LONDON (AP) - Police and News International said Tuesday that a 37-old-year reporter for The Sun tabloid has been arrested in an inquiry into the alleged gathering of data from stolen cell phones.
Scotland Yard said the man is the ninth person arrested as part of Operation Tuleta, which is looking into allegations of computer hacking. It is one of three parallel police investigations triggered by the phone-hacking scandal that has rocked Britain.
Inquiries have focused mainly on newspapers owned by Rupert Murdoch's News International - including The Sun, Britain's top-selling daily newspaper - but have also spread to other media groups.
Scotland Yard said Tuesday it had arrested the journalist on suspicion of handling stolen goods. The journalist was later released on bail.
News International confirmed the man, whom it did not name, was an employee at The Sun.
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Tuesday, July 31, 2012
Google delays widely-panned "Nexus Q" orb gadget
SAN FRANCISCO (Reuters) - Google Inc is postponing the launch of the Nexus Q, the Internet giant's first self-designed and marketed consumer electronics device, in a smudge on its budding hardware credentials.
The company announced the indefinite delay of the orb-shaped media player device in an email on Tuesday to customers who had pre-ordered the made-in-America gadget, saying it wanted to add more features and functions. It offered a 'preview version' of the streaming device for free instead.
Unveiled alongside the better-reviewed Nexus 7 tablet at Google's I/O event in June, the Nexus Q received much less fanfare than the Google-designed tablet.
Many reviews of the device focused on its lack of usability and features. It was slated to go on sale this month.
As part of Google's foray into consumer hardware, the Nexus Q was touted as being made in the U.S.A. and reflected the nascent trend of 'reshoring' manufacturing operations.
The cross between a streaming video box and an audio amplifier is Google's first end-to-end hardware undertaking, a facet of its broader push into a hardware arena dominated by Apple Inc and Samsung Electronics. Apart from the Nexus 7, Google is also promoting its 'Google Glass' augmented-reality eyeglasses.
The Internet search leader began selling the Nexus 7 this month, to strong reviews.
(Reporting By Mauro Whiteman; Editing by Bernard Orr)
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The company announced the indefinite delay of the orb-shaped media player device in an email on Tuesday to customers who had pre-ordered the made-in-America gadget, saying it wanted to add more features and functions. It offered a 'preview version' of the streaming device for free instead.
Unveiled alongside the better-reviewed Nexus 7 tablet at Google's I/O event in June, the Nexus Q received much less fanfare than the Google-designed tablet.
Many reviews of the device focused on its lack of usability and features. It was slated to go on sale this month.
As part of Google's foray into consumer hardware, the Nexus Q was touted as being made in the U.S.A. and reflected the nascent trend of 'reshoring' manufacturing operations.
The cross between a streaming video box and an audio amplifier is Google's first end-to-end hardware undertaking, a facet of its broader push into a hardware arena dominated by Apple Inc and Samsung Electronics. Apart from the Nexus 7, Google is also promoting its 'Google Glass' augmented-reality eyeglasses.
The Internet search leader began selling the Nexus 7 this month, to strong reviews.
(Reporting By Mauro Whiteman; Editing by Bernard Orr)
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Murdoch's The Daily to let go nearly a third of staff in revamp
(Reuters) - News Corp's digital tablet magazine The Daily is letting go of 50 employees, around 29 percent of its total, as it streamlines production to focus on its most popular features.
Launched just 18 months ago, The Daily was News Corp chief Rupert Murdoch's risky bet that he could reinvigorate his news business with tablet devices like Apple Inc's iPad.
But The Daily has struggled to find its feet in a turbulent and uncertain news market, where well-established print papers have been cutting staff and going through numerous restructurings as circulation and advertising dollars shrink.
As part of the changes, The Daily's sports pages will be provided by its sister company Fox Sports and it will lose its opinion section.
The publication will move to a portrait-only orientation which it said is how the vast majority of its readers' view the pages. Video will still be viewable in landscape mode, it added.
The publication operates on a traditional subscription news model at the cost of 99 cents a week or $39.99 a year.
