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Facebook: SEC IPO query dropped, no enforcement action coming

07/26, 9:25am

Investigation centered on technical issues, bank actions marring launch

As part of Facebook's quarterly financial disclosures, the social networking giant reported that the US Securities and Exchange Commission (SEC) has ended its investigation involving Facebook conduct surrounding the initial public offering in 2013. In its quarterly report, Facebook claims that the SEC ""notified us that it had terminated its inquiry and that no enforcement action had been recommended." Shareholder lawsuits against Facebook and affiliated banks are unaffected by the disclosure.

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SEC: Apple bought back another $5 billion in stock in June quarter

07/25, 7:52pm

Total of $28B spent in fiscal 2014, average price $85 per share

Regulatory filings with the SEC have revealed that Apple spent another $5 billion during the June quarter as part of its share-repurchase program to retire an additional 58 million shares of stock at an average (split-adjusted) price of $85.23 per share, still well below the current trading average, and about the same price per share as well CEO Tim Cook first announced the buyback plan just over two years ago. The recent expenditure is less aggressive than seen in quarters where the share price was lower, signalling reduced buyback activity.

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Bose suing Beats over infringement of active noise reduction patents

07/25, 3:29pm

Apple now on the hook in another patent infringement case

In a court filing discovered today, Bose is suing Beats over noise cancellation headphone technology. Bose claims that Beats has knowingly infringed on 50 years of "signficant investment in the research, development, engineering, and design" on the technology, with the Beats lineup for sale now using "36 US patents and applications" that Bose now owns or has filed for.

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Apple manufacturing expenses surge to $15.4B in Q3

07/25, 12:46pm

Company ramps up ahead of fall launches

Data from Apple's 10-Q filing with the SEC indicates that Apple spent $15.4 billion on manufacturing and components during the June quarter, a 22 percent increase quarter-over-quarter, notes Morgan Stanley analyst Katy Huberty. Apple put another $5.6 billion towards other commitments including advertising, R&D, Internet/telecommunications, and product tooling/manufacturing equipment. Combined the company's commitments totaled $21 billion, a 36 percent increase quarter-over-quarter, and 46 percent year-over year. The former is said to be the highest sequential growth for any Apple Q3 since the build up to the iPhone's launch in the summer of 2007.

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Amazon widely misses street, hit with $126 million quarterly loss

07/24, 5:37pm

Growing losses troubling investors, stock down six percent in an hour

Amazon today announced financial results for its second quarter. The company reports that net sales increased 23 percent to $19.34 billion in the second quarter, compared with $15.70 billion in second quarter 2013. However, despite the increase in sales, the company's net loss was $126 million in the second quarter, or $0.27 per diluted share, compared with a net loss of $7 million, or $0.02 per diluted share, in second quarter 2013.

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RBC follows others, raises AAPL to $110 by year's end

07/23, 9:10pm

Expects 'busy fall' with new iPhone, long-awaited 'iWatch' debuts

Despite some disappointments in Apple's latest quarterly earnings report, analysts appear to be satisfied that the company's overall financial picture is in order, particularly on the strength of rising margins and strong developing market sales. The stock closed up $2.47 on Tuesday (an increase of 2.61 percent) to close at $97.19, not far from its 52-week high. On Tuesday, RBC Capital Markets raised its year-end target price to $110, joining Barclays and Morgan Stanley in predicting the company would hit an all-time high this year.

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Facebook hits $2.9 billion in second quarter revenues, up 61 percent

07/23, 5:40pm

Revenues beat industry projections and earnings per share, user counts increase

Facebook released its quarterly earnings for the second quarter of 2014, showing a large increase year-over-year. Revenues topped out at $2.9 billion, a staggering $1.1 billion, or 61 percent, increase from 2013. The revenue jump is due largely to advertising revenue and an increase in daily and monthly active users.

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AT&T misses revenue guidance, blames customer transition to AT&T Next

07/23, 4:56pm

Company still rolling in cash, pulls down $5.6 billion in income

Communications giant AT&T has released its quarterly earnings report for its second quarter of the fiscal year. AT&T's consolidated revenues totaled $32.6 billion, up 1.6 percent versus the year-earlier period. Compared with results for the second quarter of 2013, operating expenses were $27.0 billion versus $26.0 billion; operating income was $5.6 billion versus $6.1 billion; and operating income margin was 17.2 percent versus 19.1 percent.

