The wait is over. Today, Apple (AAPL, $185.64, down $3.79) will hold its annual developers’ conference which is always an event. While everyone is expecting the company to unveil the newest version of its iPhone, will Steve Jobs pull the rabbit-out-of-the-hat trick?

Many believe the new iPhone will look much like the current one but will be able to perform an array of new technologies. The device will include access on AT&T’s (T, $38.21, down $1.25)3G platform which is a must faster network after a $20 billion upgrade by the company. The latest iPhone could also be cheaper but like the rest of Apple’s products, what it all boils down too is that it’s an upgrade as well. The iPhone isn’t a “new” product and any “new” toy would be the surprise hat trick. Although there has been chatter of the Newton making a comeback I don’t believe Apple wants to take the focus off its iPhone.

In the past, you could pretty much bank on Apple’s stock having a good day as the company was first introducing the iPod, the Mac, and the iPhone but today doesn’t have that feeling. I only say that because there is a fierce rumor out that iPhone’s production roll-out is behind schedule.

A lot of things could move the stock but also keep an eye on Infineon Technologies (IFX, $9.43, down $0.42). The company recently reduced its forecast for shipments this year and is said to be the new chipset for the iPhone. This could be Apple related but trading will likely be strong in Infineon as well.

You can bet your sweet cookie that option traders were active Friday in both the calls and puts. The bears have targeted the June 175 puts (APVRO, $2.92, up $1.11) while the bulls were all over the “magical” June 200 calls (APVFT, $2.10, down $0.46). If neither has insurance, these could be all-or-nothing bets. Note: Apple’s stock is down $1.50 in pre-market trading this morning.

Rick Rouse