March 3, 2019 at 10:16 pm #166429
April 17, 2019 at 3:02 pm #271171
AAPL – Apple was accused in a new lawsuit of securities fraud for concealing a slump in demand for iPhones, particularly in China, leading to a $74 billion one-day slide in its market value once the truth became known.
The complaint filed on Tuesday seeks damages for investors who bought Apple stock in the two months before Chief Executive Tim Cook on Jan. 2 unexpectedly reduced Apple’s quarterly revenue forecast as much as $9 billion, in part because of the intensifying U.S. trade war with China.
It was the first time since the iPhone’s 2007 launch that Apple had cut its revenue forecast.
Apple’s share price fell 10 percent the next day, leaving the Cupertino, California-based company’s market value roughly 40 percent below its $1.1 trillion peak three months earlier.
Cook and Chief Financial Officer Luca Maestri were also named as defendants in the proposed class action. Apple did not immediately respond on Wednesday to requests for comment.
The lawsuit was filed in the federal court in Oakland, California by the City of Roseville Employees’ Retirement System, a Michigan pension plan.
It is represented by Robbins Geller Rudman & Dowd, a securities class-action specialist.
The complaint said iPhone demand was falling because of U.S.-China trade tensions and customers’ growing preference to replace batteries in older iPhones, prompting Apple to slash orders from suppliers for new iPhones and cut prices to reduce inventory.
But none of this was disclosed when it should have been, the complaint said, in part because of Apple’s Nov. 1, 2018 decision to stop disclosing unit sales for iPhones.
Asked during a conference call that day about Apple’s performance in emerging markets, Cook cited downward pressures on sales in Brazil and India, but said “I would not put China in that category,” the complaint said.
The lawsuit was filed on the same day Apple settled all its litigation with Qualcomm Inc. Their disputes centered mainly on Qualcomm patents for mobile chips, and how much Apple should pay to use the technology.
The case is City of Roseville Employees’ Retirement System v Apple Inc et al, U.S. District Court, Northern District of California, No. 19-02033.April 16, 2019 at 10:51 pm #269802
Apple and Qualcomm have settled their royalty dispute, the companies announced in a press release.
Apple to Qualcomm as well as a chipset supply agreement, suggesting that future iPhone may use Qualcomm chips.
Qualcomm stock rose over 15% after the news broke, boosting its market cap by about $11 billion to to more than $80 billion. Apple was up less than 1%. Intel, a Qualcomm competitor, sharply dipped on the news before recovering.
Qualcomm expects incremental earnings per share of $2 as product shipments ramp, Qualcomm said.
The two companies started proceedings in a trial in federal court in San Diego on Monday, which was expected to last until May. Both sides were asking for billions in damages.
In November, Qualcomm CEO Steve Mollenkopf said that he believed that the two companies were on the “doorstep” to settling. Apple CEO Tim Cook contradicted him shortly after, saying that Apple hasn’t been in settlement discussions since the third calendar quarter of 2018.
The complicated legal battle centered around modem chips and had been raging in courts around the world since 2016. For years, Apple bought modem chips from Qualcomm, but chafed under Qualcomm’s prices and requirement that any company using its chips would also pay licensing fees for its patents. New iPhone models released in 2018 used Intel modem chips, and Apple said in a previous FTC trial that Qualcomm
Apple argued that Qualcomm was abusing its position as one of the only suppliers for cellular technology, and Qualcomm contended that Apple was withholding payments that the two companies had hammered out as part of a royalty agreement.
According to Qualcomm, the license between it an Apple as part of this agreement is six years, with a two-year option to extend. It includes a one-time payment from Apple to Qualcomm.March 26, 2019 at 8:12 am #239661
Wall Street calls Apple event a dud: ‘Expect the focus to return to the slowing iPhone business’
I don’t know if I would call the event a “dud” but it was not action packed. Apple is stepping up it integration into other fields and eventually taking more market share from other products. The credit card was cool looking and I am sure there are people who want it just for the appearance. The Magazine idea will take magazines out of print and into digital. And now they are into streaming their own shows too… Where will the Apple dominance stop?March 25, 2019 at 1:35 pm #238428
Apple News+ $9.99 a month 1st month free, Free family sharingMarch 25, 2019 at 6:19 am #237491
Apple’s ‘Show Time’ Event
Apple is set to announce a new services offering, which is widely expected to include its highly anticipated streaming-video service and a news subscription.
“It’s show time” is how the iPhone maker billed the affair slated for the Steve Jobs Theater at its Cupertino, California, headquarters at 1:00PM ET (17:00 GMT).March 22, 2019 at 3:50 pm #236380
Apple is keeping partners in the dark about how it plans to package and price its video serviceMarch 14, 2019 at 8:24 am #214625
Spotify files EU antitrust complaint against AppleMarch 12, 2019 at 6:24 am #207567
Apple just announced a press event that will take place at 10 a.m. Pacific on March 25 at the Steve Jobs Theater in Cupertino.
Apple is expected to introduce a new streaming TV service that will, at least to start, offer iPhone and iPad owners access to free original shows that will be provided along with the option to sign up for other streaming services including Starz and Showtime, CNBC reported earlier this year. The service is expected to launch as soon as April or May, but won’t include Netflix or Hulu, CNBC reported.
The Wall Street Journal reported in February that the company is also planning a revamped Apple News product that will include a bundle of subscriptions from major news outlets in a single monthly plan. The new Apple News product will be based on Texture, the so-called “Netflix for magazines” app that Apple bought in 2018. Publishers have been resistant to Apple’s revenue sharing terms, so some news outlets might not be a part of it at launch, according to The Wall Street Journal.
There’s also a chance Apple could announce some new hardware.March 10, 2019 at 8:23 am #202322
3 Warren Buffett Stocks Worth Buying NowMarch 8, 2019 at 2:00 pm #198413
Top Apple analyst says Apple’s smart glasses could enter mass production this year