Apple Stock Is Spiking Off Its Latest Product Unveil

Apple Inc. AAPL shares are spiking off the company's latest product announcement: What it calls "the best iPod Touch yet."

According to a press release on its website, Apple has released a new model of the iPod Touch, complete with more colors, an upgraded A8 chip and an 8-megapixel iSight camera. As expected, the release mentions that the new device will feature Apple Music, which debuted earlier this month to mixed reviews.

Apple executive Greg Joswiak touted the improved specs, calling them "big advancements." He added that the product will start at a price of $199 for the 16GB model, $249 for 32GB and $299 for 64GB. A 128GB version is also available for $399, which the company said is a first.

Stock Reaction

Apple stock is now up 1.1 percent on the day and began rising nearly an hour before the press release went live.

Of note, Taiwan Semiconductor Mfg. Co. Ltd. (ADR) TSM, which reportedly manufactured the iPhone 6's A8 chip, traded down with the news. Apple's press release does not mention an A8 supplier, but does confirm the iPod Touch's A8 chip is the "same" as that used in the iPhone 6.

Apple did not immediately return a request for clarification on the A8 chip manufacturer.