Good morning, Fools! It's a jam-packed news day; let's dig in.

What's this about a new iPhone?
Only teasing. The news that Apple (Nasdaq: AAPL) is poised to announce the iPhone 5 today has been much-touted in recent weeks. But will the new smartphone meet expectations? Many articles have been published recently speculating on what to expect from Apple's new device, but we'll know for sure at 12:45 today. (Also, be sure to tune into Fool.com during the announcement for a live chat!)

Chesapeake Energy to sell $6.9 billion in assets
Chesapeake Energy (NYSE: CHK) is poised to sell $6.9 billion in energy assets, Reuters reported this morning. The firm is selling the majority of its Permian Basin assets, along with its infrastructure network, to Chevron (NYSE: CVX) and Royal Dutch Shell (NYSE: RDS-A), Reuters says. This move falls into Chesapeake's larger plan to focus on crude oil rather than the cheaper natural gas.

German court rules in favor of bailout fund
Germany's Federal Constitutional Court rejected calls to block Europe's rescue fund for governments in debt, The Associated Press reported Wednesday. The rescue fund will pair with European Central Bank plans to buy short-term government bonds issued by indebted countries, the AP says.