Editor-in-Chief Jesse Angelo said in a statement the changes would help make the title more nimble to focus on readers interests better.
'Unfortunately, these changes have forced us to make difficult decisions and to say goodbye to some colleagues who have worked hard to make The Daily successful.'
A News Corp spokesman said the media giant remains committed to The Daily.
The Daily will be part of a new News Corp publishing and information company after the 60-year-old media giant splits into two separate companies sometime in 2013.
The Daily will sit alongside The Wall Street Journal, UK tabloid The Sun, the Amplified education division and book publisher Harper Collins among other units.
The larger News Corp business will house its entertainment properties including Fox Broadcast, cable networks such as FX and National Geographic as well as Hollywood studio 20th Century Fox.
(Reporting By Yinka Adegoke; Editing by Richard Chang)
This news article is brought to you by MOVIE CRITIC NEWS - where latest news are our top priority.
Launched just 18 months ago, The Daily was News Corp chief Rupert Murdoch's risky bet that he could reinvigorate his news business with tablet devices like Apple Inc's iPad.
But The Daily has struggled to find its feet in a turbulent and uncertain news market, where well-established print papers have been cutting staff and going through numerous restructurings as circulation and advertising dollars shrink.
As part of the changes, The Daily's sports pages will be provided by its sister company Fox Sports and it will lose its opinion section.
The publication will move to a portrait-only orientation which it said is how the vast majority of its readers' view the pages. Video will still be viewable in landscape mode, it added.
The publication operates on a traditional subscription news model at the cost of 99 cents a week or $39.99 a year.
Editor-in-Chief Jesse Angelo said in a statement the changes would help make the title more nimble to focus on readers interests better.
'Unfortunately, these changes have forced us to make difficult decisions and to say goodbye to some colleagues who have worked hard to make The Daily successful.'
A News Corp spokesman said the media giant remains committed to The Daily.
The Daily will be part of a new News Corp publishing and information company after the 60-year-old media giant splits into two separate companies sometime in 2013.
The Daily will sit alongside The Wall Street Journal, UK tabloid The Sun, the Amplified education division and book publisher Harper Collins among other units.
The larger News Corp business will house its entertainment properties including Fox Broadcast, cable networks such as FX and National Geographic as well as Hollywood studio 20th Century Fox.
(Reporting By Yinka Adegoke; Editing by Richard Chang)
This news article is brought to you by MOVIE CRITIC NEWS - where latest news are our top priority.
Canadian investing regulator raps RIM critic Alboini
TORONTO (Reuters) - A shareholder in Research In Motion who has been a vocal and persistent critic of the BlackBerry maker has been found by Canada's investment industry watchdog to have engaged in improper and risky trading.
In a decision released late on Monday, the Investment Industry Regulatory Organization of Canada (IIROC) said that between August and November 2008, investment bank Northern Securities Inc Chief Executive Victor Alboini 'engaged in a trading practice which improperly obtained access to credit' for his client, Jaguar Financial Corp, of which Alboini is also president and CEO, and in doing so risked the capital of Northern.
IIROC found that two other Northern executives also broke the rules.
Alboini said he disagrees with the ruling.
'We will be appealing the decision of the panel. We have fundamental issues with the lack of fairness associated with the proceedings by IIROC,' he told Reuters.
Alboini, who is a former securities lawyer, is a widely known critic of RIM, of which Jaguar is a shareholder.
Last year, he called for the company's co-chief executives to be replaced and demanded the appointment of an independent chairman, while also urging the company's board to consider selling the company or breaking it into three units.
IIROC also found that Frederick Vance, as chief compliance officer at Northern, failed to adequately supervise Alboini's trading activity involving Jaguar and other Northern clients.
As well, between 2006 to 2010, Alboini and Vance repeatedly failed to correct problems discovered in three business conduct compliance reviews and one trading conduct review.
Douglas Chornoboy, chief financial officer of Northern from February 2008 until 2009, filed or allowed the filing of inaccurate monthly financial reports that failed to account for 'leasehold improvement costs, thereby misstating Northern's risk adjusted capital,' IIROC said.
A penalty hearing is scheduled for October 11.
