Apple Releases New iPad, Red iPhone - Apple (NASDAQ:AAPL)

Apple Inc.AAPL

fans are likely rejoicing as the company announced a few new product launches on Tuesday.

New iPad

Apple announced the launch of a new 9.7-inch iPad, equipped with a retina display and will sell for what the company describes as the "most affordable price ever" at $329 for the 32GB base iPad.

RED Special Edition iPhone

New App: Clips

Apple Watch Bands

Finally, Apple announced a new lineup of new band colors for its watch products, including fresh and bright band colors. The Future Perfect: Gene Munster Knows The Biggest Threat To Apple Offshore Cash Repatriation, And The Bull Case For Apple

The retina display boasts more than 3.1 million pixels while the new device is powered by Apple's A9 chip with 64-bit desktop-class architecture. Other notable features, includes the ability to input a SIM chip for wireless data accessibility, front- and back-facing cameras and preloaded with iOS 10.

"iPad is the world's most popular tablet. Customers love the large, 9.7-inch display for everything from watching TV and movies, to surfing the web, making FaceTime calls, and enjoying photos, and now it is even more affordable," said Philip Schiller, Apple's senior vice president of Worldwide Marketing. "New customers and anyone looking to upgrade will love this new iPad for use at home, in school, and for work, with its gorgeous Retina display, our powerful A9 chip, and access to the more than 1.3 million apps designed specifically for it."

Apple introduced a new iPhone 7 and iPhone 7 Plus (PRODUCT)RED Special Edition phone, which consists of a standard iPhone 7 or 7 Plus but comes in a red aluminum finish. The special iPhone will be available to order online worldwide on Friday.

One hundred (100) percent of all money raised by (RED) is allocated toward Global Fund HIV/AIDS' grants. The organization is dedicated toward eliminating transmission of the virus from moms to their babies and has generated more than $465 million since 2006 with more than $130 million coming from Apple.

"Apple is the world's largest corporate donor to the Global Fund, contributing more than $130 million as part of its partnership with (RED)," said Deborah Dugan, (RED)'s CEO. "Combining the global reach of the world's most loved smartphone with our efforts to provide access to life-saving ARV medication in sub-Saharan Africa, customers now have a remarkable opportunity to make a difference and contribute to the Global Fund through the purchase of this new beautiful (PRODUCT)RED iPhone."

Apple announced a new app for the iPhone and iPad called Clips. The app helps users combine video clips, photos and music into videos to share with others through social networks.

"Clips gives iPhone and iPad users a new way to express themselves through video, and it's incredibly easy to use," said Susan Prescott, Apple's vice president of Apps Product Marketing. "The effects, filters and amazing new Live Titles we've designed for Clips let anyone make great-looking, easily sharable videos with just a few taps."

The purpose of the band is to give owners of the Apple Watch more flexibility in personalizing and customizing the wearable product. Customers will also be able to purchase a standalone Nike Sport Band and even a band made by high-end fashion icon Hermès.