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Apple Inc. (AAPL - Analyst Report) is set to unveil some new products. Though there has been no official confirmation, reports from news websites such as AllThingsD and The Loop suggest that the event is likely to take place on Oct 22.

Apple is expected to reveal the new iPad (iPad 5) with Retina display, which has been designed to look like a bigger version of the iPad mini. The latest version of the iPad mini will be powered by A7 processor. Moreover, the new M7 co-processor and Touch ID fingerprint scanner will be found in both the devices. The devices will be available in colours such as silver, space gray and gold.

A new Apple MacBook Pro with Retina display, powered by fourth generation Intel Core processor named Haswell, along with updated NVIDIA 7-series mobile GPU, is also likely to also be announced.

There are also rumours that the new iPad Mini launch may be delayed till 2014. Some industry sources believe that Apple’s suppliers have not yet been able to complete the production of iPad Mini’s Retina displays until this month, which is probably the reason for the delay, forcing Apple to release a new iPad Mini without the said feature.

Apple first came out with an iPad in early 2010 and created this whole market for tablet computers, which in turn cannibalized the laptop and desktop computing market.Sensing the big opportunity in this segment, some of the other major competitors such as Samsung and Amazon (AMZN - Analyst Report) launched competing tablets, which naturally took some share from the market leader.

However, international expansion will be a major growth catalyst for Apple, helping tablet sales for the long term. In this regard, we believe that Apple will have to win tough competition from other Smartphone makers such as Samsung, Nokia Corp. (NOK - Analyst Report) and Sony (SNE - Snapshot Report).

Currently, Apple has a Zacks Rank #2 (Buy).

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