IIROC launched the investigation in April 2009. The hearing took place from May 7 to June 1, 2012.
(Reporting By Jennifer Kwan; Editing by Peter Galloway)
This news article is brought to you by SAVING MONEY BLOG - where latest news are our top priority.
In a decision released late on Monday, the Investment Industry Regulatory Organization of Canada (IIROC) said that between August and November 2008, investment bank Northern Securities Inc Chief Executive Victor Alboini 'engaged in a trading practice which improperly obtained access to credit' for his client, Jaguar Financial Corp, of which Alboini is also president and CEO, and in doing so risked the capital of Northern.
IIROC found that two other Northern executives also broke the rules.
Alboini said he disagrees with the ruling.
'We will be appealing the decision of the panel. We have fundamental issues with the lack of fairness associated with the proceedings by IIROC,' he told Reuters.
Alboini, who is a former securities lawyer, is a widely known critic of RIM, of which Jaguar is a shareholder.
Last year, he called for the company's co-chief executives to be replaced and demanded the appointment of an independent chairman, while also urging the company's board to consider selling the company or breaking it into three units.
IIROC also found that Frederick Vance, as chief compliance officer at Northern, failed to adequately supervise Alboini's trading activity involving Jaguar and other Northern clients.
As well, between 2006 to 2010, Alboini and Vance repeatedly failed to correct problems discovered in three business conduct compliance reviews and one trading conduct review.
Douglas Chornoboy, chief financial officer of Northern from February 2008 until 2009, filed or allowed the filing of inaccurate monthly financial reports that failed to account for 'leasehold improvement costs, thereby misstating Northern's risk adjusted capital,' IIROC said.
A penalty hearing is scheduled for October 11.
IIROC launched the investigation in April 2009. The hearing took place from May 7 to June 1, 2012.
(Reporting By Jennifer Kwan; Editing by Peter Galloway)
This news article is brought to you by SAVING MONEY BLOG - where latest news are our top priority.
HONKY TONK HEADPHONES
United States triple-jumper Christian Taylor isn't looking for music to get his blood pumping between jumps at the Olympics. He wants to be as relaxed as possible, so he throws some country on the iPod.
'That's probably way out there,' Taylor says. 'I don't know, it's just something that helps me sleep. I sleep great with it. I don't know if it's the stories. It's almost like a lullaby for a grown man.'
The Florida Gator has seen Lady Antebellum in concert and also calls Keith Urban one of his favorites.
-Jon Krawczynski - Twitter http://www.twitter.com/APKrawczynski
___
EDITOR'S NOTE - 'Eyes on London' shows you the Olympics through the eyes of Associated Press journalists across the 2012 Olympic city and around the world. Follow them on Twitter where available with the handles listed after each item, and get even more AP updates from the games here: http://twitter.com/AP_Sports
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'That's probably way out there,' Taylor says. 'I don't know, it's just something that helps me sleep. I sleep great with it. I don't know if it's the stories. It's almost like a lullaby for a grown man.'
The Florida Gator has seen Lady Antebellum in concert and also calls Keith Urban one of his favorites.
-Jon Krawczynski - Twitter http://www.twitter.com/APKrawczynski
___
EDITOR'S NOTE - 'Eyes on London' shows you the Olympics through the eyes of Associated Press journalists across the 2012 Olympic city and around the world. Follow them on Twitter where available with the handles listed after each item, and get even more AP updates from the games here: http://twitter.com/AP_Sports
This article is brought to you by BUY A NEW COMPUTER.
Monday, July 30, 2012
Apple gears up for September 12 event, stokes iPhone talk
SAN FRANCISCO (Reuters) - Apple Inc is gearing up to unveil a new product at a major September 12 event, a source familiar with the plan said, presaging the long-awaited launch of the redesigned iPhone.
The world's most valuable technology company typically takes the wraps off its latest smartphones around the fall, allowing the gadget to hit store shelves in time for the peak holiday shopping season.
The fifth iteration of the device that helped revolutionize the mobile industry is expected to sport a thinner, larger screen and a smaller dock connector, among other tweaks, sources and analysts have said.
