Shares of Apple are up more than $4 -- a 1% increase -- as the first details surface of an event for the company's next iPad tablet.
All Things D reports the next iPad will run Apple's 64-bit A7 chip -- now available on the iPhone 5S -- as well as sport a thinner, lighter design and a better camera. Apple is also expected to unveil more information on the next operating system for Macs, OS X Mavericks.
The event is slated for Oct. 22.
While iPad remains the dominant force in the tablet market, Apple has seen competition grow stronger, most notably from Amazon and its line of Kindle Fire devices. Amazon will launch the Kindle Fire HDX next month.
Apple stock has climbed in recent months, but it is still well off the $702 high set in September 2012. Since then, the stock has plunged as investors wait for the company's next breakthrough device.