Update: At 1:13 p.m., Apple introduced the iPhone 5. It has retina display and a new 4-inch display that is 1136 pixel by 640 pixels. “It is an absolute jewel. It is the most incredible product we’ve ever made, bar none," said Phil Schiller, global marketing chief for Apple. For more coverage, check out Forbes.com's live blog.

The internet is buzzing Wednesday with rumors that Apple will reveal its highly anticipated next generation of iPhone at a 1 p.m. press conference.

In an article on CNET, Apple may have accidentally outed the name of the next iPhone – the iPhone 5 – on its website. An article on CNN Tech also indicates the phone will likely be called the iPhone 5.

A manager at the Apple Store in Troy would not comment on the rumors Wednesday morning, but indicated it would be a good idea to check the company's website later today.

The press conference may be broadcast on www.apple.com. Live coverage of the event is also available on UStream.