The company on Monday declined to comment.
Apple's iPhone launches are among the biggest affairs on Silicon Valley's calendar, scrutinized by technology investors, enthusiasts and consumers alike.
The September 12 date may shift, the source said on condition of anonymity.
Samsung Electronics launched its latest Galaxy device in recent months, stealing a march on Apple in an intensifying battle for mobile supremacy. The pair now command more than half of global smartphone sales.
Technology blog iMore first reported the debut of the new iPhone at a September 12 event earlier on Monday.
(Reporting By Poornima Gupta; Editing by Alex Richardson)
This news article is brought to you by RELATIONSHIPS ADVICE - where latest news are our top priority.
The world's most valuable technology company typically takes the wraps off its latest smartphones around the fall, allowing the gadget to hit store shelves in time for the peak holiday shopping season.
The fifth iteration of the device that helped revolutionize the mobile industry is expected to sport a thinner, larger screen and a smaller dock connector, among other tweaks, sources and analysts have said.
The company on Monday declined to comment.
Apple's iPhone launches are among the biggest affairs on Silicon Valley's calendar, scrutinized by technology investors, enthusiasts and consumers alike.
The September 12 date may shift, the source said on condition of anonymity.
Samsung Electronics launched its latest Galaxy device in recent months, stealing a march on Apple in an intensifying battle for mobile supremacy. The pair now command more than half of global smartphone sales.
Technology blog iMore first reported the debut of the new iPhone at a September 12 event earlier on Monday.
(Reporting By Poornima Gupta; Editing by Alex Richardson)
This news article is brought to you by RELATIONSHIPS ADVICE - where latest news are our top priority.
Jury selected in trial over iPhone, iPad patents
SAN FRANCISCO (AP) - A jury was selected Monday to decide the merits of Apple Inc.'s claims that Samsung Electronics Co.'s smartphones and computer tablets are illegal knockoffs of the iPhone and iPad.
Lawyers for both sides were expected to deliver their opening arguments Tuesday morning in a San Jose federal courtroom, followed by Apple calling its first witness, a company designer. The witness lists of both sides are long on experts, engineers and designers and short on familiar names. Apple CEO Tim Cook, for example, is not scheduled to testify.
Apple filed a lawsuit against Samsung last year alleging smartphones and computer tablets made by the world's largest technology company are illegal knockoffs of Apple's popular iPhone and iPad products.
Cupertino-based Apple is demanding $2.5 billion in damages, an award that would dwarf the largest patent-related verdict to date.
Samsung countered that Apple is doing the stealing and that some of the technology at issue - such as the rounded rectangular designs of smartphones and tablets - has been industry standards for years.
A jury of seven men and three women was selected to hear the case, which is just the latest skirmish between the two companies over product designs. A similar trial began last week, and the two companies have been fighting in courts in the United Kingdom and Germany.
Industrywide, some 50 lawsuits have been filed by myriad telecommunications companies jockeying for position in the burgeoning $219 billion market for smartphones and computer tablets.
U.S. District Judge Lucy Koh in San Jose last month ordered Samsung to pull its Galaxy 10.1 computer tablet from the U.S. market pending the outcome of the upcoming trial, though she barred Apple attorneys from telling the jurors about the ban.
'That's a pretty strong statement from the judge and shows you what she thinks about some of Apple's claims,' said Brian Love, a Santa Clara University law professor and patent expert. He said that even though the case will be decided by 10 jurors, the judge has the authority to overrule their decision if she thinks they got it wrong.
'In some sense the big part of the case is not Apple's demands for damages but whether Samsung gets to sell its products,' said Mark A. Lemley, a Stanford Law School professor and director of the Stanford Program in Law, Science, and Technology.
Lemley said a verdict in Apple's favor could send a message to consumers that Android-based products such as Samsung's are in legal jeopardy. A verdict in Samsung's favor, especially if it prevails on its demands that Apple pay its asking price to certain transmission technology it controls, could lead to higher-priced Apple products.
