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By Julia Love SAN FRANCISCO (Reuters) – With its highly profitable iPhone due for an upgrade, Apple is expected to unveil a pair of new handsets at an event in San Francisco on Wednesday, analysts say, in addition to showing off a larger iPad and an updated Apple TV. When Apple executives take the stage at the Bill Graham Civic Auditorium, investors will be scrutinizing their plans for the next generation of the iPhone, which drove nearly two-thirds of the company's $49.6 billion in revenue in the most recent quarter. Apple is widely expected to keep the size of the phones the same but upgrade it with an improved camera and Force Touch, a display technology that responds differently depending on how hard users press their screens.

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Apple Inc , the largest U.S. company by market value, will join the Dow Jones industrial average , replacing AT&T Inc , in a change that reflects the dominant position of the iPhone maker in the U.S. consumer economy. The decision to nudge aside AT&T, which has been part of the Dow for the better part of a century, is a recognition of how communications and technology have evolved. The action, by S&P Dow Jones Indices, had been widely expected since Apple split its shares seven-for-one in June of last year. The stock was added to the Dow in 1916, the year after the first-ever transcontinental telephone call.