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Apple expands buybacks by $30 billion, OKs 7-for-1 stock split
Wed, 23 Apr 2014 20:59:23 -0400

Apple's iPad devices are displayed at its store in TokyoBy Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock's appeal to individual investors. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. On Wednesday, Apple reported sales of 43.7 million iPhones in the quarter ended March, far outpacing the roughly 38 million that Wall Street had predicted. But whether Apple can again produce a revolutionary new product remains the central question in investors' and Silicon Valley executives' minds.


Apple resets the clock as investors await next big thing
Wed, 23 Apr 2014 20:48:01 -0400

The Apple logo is pictured at a retail store in the Marina neighborhood in San FranciscoBy Edwin Chan SAN FRANCISCO (Reuters) - Apple Inc just bought itself some much-needed time. On Wednesday, the company surprised Wall Street with news that it sold more iPhones in the March quarter than even the most bullish analysts had expected. To top it all off, Apple unveiled a 7-for-1 stock split that should go down well with individuals who want a piece of a household name but could not afford to fork over $500 a share. The litany of positive numbers sent Apple's long-stagnant shares up 8 percent.


U.S. judge denies Apple's move to hold off e-book antitrust trial
Wed, 23 Apr 2014 21:25:14 -0400

An Apple logo is seen during Black Friday in San FranciscoA U.S. federal judge denied a bid by Apple Inc on Wednesday to hold off a trial in a case brought by state attorneys general accusing the company of conspiring with five major publishers to fix e-book prices. U.S. District Judge Denise Cote in a brief order said the July 14 trial had already been postponed once and should go forward, paving the way for more than two dozen states to pursue hundreds of millions of dollars in damages. Following a non-jury trial last year, Cote found that Apple from 2009 to 2010 conspired with the publishers to raise e-book prices and impede competitors such as Amazon.com Inc. The trial to assign damages was supposed to be held in May but it was pushed back two months to allow adequate time for class notification, Cote's order said. Apple later on Wednesday asked a federal appeals court to intervene and halt the trial.


Facebook first-quarter revenue grows 72 percent on rising mobile ads
Wed, 23 Apr 2014 22:07:16 -0400

The loading screen of the Facebook application on a mobile phone is seen in this photo illustration taken in LavignyBy Alexei Oreskovic SAN FRANCISCO (Reuters) - Facebook Inc's mobile advertising business accelerated in the first three months of the year, helping the Internet social networking company top Wall Street's financial targets. Shares of Facebook were up nearly 3 percent at $63.05 in after-hours trading on Wednesday. Facebook said that mobile ads represented 59 percent of its ad revenue in the first quarter, up from 30 percent in the year-ago period. Facebook's overall revenue grew 72 percent year-on-year to $2.5 billion in the first quarter, above the $2.36 billion expected by analysts polled by Thomson Reuters I/B/E/S. "They've got the right products for what advertisers are looking for and that's manifesting itself in the results you're seeing," said JMP Securities analyst Ronald Josey.


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