Lemley and other legal observers say it's rare that a patent battle with so much at stake doesn't settle short of a trial. Court-ordered mediation sessions attended by Cook and high-ranking Samsung officials failed to resolve the legal squabble, leading to a highly technical trial of mostly expert witnesses opining on patent laws and technology.
Lemley, Love and others say it also appears Apple was motivated to file the lawsuit, at least in part, by its late founder's public avowals that companies using Android to create smartphones and other products were brazenly stealing from Apple. To that end, Samsung's attorneys made an unsuccessful pitch to have the jury hear excerpts from Steve Jobs' authorized biography.
'I will spend my last dying breath if I need to, and I will spend every penny of Apple's $40 billion in the bank, to right this wrong,' Jobs is quoted as saying in Walter Isaacson's book 'Steve Jobs' published in November.
But the judge barred those statements in a ruling earlier this month.
In court papers filed last week, each company laid out its legal strategy in so-called trial briefs.
Apple lawyers argue there is almost no difference between Samsung's products and Apple's and that the South Korean company's internal documents show it copied Apple's iconic designs and its interface.
Samsung denies the allegation and counter-claims that Apple copied its iconic iPhone from Sony. Samsung lawyers noted the company has been developing mobile phones since 1991 and that Apple jumped into the market in 2007.
'One thing that is notable is that this trial is happening at all,' said Love, the law professor and patent expert. He said that in an industry such as this where so many companies hold so many vital patents needed by all players, lawsuits are viewed as toying with 'mutually assured destruction' and that most disputes are solved through 'horse trading' and agreements to share intellectual property and royalties.
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Lawyers for both sides were expected to deliver their opening arguments Tuesday morning in a San Jose federal courtroom, followed by Apple calling its first witness, a company designer. The witness lists of both sides are long on experts, engineers and designers and short on familiar names. Apple CEO Tim Cook, for example, is not scheduled to testify.
Apple filed a lawsuit against Samsung last year alleging smartphones and computer tablets made by the world's largest technology company are illegal knockoffs of Apple's popular iPhone and iPad products.
Cupertino-based Apple is demanding $2.5 billion in damages, an award that would dwarf the largest patent-related verdict to date.
Samsung countered that Apple is doing the stealing and that some of the technology at issue - such as the rounded rectangular designs of smartphones and tablets - has been industry standards for years.
A jury of seven men and three women was selected to hear the case, which is just the latest skirmish between the two companies over product designs. A similar trial began last week, and the two companies have been fighting in courts in the United Kingdom and Germany.
Industrywide, some 50 lawsuits have been filed by myriad telecommunications companies jockeying for position in the burgeoning $219 billion market for smartphones and computer tablets.
U.S. District Judge Lucy Koh in San Jose last month ordered Samsung to pull its Galaxy 10.1 computer tablet from the U.S. market pending the outcome of the upcoming trial, though she barred Apple attorneys from telling the jurors about the ban.
'That's a pretty strong statement from the judge and shows you what she thinks about some of Apple's claims,' said Brian Love, a Santa Clara University law professor and patent expert. He said that even though the case will be decided by 10 jurors, the judge has the authority to overrule their decision if she thinks they got it wrong.
'In some sense the big part of the case is not Apple's demands for damages but whether Samsung gets to sell its products,' said Mark A. Lemley, a Stanford Law School professor and director of the Stanford Program in Law, Science, and Technology.
Lemley said a verdict in Apple's favor could send a message to consumers that Android-based products such as Samsung's are in legal jeopardy. A verdict in Samsung's favor, especially if it prevails on its demands that Apple pay its asking price to certain transmission technology it controls, could lead to higher-priced Apple products.
Lemley and other legal observers say it's rare that a patent battle with so much at stake doesn't settle short of a trial. Court-ordered mediation sessions attended by Cook and high-ranking Samsung officials failed to resolve the legal squabble, leading to a highly technical trial of mostly expert witnesses opining on patent laws and technology.
Lemley, Love and others say it also appears Apple was motivated to file the lawsuit, at least in part, by its late founder's public avowals that companies using Android to create smartphones and other products were brazenly stealing from Apple. To that end, Samsung's attorneys made an unsuccessful pitch to have the jury hear excerpts from Steve Jobs' authorized biography.
