Apple (AAPL) Replaces $399 iPad 2 With Fourth-Generation iPad

NEW YORK (TheStreet) -- Apple (AAPL) discontinued the three-year-old iPad 2 Tuesday, replacing the $399 tablet with the fourth-generation iPad.

Shares of Apple were gaining 0.3% to $528.11.

The fourth-generation iPad, sometimes called the iPad 4, was first introduced in late 2012, and was the second iPad to offer a Retina display. The tablet uses an A6X processor that's much faster than the A5 chip found in the previous iPad 2. The fouth-generation iPad also offers better cameras than the iPad 2.

Apple now offers a 16GB Wi-Fi fourth generation iPad for $399. A 16GB model with LTE connectivity is also available for $529.

With the change all of Apple's iPad models no support the Lightning cable, phasing out the old 30-pin connector. The free-on-contract iPhone 4S is the only iOS device currently on sale that still uses the old port.

Apple also introduced an 8GB iPhone 5c for European markets Tuesday.

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TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, expanding profit margins and growth in earnings per share. We feel these strengths outweigh the fact that the company has had sub par growth in net income."

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