Apple shares climb ahead of event

* Shares rise ahead of event where iPod updates expected

* Positive sentiment seen by options traders

SAN FRANCISCO, Sept 8 - Apple Inc shares rose on Tuesday as investors geared up for the company's annual music-themed media event on Wednesday, along with any surprises it may have in store.

Although analysts are not expecting any game-changing product announcements at the gathering in San Francisco -- iPod refreshes are more likely -- Apple's events are among the most closely watched in all of technology and there is always the possibility of a curveball.

And this year's event is generating plenty of buzz because of the wild card of whether Steve Jobs will show up. Although the company is as usual keeping its cards close to the vest, the charismatic chief executive could indeed turn up onstage Wednesday.

It would be Jobs' first appearance at an Apple event since last year and his first since returning from medical leave in June. Analysts say Apple's shares could get a small bump if he were to appear.

Apple's stock sometimes swings ahead of its media events, as investors bet on what new products or features the Mac computer and iPhone will be adding to its lineup.

The company is widely expected to update its iPod line and add some new features to its iTunes media management software, but the company's tablet device -- which is still a rumor at this stage -- is not expected to surface.

However, Joe Kinahan, chief derivatives strategist at thinkorswim, a division of TD Ameritrade Holding Corp, said "there seems to be a lot of positive energy around this Apple announcement."

"As we have seen in the past, they have a great history of doing really cool things to get people excited. There is no reason to think that they will fail this time."

Kinahan said he's seeing speculative call buying, particularly in the September and October $175 Apple call strikes, which are just above Tuesday's closing stock price of $172.93.

Todd Salamone, vice president of research at Schaeffer's Investment Research, also said the heaviest volume seems to be in the Apple September $175 call strike.

Buying interest in the same call strike also spilled over to the October contract. The September $175 call strike had volume of 17,516 contracts and the October $175 call strike attracted turnover of 6,719 contracts on Tuesday, according to Reuters data.

Apple's shares, which have been ticking up over the past few trading sessions, have roughly doubled year to date.

The Cupertino, California-based company's shares rose 1.5 percent to $172.93 on Nasdaq.