Traders should watch these top Apple suppliers and competitors during the iPhone event Tuesday

Published Mon, Sep 13 20212:04 PM EDTUpdated Mon, Sep 13 20212:32 PM EDT

Apple is hosting a highly anticipated launch event Tuesday, and the iPhone-maker could move the stocks of some of its biggest suppliers and competitors. The technology giant is expected to unveil new iPhones, as well as new Apple Watch and AirPods models. The company — which launched AppleTV+ in 2019 — could also have updates on its push into streaming. New iPads and MacBooks Pro laptops are also due for an update this fall; however, it's unclear whether Apple will pack all of its fall launches into one release event. Apple's "California Streaming" event kicks off Tuesday at 1 p.m. ET. CNBC Pro dug into Apple's biggest suppliers and competitors to give investors a watchlist for the big event. Suppliers to watch While Apple's stock is likely to move during the event, other supplier stocks could rise or fall depending on certain product announcements. FactSet uses a proprietary formula to rank Apple's 10-most important suppliers. Take a look at the list here: The No. 1 stocks on the list, Jabil , makes encasements for iPhones. Jabil's stock has a close correlation to Apple's. In the past year, Jabil's return has a 0.79 correlation with Apple's return. (A correlation of 1 would be perfect. ) Some of Apple's largest suppliers are chip stocks like Broadcom , Qualcomm , STMicroelectronics , Skyworks Solutions and Amkor Technology . "While we've been bullish on QCOM, the main element of the bear case has surrounded the prospect that QCOM would lose the Apple modem business, since Apple has been working on their own 5G modem since acquiring Intel's modem team in 2009," Raymond James analyst Chris Caso told clients. However, Qualcomm still benefits from Apple's iPhone. Raymond James estimates the iPhone contributed $1.25 in annual earnings per share to Qualcomm and the iPhone 13 could contribute up to $1.62 yearly profit per share. "We think it's possible that QCOM could still retain all or part of the Apple business, especially given the complexity of mmWave, which is increasing in importance to iPhone, and only QCOM currently has the ability to supply that technology," Caso said. Apple's biggest fastest MacBook Pro laptop, the 16-inch model, hasn't been updated since November 2019, and it still sports Intel processors even as the company moves to its own chips in laptops and desktops. However, in the past decade, Apple hasn't launched new Mac computers at the same event as new iPhones. There may be a separate event in October or November if new Macs are in the fall pipeline. Amphenol, Alphabet , Qorvo and Zynga also appear on FactSet's list. Cirrus and Lumentum Cirrus Logic is another Apple provider that analysts said could be impacted by the "California Streaming" event. Cirrus provides components used for audio and voice applications in iPhones, tablets and watches. Barclays recently upgraded Cirrus to overweight, saying it sees a path to further content gains at Apple. "The shift to power started with the power conversion/control socket at AAPL but now extends into the broader battery charging and voltage regulator market with the Lion Semi acquisition (July)," Barclays analyst Blayne Curtis told clients. Barclays estimates 227 million Apple builds this year and 226 million and 215 million in 2022 and 2023, respectively. Apple uses 3D sensing company Lumentum Holdings for the technology behind Face ID, the facial recognition system installed on the newer iPhone models. The Wall Street firm said Lumentum could experience upside if Apple's iPhone product family includes a higher-than-expected mix of 3D Sensing functionality over time. Streaming competitors Apple is also involved in the streaming wars, since its launch of AppleTV+. Apple has never provided subscriber numbers for its service like Disney and Netflix do; however, the tech giant is reportedly planning to spend north of $500 million on marketing Apple TV+ this year, according to The Information . If Apple decides to beef up its content creation of AppleTV+, it could move some of the biggest streaming stocks like Netflix, Disney, Amazon and Roku. — with reporting from CNBC's Michael Bloom.

Apple signage on the Apple campus in Cupertino, California.

David Paul Morris | Bloomberg | Getty Images

Apple is hosting a highly anticipated launch event Tuesday, and the iPhone-maker could move the stocks of some of its biggest suppliers and competitors.