Live coverage: Apple unveils new MacBook, iMac - USA TODAY

Apple CEO Tim Cook speaks during an Apple special event at the historic California Theater on October 23, 2012 in San Jose, California.(Photo: Kevork Djansezian, Getty Images)

Story Highlights

• Apple expected to unveil smaller iPad
• Company unveils revamped MacBook, iMacs
• Event comes one month after company launched iPhone 5

1:50PM EDT October 23. 2012 - Apple on Tuesday is holding its latest product launch event, where they are expected to unveil a smaller iPad as well as a refresh of the company's line of Mac computers.

Among the iPad mini rumors circulating the Web: the device will feature a screen under 8 inches with a lower resolution than the latest iPad; support for Wi-Fi only, and a price between $200 and $250.

The event is at the California Theater in San Jose, Calif. at 1 p.m. ET. USA TODAY will cover the event live, so follow this page for the latest updates. Readers can also watch a live stream of the event on Apple's website. However, the event is only viewable to those using an Apple device, such as a Mac or iPad.

1:49 p.m.: Schiller says graphics performance and CPU performance has doubled compared to the third-generation iPad. Also features 10 hours of battery life. FaceTime has been updated, and 4G LTE included.

1:48 p.m.: It's official: the fourth-generation iPad unveiled by Schiller. But is it a mini?

1:47 p.m.: Cook says the latest iPad is now the top-selling tablet in the world. "But we're not taking our foot off the gas," he adds before reintroducing Schiller.

1:45 p.m.: Cook focusing on software, iBooks textbooks to be specific. He says more than 2,500 schools have access to these textbooks, adding publishers of all sizes are taking advantage. A new version is in the works, which includes portrait-only templates, embedded fonts, multi-touch widgets and mathematical expressions inserted in books.

1:40 p.m.: Cook moves on to iPad. He says 100 million have been sold in 2 1/2 years. Wow.

1:38 p.m.: The new iMac features a new fusion drive, which combines a Flash drive and standard hard drive. The 21.5-inch with 1 TB hard drive starts at $1299. They start shipping next month. The 27-inch will ship for $1799 in December.

1:36 p.m.: The iMacs will also feature a Facetime HD camera and better speakers, via USA TODAY reporter Jon Swartz.

1:34 p.m.: Apple using plasma deposition, which allows designers to apply a reflective coating that helps shed 8 pounds off the weight of the device.

1:33 p.m.: So how is it so thin? Schiller says air gap between display and glass has been removed. Also, the optical drive has been removed and all the internal components have been reengineered. Comes in 21.5-inch and 27-inch.

1:32 p.m.: Schiller has an iMac on stage. "There's an entire computer in here," Schiller quips.

1:30 p.m.: Schiller turning to the iMac, their all-in-one desktop computer. The slow reveal features an amazingly thin display. "It is absolutely beautiful," Schiller says to applause.

1:28 p.m.: Mac Mini includes Wi-Fi, Ivy Bridge processors and up to 16 GB of RAM. A Mac Mini with 500 GB storage drive starts at $599, plus a version that users can run like a media server for $999.

1:27 p.m.: Schiller moves to the Mac mini. "You knew there'd be something called mini in this presentation, didn't you," jokes Schiller. Lots of applause.

1:25 p.m.: MacBook Pro starts at $1699, and starts with 12 GB of flash memory. Available starting today.

1:23 p.m.: Inside the laptop: Intel i5 and i7 Ivy Bridge processors and flash storage.

1:23 p.m.: Other features in the new MacBook Pro: Facetime HD camera, dual mics, backlit keyboard and multitouch trackpad.

1:22 p.m.: Schiller walking through several apps, including Aperture photo, email and others. Display appears sharp.

1:21 p.m.: Among the features: Retina display with four times the pixels of previous models, two Thunderbolt ports, USB ports and a micro-SD card reader.

1:18 p.m.: Schiller unveils the all-new 13-inch Macbook Pro, which he says is currently the company's most popular laptop. It is 20% thinner and weighs 3.5 pounds.

1:16 p.m.: Phil Schiller, senior marketing vice president at Apple, hits the stage to talk Mac. "Today is a very big day for the Mac," he says.

1:15 p.m.: Cook turns to the Mac. He says Mac has been outgrowing the PC market for 6 straight years. Wonder if details on that refresh is close.

1:14 p.m.: Cook unveils new version of iBooks, which will be better integrated with iCloud and include a continuous scrolling option while reading. Users can also copy quotes and share them on Facebook or Twitter. More than 40 languages will be supported. It's available today as a free download.

1:13 p.m.: Cook shifting to iBooks, where 400 million books have been downloaded.

1:11 p.m.: Cook says more than 35 billion apps downloaded from the App Store, which he calls "jaw-dropping."

1:10 p.m.: More than 300 billion iMessages sent through Mountain Lion, Apple's new Mac OS, roughly 28,000 per second. Cook says more features are coming, such as documents in the cloud. As for GameCenter, the gaming hub for iOS, more than 160 million accounts are active.

1:08 p.m.: Cook says more than 200 million devices are running iOS 6, the latest version of Apple's mobile operating system. "The fastest upgrade rate of any software in history that we're aware of," he says.

1:07 p.m.: Cook talks about the revamped iPod lineup, including the Nano and iPod Touch, now available in multiple colors. "The reception has been fantastic," says Cook. Sales are very strong, selling over 3 million units, he adds.

1:04 p.m.: Cue the extremely happy Apple consumers. Cook kicks off video of people waiting in lines to buy iPhone 5, which sold 5 million during opening weekend. Video includes lots of hugging, smiling, high-fives. Certainly no lack of enthusiasm.

1:03 p.m.: "We have some very fond memories here, and we're going to create a few more today," Cook says to start off. We begin with the iPhone.

1:03 p.m.: Apple CEO Tim Cook takes the stage. It's go time.

12:58 p.m. ET: And the announcer offers the two-minute warning. Buckle up, readers.

Update at 12:53 p.m. ET: For those viewing the live stream on Apple's website, it's now up and running. Enjoy the musical interlude while we get ready to go in about 7 minutes.