading, off 0.43% to $434.10.

-- Written by Chris Ciaccia in New York

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