Here are your Apple rumors and AAPL stock items for Wednesday.
Major Electronics Retailers Sell Clay iPads: iPad customers in Vancouver, British Columbia, were sold tablets that were more likely to carry commandments than apps, according to a report at CTV. As many as 10 people shopping at Best Buy-owned (NYSE:BBY) Future Shop stores in the area bought what they thought were iPads but turned out to be slabs of modeling clay. Future Shop said that the fake iPads made it onto shelves thanks to con artists who purchased actual iPads, removed them from their boxes and replaced them with the clay slabs, then returned the boxes after resealing them to dupe store attendees. While it’s most likely that the fraudulent iPads made it into Future Shop via cunning scammers, there are other possibilities. Maybe an ingenious practical joker is living in Vancouver, or perhaps Foxconn has started employing ancient Anasazi craftsmen at its iPad manufacturing plants in China.
Apple Hosting iPad 3 Event in February?: In other iPad news, a report at Japanese blog Macotakara (via Mac Rumors) said that Apple plans to unveil its next iPad model at a press event in early February, one month before the tablet is set to hit shelves. Apple would also show off the latest update to its iOS operating system, iOS 5.1. While it seems likely, considering recent reports, that Apple will release a new version of its popular tablet during the first quarter of 2012, Macotakara‘s timeline is suspect. After all, in 2011 Apple debuted the iPad 2 on March 2 before releasing the device on March 11, a window between product announcement and commercial availability common for the company’s products. Apple’s next media event is actually scheduled for Thursday, when the company is expected to announce new developments in its e-book business. Speculation on release plans aside, it’s possible that the iPad 3 has already snuck into unsuspecting retailers hands. It would be pretty bold if Apple’s designers were making devices out of clay.
Apple Price Target Raised to $525: Investment bank RBC raised its expectations for Apple shares from $500 to $525 on Wednesday thanks to a better-than-expected holiday quarter. RBC analyst Mike Abramsky said in a note to investors titled “iPhone Frenzy” that he believes Apple will report $40.2 billion in revenue and $11 EPS during its quarterly earnings call, scheduled for Tuesday. As indicated by the note, the company’s iPhone is propelling those earnings. Abramsky believes Apple sold 32 million smartphones during the previous quarter.
As of this writing, Anthony John Agnello did not hold a position in any of the aforementioned stocks. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook. For more from the company, check out our previous Apple Rumors stories.
