NEW YORK (TheStreet) -- The much awaited event from Apple (AAPL) has finally arrived. Taking a look at the new products is TheStreet's Chris Ciaccia.

On Tuesday the company revealed what many had already suspected: The iPhone 5S and the iPhone 5C.

However, many investors were not expecting the 5C to cost so much, with an unsubsidized price of $549, Ciaccia said. This was much higher than the $399 or $450 price targets that some analysts had estimated.

The two phones feature new fingerprint technology and an improved camera software.

Ciaccia went on to say that the phones will include an A7 64-bit chip, which will improve graphics and CPU speeds.

Also included is an M7 chip, which has to do with fitness and motion. He added that the company also announced it would be working with Nike ( NKE).

Ciaccia noted that the iPhone 5S would not be available for pre-order, but the 5C would be, starting Sept. 13. Both phones will be available on Sept. 20.

Video.

Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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