The rumors of a an iPad mini from Apple Inc. (NASDAQ: AAPL) appear to be true. The Wall Street Journal's AllThingsD blog reports today that the company has sent out invitations to a special event scheduled for October 23rd at which Apple will unveil the iPad mini.
The date is just three days before Microsoft Corp. (NASDAQ: MSFT) is scheduled to announce availability of its new Surface tablet and just two days before Apple reports quarterly earnings. The iPad mini is thought to have a screen size of 7.85-inches, but there are not many more details about the device.
Apple's taking on some risk here. First, the new iPad, which the company began selling March, has been a big hit and if the iPad mini will not be available in time for the holiday shopping season, Apple risks tamping down sales of the mini's larger cousin. And if the company can begin selling the device before the holiday shopping season is over, the selling price of the iPad mini, which is sure to be significantly lower than the price for the iPad, could have a negative impact on revenues for the fourth quarter, unless sales of the iPad mini are out of sight.
Shares of Apple are flat today at $628.10 in a 52-week range of $363.32 to $705.07.