The rumor mill keeps on spinning. Yesterday, speculations about the iWatch got Apple fanatics all over the world hyped up. Today, a leak of Apple's new phone, which many believe to be on the lower end, surfaced.

The new phones feature plastic covers, unlike the iPhone 4S or iPhone 5 which have titanium cases. Technology analysts said that Apple is likely to release these low buget iPhones later these year. Because of the plastic casing, and relatively low appeal, the cost of these alleged new phones are predicted to cost only a fraction of their high end cousins.

Blogs all over the internet have speculated even the name of the low cost smartphne. Techno Buffalo said that the phone might aptly named, iPhone Lite. Documents leaked on Chinese social networking site Weibo suggest that two versions of the smartphone will be released.

Business analysts say that releasing a low cost smartphone after the success of the iPhone 5 is a smart move for Apple. The trend was created and consumers, especially in markets such as India and Eastern Europe, will be targteted, said analysts.