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Apple 8-K filing shows Apple spent $1.6B on June-quarter R&D

07/23, 1:00pm

Amount up $425M year-over-year

Apple's spending on research and development jumped 36 percent year-over-year in the June quarter to $1.6 billion, according to the company's latest 8-K filing with the SEC. That brings the company's R&D totals for fiscal 2014 so far to $4.36 billion, 32 percent more than it spent during the same timeframe in 2013. The pacing of R&D has also accelerated throughout 2014.

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Broadcom to exit cellular baseband industry, 2500 layoffs coming

07/23, 8:26am

Company shifting to Bluetooth, Wi-Gig, other technologies

After lackluster quarterly financial results, chip developer Broadcom is looking to exit the cellular baseband manufacture business. As a result of the business shift, the company is looking to lay off 20 percent of its workforce. Approximately 2,500 employees will be affected by the layoffs, according to the company's latest US Securities and Exchange Commission (SEC) filing.

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Cook: Apple has made 30 acquisitions thus far in fiscal 2014

07/23, 4:05am

Most remain undisclosed, but details on Beats buyout rationale emerge

Apple CEO Tim Cook disclosed during Tuesday's conference call with analysts that Apple had acquired 30 companies and/or their talent over the course of the past nine months, back to the beginning of the fiscal year which began last October. Of these, less than half have been publicly revealed -- though a few of the higher-profile buyouts, such as the record-setting Beats Electronics and Music deal, have made headlines. On the topic of the latter company, Cook shared a bit more detail on the thinking behind it.

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Cook: iPhone 5c, not 5s, was fastest-growing phone in June quarter

07/23, 1:00am

Colorful iPhone model continues to be among best-selling smartphones

One of the most surprising things analysts heard on Tuesday in Apple's quarterly earnings conference call that was low on surprises was that year-over-year growth of the iPhone 5c is strong -- so strong, in fact, that its share gain outpaced that of its previous-year rival in the mid-tier "slot" in Apple's lineup, the iPhone 4S, at the same point in the previous cycle. In fact, Apple CEO Tim Cook told analysts that it even outpaced the growth rate of the iPhone 5s vs the iPhone 5, and the 4S versus the iPhone 4, each in their respective tiers.

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Cook blames second quarterly drop in iPads on anticipation

07/22, 7:39pm

Larger markets waiting on next iPad, sales in developing markets are way up

For the second time in as many quarters, Tim Cook has had to explain away drops in iPad sales. Last quarter, the iPad saw a 16 percent drop from the year-ago quarter, but Cook detailed a credible explanation that channel inventory from the holiday season had overstuffed retailers and that the drop was actually only three percent because of that, which fell within normal ranges. This time, iPad sales were down about 9.2 percent, which Cook largely blamed on anticipation for the next iPad coming this fall.

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Apple Q3 breakdown shows biggest growth in China

07/22, 5:17pm

iPod continues terminal decline

In addition to its official announcement, Apple has also posted a detailed breakdown of its fiscal Q3 results. "Greater China" -- including Taiwan and Hong Kong -- continued to lead the charge regionally, with its revenue increasing 28 percent year-over-year to $5.935 billion. Europe and Asia-Pacific each advanced 6 percent, to $8.091 billion and $2.161 billion, respectively. Apple's most important market, the Americas, rose 1 percent to $14.577 billion. Global retail numbers were up 1 percent to $4.104 billion.

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Apple reaps $37.43 billion in third-quarter revenues

07/22, 4:43pm

iPhone and Mac units rise, iPad takes a hit

Apple revenues rose 6 percent year-over-year to $37.43 billion in its third fiscal quarter, which ended in June, the company has announced. Profits were up 12.3 percent to $7.75 billion, while earnings per share climbed from $1.07 to $1.28 when adjusted for the recent 7-to-1 stock split. Gross margin increased from 36.9 percent to 39.4 percent.

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Comcast earnings, revenue up; subscriber losses slowing

07/22, 12:04pm

Company loses only 25,000 customers in the quarter versus 66,000 YAQ

Joining the chorus of quarterly earnings reports, Comcast has released its own figures. The company is reporting consolidated revenue for the second quarter increased 3.5 percent to $16.8 billion, with earnings per share at $0.76, a a 16.9 percent increase from the $0.65 reported in the second quarter of 2013.

