Apple soars on report of new, smaller iPad

Google probably would have invented a shrink ray, but this is okay too

Google probably would have invented a shrink ray, but this is okay too

Shares of Apple increased after a new report emerged claiming that rumors of a new smaller iPad model were indeed true. According the report, suppliers have been told to prep themselves for “mass production” of a smaller tablet, representing a change of heart for the tech giant known to offer fewer variations of its products. Two of the people familiar with the matter said that the tablet’s screen will likely be smaller than eight inches. The iPad's screen currently measures 9.7 inches, unchanged since the first model was released in 2010.

One person stated the screen makers Apple is working with include South Korean company LG and Taiwan-based AU Optronics. Officials at the component suppliers said this week that Apple has told them to prepare for mass production of the rumored product. The Wall Street Journal reported in February that Apple was testing such a device but hadn't yet decided whether to proceed with production. Threatened by the new Google (GOOG)’s 7-inch Nexus tablet that will sell for $199, analysts note that a smaller iPad could help Apple compete in an increasingly-crowded market.

Apple (AAPL : NASDAQ : US$609.94), Net Change: 10.53, % Change: 1.76%, Volume: 17,186,400

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