Apple expected to expand selection of iPhones

The iPhone 5 was Apple's big announcement last year.

Apple is expected to unveil its latest take on the iPhone Tuesday during an annual ritual that will likely cast a spotlight on the gadget maker's drive to regain market share and its sluggish pace of innovation.

In keeping with its tight-lipped ways, Apple Inc. hasn't disclosed what's on the agenda for the coming-out party scheduled to begin at 10 a.m. PDT at its Cupertino, Calif. headquarters.

Based on leaks from suppliers, it appears Apple is poised to release a less elaborate and less expensive version of the iPhone called the "5C" in an attempt to appeal to consumers too frugal or too poor to pay for the high-end model.

A new version of the top-of-the-line iPhone called the "5S" also is expected to be revealed.

Apple declined to comment.

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