'I will spend my last dying breath if I need to, and I will spend every penny of Apple's $40 billion in the bank, to right this wrong,' Jobs is quoted as saying in Walter Isaacson's book 'Steve Jobs' published in November.
But the judge barred those statements in a ruling earlier this month.
In court papers filed last week, each company laid out its legal strategy in so-called trial briefs.
Apple lawyers argue there is almost no difference between Samsung's products and Apple's and that the South Korean company's internal documents show it copied Apple's iconic designs and its interface.
Samsung denies the allegation and counter-claims that Apple copied its iconic iPhone from Sony. Samsung lawyers noted the company has been developing mobile phones since 1991 and that Apple jumped into the market in 2007.
'One thing that is notable is that this trial is happening at all,' said Love, the law professor and patent expert. He said that in an industry such as this where so many companies hold so many vital patents needed by all players, lawsuits are viewed as toying with 'mutually assured destruction' and that most disputes are solved through 'horse trading' and agreements to share intellectual property and royalties.
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Apple, Samsung patent trial starts with jury selection
SAN JOSE, California (Reuters) - A Google employee, at least five patent owners and plenty of iPhone and iPad consumers were among the potential jurors summoned to court on Monday in a high-stakes U.S. patent battle between Apple Inc and Samsung Electronics Co Ltd.
U.S. District Judge Lucy Koh spent several hours examining jurors about their backgrounds and biases, as the companies began the trial after more than a year of pretrial jousting, with billions of dollars in the balance. That process was still ongoing Monday afternoon, and opening statements by the lawyers are expected to begin on Tuesday.
Apple and Samsung, the world's largest consumer electronics corporations, are waging legal war around the world, accusing each other of patent violations as they vie for supremacy in a fast-growing market for mobile devices.
The fight began last year when Apple sued Samsung in a San Jose, California, federal court, accusing the South Korean company of slavishly copying the iPhone and iPad. Samsung countersued.
Long lines outside the federal courthouse in San Jose marked the beginning of the trial as lawyers, media and analysts flooded the building to watch the proceedings.
The questioning of prospective jurors on Monday demonstrated the unique challenge of finding a Silicon Valley jury with no bias toward either Apple or Google, companies that are headquartered just a few miles away from the federal courthouse. Both Apple and Google employ thousands in Northern California.
Koh questioned nearly three dozen members of the jury pool on a host of issues, including their choice of phones, how the economic downturn impacted their lives, experience with the legal system and connections to either Samsung, Apple, Google Inc or its Motorola Mobility unit.
Google is a background actor in the trial as Samsung's smartphones run on Google's Android operating system. Many analysts see Apple's global patent wars as a proxy war against Google.
The Google employee acknowledged he bought two iPads, but also owned Samsung phones and a Galaxy tablet.
'You're good for the economy, I guess,' Koh said.
The technology savviness of the jury pool was also reflected by the presence of at least five prospective jurors who said they have received or filed for patents, including one person who said he has over 120 patents.
The stakes are high for Samsung, which faces potential U.S. sales bans of its Galaxy smartphones and tablet computers, and for Apple, for which this is a pivotal test of its worldwide patent litigation strategy.
It has been tough going so far for Samsung in the case. Judge Koh halted U.S. sales of the Galaxy Tab 10.1, giving Apple a significant early win. This was followed by a pretrial ban on the Galaxy Nexus phone. Samsung has appealed both orders.
The trial is expected to last at least four weeks.
The case in U.S. District Court, Northern District of California, is Apple Inc v. Samsung Electronics Co Ltd et al, No. 11-1846.
(Reporting by Dan Levine and Poornima Gupta; Editing by Tim Dobbyn, Lisa Von Ahn and Phil Berlowitz)
This news article is brought to you by WOMEN'S BLOG - where latest news are our top priority.
U.S. District Judge Lucy Koh spent several hours examining jurors about their backgrounds and biases, as the companies began the trial after more than a year of pretrial jousting, with billions of dollars in the balance. That process was still ongoing Monday afternoon, and opening statements by the lawyers are expected to begin on Tuesday.
