10:50 AAPL Apple: Roundup of recent reports on AAPL's upcoming WWDC on Monday (344.26 -1.82) -Update-
On Monday at 1 PM ET, Apple will host its yearly World Wide Developer Conference. In the past, AAPL has used this event as an opportunity to unveil its new software and products, mainly its latest iPhone which releases shortly thereafter. This year, however, AAPL is not expected to release a new version of its iPhone; the consensus now expects the phone to launch in September as opposed to the usual June release of the past 4 models. The focus this year, according to sources, will be its iCloud service.
The iCloud service is expected to be AAPL's cloud offering that will allow its iTunes customers to store and access its iTunes library on the cloud. Reports suggest that AAPL has already locked up deals with the four major record labels -- Universal Music Group (Vivendi), SNE, WMG, and EMI Group. The movie industry is still in question, however. AAPL is said to be offering the service for free initially for those tracks that were already purchased on iTunes, but with a $25/year fee thereafter. Aside from the iCloud announcement, AAPL is said to be unveiling its latest operating systems for its Mac line (dubbed Lion) and its mobile line (iOS 5). Both have been in beta testing for developers for months, so neither comes as a surprise.