NEW YORK (TheStreet) -- Shares of Apple Inc (AAPL) were lower by 0.38% to $128.16 in midday trading Monday, ahead of the technology giant's highly anticipated Worldwide Developers Conference which is scheduled to begin at 1 p.m. ET today.
The company is expected to unveil its new music streaming service, as well as more details into third-party apps for the Apple Watch.
In addition, analysts at UBS issued a positive note on iPhone sales in China this morning.
The firm noted that the number of Google (GOOGL) searches for Apple's iPhone more than doubled through the end of May, gaining by 130%.
UBS said the data suggests that iPhone sales in China continue to be strong, estimating that Apple will sell 50 million iPhones this quarter.
The firm maintained its "buy" rating with a $50 price target on shares of Apple.
Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.
The company is based in Cupertino, Calif.
Insight from TheStreet's Research Team:
Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. During the most recent weekly roundup, this is what Jim Cramer, Portfolio Manager and Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Apple (AAPL:Nasdaq; $128.65; 820 shares; 4.07%; Sector: Technology): Apple stock fell around 1.7% this week. On Monday night, The Wall Street Journalreported that Appler is preparing to launch a streaming music service that will directly compete with Spotify, Pandora (P) and other popular streaming services. While late in the game, Apple can aggressively cross-sell its hundreds of millions of iTunes customers - - most with credit cards already on file -- and make iTunes the largest full-service music retailer on the planet.