Apple (AAPL) Sees Upside Action Ahead of iPhone 5 Event

In just about an hour and a half, Apple (Nasdaq: AAPL) is expected to unveil the iPhone 5. The event starts at 1PM ET.

The new phone is expected to have a faster chip, larger screen and better camera. In addition, better speech-to-text technology could be announced.

Also, it will be new CEO Tim Cook's first event at the helm. It has been rumored that former iconic CEO Steve Jobs (still Chairman) may not even show at all.

Shares of Apple are up 1% ahead of the event, although traders will be looking for any 'sell the news' reaction following the announcement.

In addition to Apple shares, a number of iPhone 5 component maker are moving ahead of the event.

• QUALCOMM (Nasdaq: QCOM) up 1%. Expected to provide chip set
  
• Broadcom Corp. (Nasdaq: BRCM) up 1.3%. Expected to provide various wireless chips
  
• OmniVision Technologies Inc. (Nasdaq: OVTI) up 14%. Expected to provide CMOS image sensors
  
• Avago Technologies (Nasdaq: AVGO) up 2%. Expected to provide power amplifiers
  
• TriQuint Semiconductor (Nasdaq: TQNT) up 5%. Expected to provide power amplifiers
  
• Skyworks Solutions (NASDAQ: SWKS) up 4%. Expected to provide power amplifiers
  
• Nuance Communications, Inc. (NASDAQ: NUAN) up 3%. Speculation of speech-to-text technology. The Apple event is called "Let's talk iPhone"... hmmm.

Sprint (NYSE: S), which is expected to start selling the iPhone for the fist time, is down 7 percent on worries the company is giving up the farm to get the device.

Always stay up-to-date with market moving events with StreetInsider.com Premium. Free trials available here http://www.streetinsider.com/premium_content.php

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Morpheus shorts Velo3D: 'parlayed a failed SPAC and a sham SpaceX relationship into a fortune'
• Apple Raises Mac and iPad Prices to Counter Memory Shortages
• Alphabet to replace Verizon in the Dow Jones Industrial Average