CUPERTINO, Calif. (

TheStreet

) -- After months of rumor and speculation,

Apple

(AAPL) - Get Apple Inc. (AAPL) Report

has confirmed that its next big product event will take place on Tuesday Oct. 4, likely marking the debut of the new iPhone 5.

Apple has sent out invitations to a "special event" titled "let's talk iPhone" on Tuesday, according to

Reuters

. The event will take place at the tech giant's headquarters in Cupertino, Calif., the report said.

The iPhone 5 launch will be the first of the post-Steve Jobs era, representing a

crucial moment

for the company's new CEO Tim Cook.

TheStreet Recommends

The new phone is expected to

run on a dual-core processor with a better camera

. There has also been chatter about a stripped-down iPhone 4 to sell into expanding markets such as China.

Shares of Apple, which have been hitting new highs in anticipation of the new hardware, rose $2.97, or 0.7%, to $406.14 on Tuesday.

--

Written by James Rogers in New York

.

>To follow the writer on Twitter, go to

http://twitter.com/jamesjrogers

.

>To submit a news tip, send an email to:

tips@thestreet.com

.