Apple and Samsung, the world's largest consumer electronics corporations, are waging legal war around the world, accusing each other of patent violations as they vie for supremacy in a fast-growing market for mobile devices.
The fight began last year when Apple sued Samsung in a San Jose, California, federal court, accusing the South Korean company of slavishly copying the iPhone and iPad. Samsung countersued.
Long lines outside the federal courthouse in San Jose marked the beginning of the trial as lawyers, media and analysts flooded the building to watch the proceedings.
The questioning of prospective jurors on Monday demonstrated the unique challenge of finding a Silicon Valley jury with no bias toward either Apple or Google, companies that are headquartered just a few miles away from the federal courthouse. Both Apple and Google employ thousands in Northern California.
Koh questioned nearly three dozen members of the jury pool on a host of issues, including their choice of phones, how the economic downturn impacted their lives, experience with the legal system and connections to either Samsung, Apple, Google Inc or its Motorola Mobility unit.
Google is a background actor in the trial as Samsung's smartphones run on Google's Android operating system. Many analysts see Apple's global patent wars as a proxy war against Google.
The Google employee acknowledged he bought two iPads, but also owned Samsung phones and a Galaxy tablet.
'You're good for the economy, I guess,' Koh said.
The technology savviness of the jury pool was also reflected by the presence of at least five prospective jurors who said they have received or filed for patents, including one person who said he has over 120 patents.
The stakes are high for Samsung, which faces potential U.S. sales bans of its Galaxy smartphones and tablet computers, and for Apple, for which this is a pivotal test of its worldwide patent litigation strategy.
It has been tough going so far for Samsung in the case. Judge Koh halted U.S. sales of the Galaxy Tab 10.1, giving Apple a significant early win. This was followed by a pretrial ban on the Galaxy Nexus phone. Samsung has appealed both orders.
The trial is expected to last at least four weeks.
The case in U.S. District Court, Northern District of California, is Apple Inc v. Samsung Electronics Co Ltd et al, No. 11-1846.
(Reporting by Dan Levine and Poornima Gupta; Editing by Tim Dobbyn, Lisa Von Ahn and Phil Berlowitz)
This news article is brought to you by WOMEN'S BLOG - where latest news are our top priority.
How Much Would It Cost to Be Batman in Real Life? [INFOGRAPHIC]
It would cost $682 million for a real-life Batman to fund his world-saving lifestyle, thanks to the price of high-tech cars, gadgets, his mansion and training, a new infographic says. The infographic, created by MoneySupermarket.com, looks at how much it would cost to run Batman's empire. The main conclusion? It's not easy on the wallet.
[More from Mashable: MTV's 'Teen Wolf' Facebook Game Is Feast for Fans in First 5 Weeks]
In fact, Batman's collection of vehicles alone cost about $80 million. His Tumbler/Batmobile alone has a price tag of $18 million due to its jet engine, front-mounted machine guns, remote-control system and GPS technology.
Meanwhile, it would cost about $37,000 each year to run Wayne Manor and the Bat Cave. His weapons cost about $10,000 -- from a $50,000 TLPS Grappling Hook Launcher to a $15,000 thermal camera and a $5,000 night-vision monocular. Three Batarang Throwing Stars cost about $1,000.
[More from Mashable: The Olympics Opening Ceremony Looks Like This]
SEE ALSO: Who is the Superhero of the Social Web? [INFOGRAPHIC]
Other pricey accessories include a memory cloth polymer cape ($40,000), ultrasonic bat attractor ($1,000), a retinal projection system featured in his mask ($10,000), forearm blades ($1,000) and custom boosts ($1,000).
Batman's training and education costs vary. Military pilot training would be $500,000, as would training for special firearms and several engineering degrees.
[via Design Taxi]
Image via Facebook, The Dark Knight Rises
This story originally published on Mashable here.
This news article is brought to you by SEXUAL HEALTH NEWS - where latest news are our top priority.