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Netflix passes 50 million subscribers in US, posts $212 million profit

07/22, 9:25am

Company planning mass European expansion in September

Netflix is the latest company to release its quarterly financial results. Touting expansion to 50 million subscribers in the US, the company reports $1.15 billion in revenue from streaming, adding 1.7 million subscribers in a quarter. Profit came in at $212 million, nearly triple that of the second quarter of 2013.

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Verizon posts $7.7 billion income, first wired profit in seven years

07/22, 8:27am

Despite lack of expansion, FiOS driving wired gains

Verizon Communications has released its second quarter 2014 financial results. The company reports its sixth consecutive quarter of double-digit percentage growth in operating income and earnings per share, with $31.5 billion in revenue, a 5.7 percent increase from a year ago, with income of $7.7 billion, a 17.2 percent increase from the year-ago quarter.

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Analyst consensus calls for Apple to beat official Q3 forecast

07/21, 10:15am

Amateurs more optimistic than professionals

In tomorrow's results call, Apple may beat official revenue guidance for its fiscal third quarter, according to a consensus forecast compiled by Fortune. The magazine polled over two dozen analysts, and came up with a consensus of $38.4 billion, topping the $36-38 billion Apple predicted when revealing its Q2 results. The poll group was split between 15 professionals and 12 amateurs, of which the latter are said to be the most optimistic.

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Analysts find no consensus on expected fiscal Q3 iPhone, iPad sales

07/18, 10:33pm

Roughly 14.43 million iPads, 35.88 million iPhones expected on average

With just a few days to go before the actual sales figures are revealed, analysts are at a loss to come up with a strong consensus on how many iPhones and iPads the company actually sold in the calendar second quarter, which ended June 30 (Apple refers to this as fiscal Q3). The iPad figures are even more befuddled, since last quarter's drop in iPad sales -- 16 percent year-over-year -- was explained by CEO Tim Cook as changing inventory numbers rather than an actual drop.

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Lenovo retracts eight-inch Windows tablets from US market

07/18, 10:52am

Citing lack of demand, devices start coming off retailer shelves

Lenovo has ceased sales of sub-10-inch Windows-based tablets in the US. The cessation is not from a manufacturer's defect or recall, but because the company is seeing little demand for the devices in the North American market. Devices affected by the pullout are the company's ThinkPad 8, and the smaller size of the Miix 2 tablet.

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Bill Campbell retires: BlackRock cofounder named to Apple's board

07/17, 7:05pm

Susan Wagner is second woman, first financial guru to join Apple BOD

On Thursday, Apple announced the retirement of its longest-serving board member, Intuit Chairman Bill Campbell, and his replacement: global investment firm BlackRock co-founder Susan Wagner. Campbell originally joined Apple as VP of Marketing in 1983 under then-CEO John Sculley, eventually becoming the head of the Claris software division. He was appointed to the Board of Directors by Steve Jobs upon the latter's return in 1997, and has served on the board since then.

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AMD posts expected loss on revenue of $1.44 billion

07/17, 5:38pm

Company expects recovery by the end of the fiscal year

Chip manufacturer AMD today announced revenue for the second quarter of 2014. The company posted revenue of $1.44 billion, with operating income of $63 million. However, as expected, the company still posted a net loss of $36 million, or $0.05 per share. The company remains affected by the soft computing market, but is expected to have profitability by the end of the fiscal year.

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Google profit continues to climb despite 'per click' prices falling

07/17, 4:31pm

Company posts $3.42 billion in profit in second quarter

Search engine and advertising giant Google has announced its second quarter 2014 quarterly financial report. The company reported consolidated revenues of $15.96 billion for the quarter that ended in June, an increase of 22 percent compared to the second quarter of 2013. Net income, including discontinued operations in the second quarter of 2014, was $3.42 billion, compared to $3.23 billion in the second quarter of 2013.

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Microsoft confirms layoffs; 18,000 to lose jobs, majority from Nokia

07/17, 8:24am

Most of the Microsoft layoffs to come from Nokia devices and services

Microsoft has made official previous rumors of massive job cuts. The company is planning on cutting 18,000 jobs in the next year, with the largest cuts coming from the Nokia devices and services division. Microsoft claims that the first 13,000 of the laid-off employees will be notified in the next six months.

