Facebook Inc (NASDAQ:FB) has planned a media event today, and everyone is speculating about what the social media giant will unveil. Many investors believe today’s event will be some kind of major announcement, like the unveiling of a Facebook smartphone, although analyst Gene Munster believes it will be about “modest upgrades” to the site, possible to the Timeline. Deutsche Bank analysts believe Facebook Inc (NASDAQ:FB) will unveil new search technology that will make the site easier to use.

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So what will the event really be about? It’s anyone’s guess, and the company’s stock did well on Monday, opening at $32 per share this morning for the first time since July. In fact, the stock has risen 17 percent in the last two weeks. However it has dropped slightly since the markets opened this morning. It’s now trading around $31 per share, mostly holding steady ahead of today’s event.

The event today is Facebook’s first major press event to be held at company headquarters in California since its May IPO. The company invited reporters to the event last week via email, saying to “come and see what we’re building.”

The Chicago Tribune covered a number of different views about what today’s event could bring. Jefferies analyst Brian Pitz speculated that it could be something related to Facebook Inc (NASDAQ:FB)’s ad platform. Other speculations include new iPad apps, new video ad display features or potentially the addition of a wing to the company’s headquarters.

Several analysts are warning that shares of Facebook Inc (NASDAQ:FB) could fall during and after the event due to investor disappointment. There has been a lot of build-up to today’s event, so if Facebook doesn’t have something that’s hugely game-changing to reveal, we could see the stock plummet later today.

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