Kensho Trade: Don't expect much from Apple event

Apple CEO Tim Cook
Justin Sullivan | Getty Images
Apple CEO Tim Cook

There's not much hype ahead of Apple's anticipated product event Monday. That's because many expect it to be the announcement of a smaller version of the iPhone, not a whole new generation of the device.

"While we still view the timing as slightly strange given the iPhone 7 launch in September, the headline release of the March event is likely to be a smaller version of the iPhone to replace the iPhone 5S," wrote Douglas Clinton, senior research analyst at Piper Jaffray & Co., in a note to clients last Thursday.

So what does Apple's stock do in the wake of these less-hyped events?