According to reports this weekend, Apple (Nasdaq: AAPL) is working on a watch-like smartphone device, stirring up rumors from late December when word spread that Intel (Nasdaq: INTC) was involved in helping create a so-called iWatch.

Today's rumors cite sources from manufacturing partner Foxconn which say Apple has been working on the device for some time. Reports also say Apple has hired talent with backgrounds in sensors technologies. This is adding to speculation about the new gadget and what it will be capable off.

Apple has taken heat lately for its lack of innovation. Skeptics have pointed to various sizes of existing productions like the iPad mini and rumors of new iPhone colors instead of new, cutting-edge products. It is unclear if a watch-like device will change this view.

Shares of Apple are up fractionally (0.55%) to $477.60 in pre-open trading Monday. The stock had its first good week in a long time last week.

Insiders' Blog Rumors

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