NEW YORK (TheStreet) -- Apple (AAPL - Get Report) kicks off its Worldwide Developer Conference, and while the event has delivered bombshells in the past it's largely gone as expected in recent years. That may be about to change, though, especially as it relates to software and services.

At the event, we're likely to hear initiatives on iOS 9/OS X, Apple Pay, Apple's new music streaming and perhaps several other items, including a surprise or two.

Following Google's (GOOGL - Get Report) developer conference last month, in which it announced several cloud-based offerings including Google Now on Tap, an updated photos app and the much-revered Google Photos app, there are expectations Apple will do the same at its developers conference. "We wouldn't be surprised if Apple announced advancements in Cloud Services at WWDC," Jefferies analyst Sundeep Bajikar wrote in a May 31 research note. Jefferies rates Apple shares hold with a $135 price target.

TheStreet will be live-blogging the event, starting at at 12:45 P.M. EDT.