Editor’s Note: Related tickers: Apple Inc. (NASDAQ:AAPL), AT&T Inc. (NYSE:T), Bank of America Corp (NYSE:BAC), Amazon.com, Inc. (NASDAQ:AMZN)
Will Ban On iPhone 4 U.S. Imports Cost Apple $8 Billion? (Forbes)
The International Trade Commission (ITC) has ruled that Apple Inc. (NASDAQ:AAPL) violated Samsung patents and banned Apple imports to the U.S. of its offending products. Will that ban slice Apple’s iPhone revenue by 11%? The “good” news for Apple Inc. (NASDAQ:AAPL) is that the ITC ban on imports — which matters since Apple Inc. (NASDAQ:AAPL) makes the affected products in Asia – covers older versions of the iPhone and iPad. According to a June 4 ITC notice, the ban covers the iPhone 4 and iPad 2 3G sold for use on AT&T Inc. (NYSE:T), T-Mobile and two regional networks — one in Texas, the other in Alaska.
U.S. Stock Futures Decline as Investors Weigh ADP Jobs Report (BusinessWeek)
U.S. stock futures fell, indicating the Standard & Poor’s 500 Index will drop for a second day, after data showing that hiring rose last month fueled speculation the Federal Reserve will taper bond purchases. Apple Inc. (NASDAQ:AAPL) slipped 0.6 percent after a U.S. trade agency said it infringed a patent owned by Samsung Electronics Co., possibly leading to a ban on imports of some older Apple products. General Motors Co. slid 0.9 percent after the U.S. Treasury said it plans to sell 30 million additional shares of the carmaker’s common stock. Bank of America Corp (NYSE:BAC) fell 0.6 percent.
Apple Said to Shift Ad Focus to Support New Music Service (Bloomberg)
Apple Inc. (NASDAQ:AAPL), planning to unveil a music-streaming service next week, is revamping how it sells mobile advertising to cater to businesses eager to reach customers as they listen to songs, people familiar with the changes said. Engineers and sales staff in Apple Inc. (NASDAQ:AAPL)’s iAd business have been charged with supporting the new digital-radio service, which the company plans to debut as early as June 10 at its annual developers conference, said the people, who asked not to be named because the moves aren’t public. The music service won’t be publicly available until later this year, when Apple’s iOS 7 mobile-operating system is released, one person said.
Penguin CEO takes stand in Apple e-books antitrust case (ThomsonReuters)
The chief executive of U.S. publisher Penguin testified Tuesday that a provision in its e-books contract with Apple Inc. (NASDAQ:AAPL) played a role in a decision to change its contracts with other retailers, such as Amazon.com, Inc. (NASDAQ:AMZN). The testimony of David Shanks appeared to bolster the U.S. government’s case that Apple conspired with five publishers, including Penguin, to fix prices in the developing e-books market in 2009 and 2010. Shanks, the CEO of Penguin Group (USA) Inc., said a clause in Apple Inc. (NASDAQ:AAPL)’s contract allowing it to match the lowest prices for e-books sold by rivals was “certainly a factor” in seeking to move other retailers including Amazon.com, Inc. (NASDAQ:AMZN) to an agency model, in which publishers control prices.
Apple Poised For Hiring Spree In Silicon Valley (Manufacturing)
Apple Inc. (NASDAQ:AAPL) expects to expand its Silicon Valley workforce by nearly 50 percent during the next three years, signaling the company’s faith in its ability to keep coming up with hit products like the iPhone and iPad. The projections detailed in a report released Tuesday envision Apple hiring 7,400 more workers at its Cupertino, California, headquarters between now and the planned completion of a new office complex in 2016. Apple Inc. (NASDAQ:AAPL) now employs about 16,000 people in and around Cupertino, the company’s home town for most of its 37-year history. That accounts for about one-fifth of Apple’s nearly 73,000 employees worldwide. Apple Inc. (NASDAQ:AAPL) submitted the report to Cupertino city officials as part of its effort to win approval to build a new 3.4 million-square-foot (320,000-square-meter) campus. Former CEO Steve Jobs likened the proposed campus to a spaceship in his final public appearance four months before he died in October 2011 after a long fight with pancreatic cancer.
