iWatch Patent Trail Continues (Update 1)

Tickers in this article: AAPL GOOG MSFT
Updated from 8:40 a.m. ET to include more analysis in the ninth paragraph.

NEW YORK ( TheStreet) -- If you didn't think the iWatch was coming, you'd better think again.

One day after the patent discoveries that Apple has tried to trademark the iWatch name in Russia and Japan, come more reports about the reportedly named smartwatch being trademarked all over the world, this time in Mexico.

Apple shares were little changed in pre-market action, trading at $408.52.

Apple blog 9to5Mac has obtained documents showcasing Apple's trademark for the "iWatch" name with Mexico's "Institute of Industrial Property."

The interesting thing is that Apple has filed the patents on the iWatch all within a few days of one another, with the latest request filed on June 3, but made public only recently.

The smart watch category is expected to be a huge, and Apple is obviously paying attention to it. According to Kleiner Perkins Mary Meeker, wearable devices are expected to be the leader in a new wave of technology devices, starting perhaps as soon as next year.

A smart watch could replace several of the activities we do on our phones already, Perkins noted, including messaging, making and receiving calls, checking time, music and a host of others. Coupled with Apple's iOS mobile operating system, an iWatch could sync or interact with an iPhone or iPad, providing Apple with another "sticky" device, as well as another revenue driver.

The smart watch category, with rumored entrants from Microsoft to Google to Samung, could wind up being a big market. Morgan Stanley analyst Katy Huberty believes a smart watch by Apple could be an advantage over the smart watches that are currently in the market, including Nike's SportWatch. In a previous research note, Huberty said an iWatch could be worth as much as $10 billion to $15 billion in annual revenue for Apple, assuming a $200 price point.

Not only would a smart watch Apple generate additional revenue for Apple, it could help change investor sentiment that the company can no longer innovate. In recent weeks, Apple has let it be known that the mantra it can't innovate anymore is clearly affecting its line of thinking, as it demo-ed the new Mac Pro, which is due out later this year. A new product, such as an iWatch, would change the perception investors have, and potentially change the trajectory of the stock.

AAPL ChartAAPL data by YCharts

Apple CEO Tim Cook has fueled the fire of an iWatch recently, as he called wearable technology a profound opportunity.

"I don't want to answer that one," Cook said, when asked if Apple would participate in the space. "But I see it as a very important branch of the tree. I think the iPhone pushed us forward fast and the tablet accelerated it. I think wearables could be another branch. I think this group will be very involved in this."