Apple COO implies MULTIPLE product launches.
More than one analyst asked both Oppenheimer and Cook whether Apple's projections for the next quarter's revenue took into account the launch of the long-rumored iPad, but both execs dodged all such questions. To one questioner, Cook replied: "I wouldn't want to take away your joy and surprise on Wednesday when you see our latest creations."
I note particularly the very last word "creations". It is plural.
This would imply MORE THAN ONE product launches at today's Apple event. Or it could imply multiple content product streams to be announced to provide all the edu-newso-video-textotainment which all those customers for the shiny new tablet are going to require. Or it could just be a little slip of the tongue.
From an investing and trading perspective, Plural is IMHO better than Singular. It implies multiple revenue streams, spreading of risk and further profitable leverage of the existing 'ecosystem' which pipelines cash direct from 100 million consumers' credit cards to Cupertino.
Thinking of how it could play out on stage, all the best Apple events in the past have featured at least a short section of "here's some of our old stuff we've updated" (eg an annual update of iLife or iWorks, a midlife revamp one of the iPod, Portable or Desktop product lines). These little 'appetisers' serve to set up Steve Jobs famous "one more thing" moments, when he pulls the big news product from his pocket to hysterical acclaim.
From a purely trading perspective today, one would expect a generally Bullish stance to hold until at least the moment SJ produces the tablet. There could then be an outbreak of 'selling on the news'. The key question, of course, is when will traders hit the button to make that switch. Or will the event + product + content combo be so powerful that a sell-off does not happen.
The answer is "we shall see".
FWOW, if there were to be a second physical product announced today, I would bet that an Apple-branded HD TV with 'built-in-everything' would be positively received by Wall Street as a supporting act to the Tablet.