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Samsung ponders over possible $200M SmartThings acquisition

07/16, 10:33am

SmartThings purchase would bolster Samsung Internet of Things efforts

Samsung may be looking to acquire a home automation company, in order to bolster its home automation efforts. Shortly after joining up with the Thread Group to work on a wireless networking protocol for the "Internet of Things," the electronics giant is said to be in the process of purchasing SmartThings, with the deal said to be worth around $200 million.

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Line reportedly files for IPO on Tokyo Stock Exchange worth $9.8B

07/15, 4:16pm

Trillion-yen Line IPO could include dual listing with New York Stock Exchange

Line Corp has applied for an initial public offering (IPO) on the Tokyo Stock Exchange, according to a rumor. The operator of the messaging service of the same name, owned by Naver of South Korea, is said to have made the request to the exchange two weeks ago, with the company claimed to be valued at over 1 trillion yen ($9.8 billion) by report sources.

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Two HTC executives resign from company amid marketing mistakes

07/15, 10:05am

Retirement, billion-dollar advertising campaign claimed as reasons for resignation

Two executives have resigned from HTC, according to reports. Chief Marketing Officer Ben Ho and President of Engineering and Operations Fred Liu have tendered their resignation from the Taiwanese smartphone producer, suggesting that the company's troubles are continuing, despite the most recent quarterly results reporting the first profit in a year.

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Morgan Stanley, Barclays raise AAPL target to all-time high $110

07/15, 2:38am

Expected 'iWatch' acceptance, customer loyalty, new iPhone, strong management all factors

On the same day as Apple's stock hit a 52-week high, closing at $96.43 per share on Monday, two major brokerage houses have upped their predictions for year-end AAPL prices to $110, which would put the stock past its best-ever performance, even adjusted for the number of additional shares created. Morgan Stanley credited strong customer loyalty which will in turn drives initial sales of the long-rumored "iWatch," while Barclays analyst Ben Reitzes expresses new confidence in Apple management.

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Bitcoin Foundation hires DC lobbyists to demystify cryptocurrency

07/12, 12:19pm

Feds lean against Bitcoin, task may be monumental

The Bitcoin Foundation has launched an initiative to educate the US government on cryptocurrencies. The advocacy group has retained the Thorsen French Agency to "introduce Bitcoin and the foundation to Capitol Hill offices, demystify our favorite protocol, explain its benefits, and show that there is a community of serious, thoughtful people and businesses working to deliver those benefits to the United States and the world."

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EU quizzes tech companies over Facebook-WhatsApp acquisition

07/10, 12:28pm

Questionnaires sent by European Commission ahead of formal Facebook purchase review

Officials in the European Union are allegedly questioning competitors of WhatsApp over the proposed acquisition by Facebook. The European Commission, the competition authority, is said to have sent detailed questionnaires to a number of "major technology and online-messaging firms" about how much of an the impact the $19 billion merger will have on the messaging and social network marketplaces.

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CEO Nadella lays foundation for Microsoft priority shift in memo

07/10, 11:41am

Letter short on details, hints at future Microsoft changes to come

A few hours ago, Microsoft CEO Satya Nadella published a missive to employees, potentially redefining the trajectory that the company will take under his guidance. Embracing ex-CEO Steve Ballmer's vision of a "devices and services" company, Nadella is holding a series of meetings with Microsoft to be able to "hone in on our unique strategy" as a company.

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Cook promises Apple workforce diversity report 'at some point'

07/09, 2:42pm

Claims company more about 'actions'

Apple will eventually release data about the racial and gender diversity of its workforce, according to Tim Cook. The CEO made the comment at this week's Sun Valley conference in Idaho. "We'll release the information at some point," he remarked. "We are more focused on actions."

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Microsoft insider: company looking to lighten workforce by 10 percent

07/08, 10:30am

Layoffs a result of redundant positions generated by Nokia purchase

In the wake of Microsoft's Nokia buy, the giant is facing an abundance of employees. Despite having over 2,000 open positions according to its own hiring page, sources within and close to the company claim that up to 10 percent of the workforce will be purged under former CEO Steve Ballmer's "One Microsoft" 10-year plan for the company.

