Apple is announcing a new iPhone and its stock is spiking (AAPL)

Apple

Apple is expected to launch the next iPhone on Tuesday, and investors are getting excited.

Shares of the tech giant are down 0.34% lower during the company’s keynote address on Tuesday. Apple’s stock rose on Monday ahead of the event, gaining about 1.81%.

Some analysts expect the new phone to spark a “supercycle” of upgrades. Many iPhone owners are still sporting an older model and didn’t upgrade to the iPhone 7, which was announced last year.

The iPhone X, as it’s expected to be called, will have a new bezel-less OLED screen, which would be the first major design change since the launch of the larger iPhone 6.

At the event on Tuesday, Apple is expected to launch not only the new iPhone X, but an upgrade to the iPhone 7 line that most likely won’t sport the new screen. It’s also expected to announce an update to its Apple Watch and Apple TV products.

Many investors are bullish on Apple as of Tuesday. About 80% of analysts surveyed by Bloomberg rate the company a buy and the remaining analysts are neutral. The analysts have an average price target of $176.18 a share, about 8.2% higher than the company’s current price.

One analyst, Katy Huberty of Morgan Stanley, thinks the new iPhone is nice, but ultimately cares more about the augmented reality technology Apple could announce. It’s what could drive Apple to be the first trillion dollar company according to Huberty.

Apple is up 40.24% this year. To watch Apple’s stock price trade live during the event, click here.

You can watch Tuesday’s event live on Apple’s website, but make sure you are using either Safari on MacOS devices or Microsoft Edge on Windows. Make sure to follow Business Insider’s live blog during the event.

There are other stocks to watch as well. Apple often sources its parts from multiple manufacturers to ensure it is getting reliable parts at the best price. Here are the other companies to watch, each listed with the parts they could be supplying for the new phones.

• Toshiba, SK Hynix and Western Digital: Flash memory providers
• Samsung: Memory and single provider of the iPhone X’s new OLED screen
• Imagination Technologies Group: Graphics technology
• Finisar: 3D sensor lasers that could be used in the rear of the phone
• Lumentum: 3D sensor that could power the facial recognition technology
• Read a breakdown of what each company could be supplying here.

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