Apple's highly anticipated hosting event on Sept 12 is just around the corner, triggering speculation that the tech giant will unveil the much awaited iPhone 5.

Most news outlets and sources close to the company say Apple will also release a new "iPad Mini" into its tablet lineup on Wednesday, which is believed to directly compete with Amazon's popular Kindle line-up, Google's new Nexus 7 tablet, and similar devices from Samsung, Acer, Barnes & Noble and others.

Shares of Apple, which had set a record high of $683.29 last Friday have fallen back, trading midday Tuesday around $663.59, up 85 cents.