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Samsung issues earnings guidance, reveals income drop of 24 percent

07/08, 9:24am

Samsung operating income estimated to be below analyst expectations

Samsung has issued yet another warning to analysts that its earnings for the current quarter will miss expectations. The company is now predicting a drop of 24 percent year-over-year, missing pundit predictions by nearly $1 billion. The company is blaming the poor earnings forecast on currency fluctuations and a slowdown in overall smartphone market growth in the quarter. A statement following Monday's results guidance attempts to explain away the company's operating income reduction, just as warned in late June, with increased competition in the Chinese and some European markets leading to lower sales of its medium and entry-level smartphones.

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HTC returns to profit in first financial results after One M8 launch

07/03, 10:55am

HTC One M8 sales may have helped HTC revenues double for quarter

HTC's finances have turned around, thanks in part to the HTC One M8. The company's latest unaudited quarterly financial results claim to have made its first profit on a year, turning around last quarter's net loss of NT$1.88 billion ($62.8 million) to a small profit of NT$2.26 billion ($75.5 million), mostly due to a doubling of revenue compared to the last period.

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Analysts optimistic on iPhone sales in June, December quarters

07/02, 8:33pm

More carriers, more countries to carry iPhone sales in June, leading to new models for holidays

At least some Wall Street analysts believe that Apple may have found a way to do well in the traditionally-slower summer months leading up the reveal of the next iPhone, expected sometime this fall. Maynard Um of Wells Fargo believes that Apple may be in a position to set an all-time record for June quarterly sales in its next report , predicting the company has sold some 36.5 million smartphones by opening up new markets. Meanwhile, Evercore Partners analyst Rob Cihra looks to a spectacular holiday season.

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Google acquires human-curated music app Songza

07/01, 8:24pm

Songza purchase by Google estimated to be worth at least $15M

Google has acquired Songza, a music app for Android and iOS which provides curated mood-based playlists. Though purchased for an unknown amount, speculated to be upwards of $15 million, the app will apparently remain active with no immediate changes instead of being shut down, though its features are highly likely to make their way into other Google music products, including Google Play Music and the rumored YouTube music service.

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Fiscal Q3 conference call set for July 22, says Apple

06/30, 9:30pm

Guidance for quarter indicates slight increase in revenue over year-ago

Apple has announced that its quarterly earnings call for its fiscal third quarter (which ended today) is set for Tuesday, July 22 at 2PM PT (5PM ET). Luca Maestri, Apple's new CFO, will again lead the call along with CEO Tim Cook as he did last quarter -- however, this will be his first call since officially taking over for the retired Peter Oppenheimer. According to the company, earnings will be lower than last quarter -- part of a normative lull before new products and the holiday buying season commence later this year.

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HP and shareholders forge Autonomy accord, ex-CEO Lynch under fire

06/27, 2:18pm

Deal turns shareholders' lawyers eye to Autonomy executives

Hewlett Packard and shareholder's legal representation have agreed to a settlement over the company's acquisition of software developer Autonomy, which has been wracked with allegations, and counter-claims of fraud and misrepresentation. Under the terms of the agreement, all claims against HP have been dropped, but former executives of Autonomy are still under the microscope, with the HP shareholders' attorneys now assisting HP in pursuing claims against them.

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Samsung warns investors that Q2 'doesn't look too good'

06/25, 11:10pm

Analysts fear a drop in profit of up to 16 percent year-over-year

On top of an early warning in April that profits would be down from the year-ago quarter in fiscal Q2, a rare public statement from Samsung's CFO has sent the Galaxy maker's stock tumbling on a warning that the balance sheet "doesn't look too good." The statement was later confirmed by Samsung, amounting to a full-throated warning on earnings that sent the company's stock tumbling nearly two percent, on top of a month-long 8.5 percent decline. Initial blame for the disappointment is centering on sales of the Galaxy S5 flagship smartphone.

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Barnes & Noble to split away from Nook Media next year

06/25, 10:35am

Financial results show Nook continues to make a loss for Barnes & Noble

Barnes & Noble is splitting its business in two, separating its book retail business from Nook Media, the company has announced. Two separate public companies will be created, with one set to contain the Nook tablet and e-reader side of the business, and Barnes & Noble hopes to complete all the necessary steps for separation by the end of the first quarter of next year.

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Survey: 35 percent of Android users might switch to larger iPhone

06/25, 1:59am

Investment bank study shows strong interest, even if bigger screen costs extra

A new survey of future smartphone buyers by RBC Capital Markets suggests that a new iPhone with a larger display could help Apple chip away at some of Samsung and other rivals' sales of Android-based big-screen smartphones and "phablets." Analyst Amit Daryanani, who recently raised his 12-month target price for AAPL stock to $100, told investors that the study showed that screen size was a significant factor in consumer resistance to buying an iPhone.

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Analysts update price targets for AAPL on strength of iPhone

06/24, 10:36pm

Pundits' expectations for 'iPhone 6' models fuel upbeat speculation

Analyst Charlie Wolf of investment firm Needham has taken the unusual step of breaking his twice-yearly cycle of AAPL price target updates, revising a forecast announced back before the most recent stock split that has remained "underwater" -- below the trading price -- since well before the split occurred. Wolf's previous guess of $590 (or a split-adjusted $86.32), issued back in February, has now been upgraded to a conservative $97 target. Other analysts have also raised their estimates for the company recently.

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Investment firm UBS gives Cook thumbs up, 'right man for the time'

06/16, 9:01pm

Short-term focus doing disservice to long-term growth, evidence already on display

On Monday -- following a New York Times editorial that many saw as a "hit piece" on Apple CEO Tim Cook's leadership, designed to crimp the stock's recent growth -- investment firm UBS issued an unusual vote of confidence in Cook's leadership, calling him "the right man for the time" and saying "we think Cook-doubters will be proven wrong" in a note to investors. The investment firm has maintained a "buy" rating on Apple's stock, predicting a 12-month target of $100 per share, which it is within striking distance of now.

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RBC analyst says AAPL to hit $100 per share in second half of 2014

06/13, 12:30am

Believes 2014 iPhone will do well in larger sizes, new products still to come

Nearly a working week after AAPL began trading on a split-adjusted basis, RBC Capital Markets analyst Amit Daryanani notified his clients that he has adjusted his price target for the stock from $96 to $100 per share. He stopped short of predicting the company would break its all-time high of (adjusted) $100.72, which it achieved in September of 2012. The stock declined slightly on Thursday, and is now $8.44 away from breaking that record -- a feat many analysts predict will happen this year.

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Report: New China Apple Store will again use 'glass cylinder' design

06/12, 8:37pm

Chongqing store to borrow iconic look from Shanghai store, be located below ground

As part of Apple's effort to dramatically increase its retail presence in China over the next two years, a new store intended for the mega-municipality of Chongqing may copy an iconic design from its sister store in Shanghai: a large glass cylinder that serves as a landmark and entrance while the actual store is located below ground. A rendering of the proposed store shows plans for a glass cylinder kiosk entryway, though the store will also have a second entrance nearby.

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European Commission reportedly launching Apple Ireland tax query

06/10, 2:05pm

Regulatory officials concerned that Ireland offered low tax rates as incentive

Europe's antitrust and consumer investigation agency, the European Commission, is allegedly opening up an inquiry into Apple's tax practices in Ireland. The review reportedly magnifies existing efforts looking at the business arrangements of many multi-national companies that have a presence in Ireland, and will focus on whether Apple was given special tax treatment to set up shop.

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AAPL ends first split-adjusted day with 52-week high

06/10, 12:33am

New value-priced stock expected to top all-time high in near future

On its first day of trading on a split-adjusted basis, shares of AAPL rose 1.6 percent to close at $93.70, a new 52-week high. The stock is now just $7.02 per share away from matching its all-time high of (adjusted) $100.72, which it last reached in September of 2012. The stock also reached a 52-week intraday high of $93.88 on Monday, and is presently up seven cents in after-hours trading. Analysts are already speculating about when the stock will match its all-time high.

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Apple makes 7:1 stock split official, creates 10.8B new shares

06/07, 12:59am

At closing prices, new split-adjusted shares should open at $92 per share

On Friday, Apple filed a brief notice with the US Securities and Exchange Commission making official the 7-to-1 stock split announced earlier this year. As of the closing of the market on June 2, all stockholders of record will receive seven shares for every share they held, once split-adjusted trading resumes on Monday, June 9. The move increases the total issuance of common stock in Apple from 1.8 billion shares to 12.6 billion shares, thus creating 10.6 billion new shares. AAPL closed at just $645.57 per share on Friday, near it's 52-week high.

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