[More from Mashable: MTV's 'Teen Wolf' Facebook Game Is Feast for Fans in First 5 Weeks]
In fact, Batman's collection of vehicles alone cost about $80 million. His Tumbler/Batmobile alone has a price tag of $18 million due to its jet engine, front-mounted machine guns, remote-control system and GPS technology.
Meanwhile, it would cost about $37,000 each year to run Wayne Manor and the Bat Cave. His weapons cost about $10,000 -- from a $50,000 TLPS Grappling Hook Launcher to a $15,000 thermal camera and a $5,000 night-vision monocular. Three Batarang Throwing Stars cost about $1,000.
[More from Mashable: The Olympics Opening Ceremony Looks Like This]
Other pricey accessories include a memory cloth polymer cape ($40,000), ultrasonic bat attractor ($1,000), a retinal projection system featured in his mask ($10,000), forearm blades ($1,000) and custom boosts ($1,000).
Batman's training and education costs vary. Military pilot training would be $500,000, as would training for special firearms and several engineering degrees.
[via Design Taxi]
Image via Facebook, The Dark Knight Rises
This story originally published on Mashable here.
This news article is brought to you by SEXUAL HEALTH NEWS - where latest news are our top priority.
Friday, July 27, 2012
Apple pondered strategic investment in Twitter: NYT
SAN FRANCISCO (Reuters) - Apple Inc held discussions in recent months about possibly investing hundreds of millions of dollars in Twitter to gain a social networking presence, the New York Times on Friday, cited people briefed on the matter as saying.
The iPhone and iPad maker, which has never delved deeply into a social media space dominated by Facebook Inc, at one point considered an investment that would have valued the microblogging service at $10 billion but the two were not in negotiations now, the newspaper reported.
Apple declined comment. Twitter did not respond to requests for comment on the deal, which the newspaper said might presage closer ties between the two.
Apple typically prefers to acquire technologies by buying up startups or smaller firms, but on Friday, it said it struck an agreement to buy mobile security firm AuthenTec for $356 million.
Twitter, the Internet phenomenon with some 140 million users that allows people to 'tweet' 140-character messages, is already integrated into Apple smartphones and tablets.
The newspaper did not cite its sources on why the world's most valuable technology corporation, which thrives on designing and fashioning hardware, would be interested in buying a slice of the fledgling Internet company.
Twitter executives repeatedly say they are in no rush to seek additional financing, either privately or on public markets, since they have 'truckloads' of cash. But the company, once viewed as a promising IPO candidate, has been struggling to earn revenue off the enormous volume of messages it hosts.
(Reporting By Edwin Chan and Poornima Gupta; Editing by Sanjeev Miglani)
This news article is brought to you by ANIMALS AND PETS - where latest news are our top priority.
The iPhone and iPad maker, which has never delved deeply into a social media space dominated by Facebook Inc
Apple declined comment. Twitter did not respond to requests for comment on the deal, which the newspaper said might presage closer ties between the two.
Apple typically prefers to acquire technologies by buying up startups or smaller firms, but on Friday, it said it struck an agreement to buy mobile security firm AuthenTec for $356 million.
Twitter, the Internet phenomenon with some 140 million users that allows people to 'tweet' 140-character messages, is already integrated into Apple smartphones and tablets.
The newspaper did not cite its sources on why the world's most valuable technology corporation, which thrives on designing and fashioning hardware, would be interested in buying a slice of the fledgling Internet company.
Twitter executives repeatedly say they are in no rush to seek additional financing, either privately or on public markets, since they have 'truckloads' of cash. But the company, once viewed as a promising IPO candidate, has been struggling to earn revenue off the enormous volume of messages it hosts.
(Reporting By Edwin Chan and Poornima Gupta; Editing by Sanjeev Miglani)
This news article is brought to you by ANIMALS AND PETS - where latest news are our top priority.
Apple buys security firm for $350 million
Apple has bought mobile security firm AuthenTec for around $350 million, giving the gadget maker technology including data protection and fingerprint security for mobile devices.
Documents filed Thursday with regulators showed Apple paid $8 per share for AuthenTec, a Florida-based company started in 1998.
Customers of AuthenTec include Apple's key rival Samsung, as well as other tech firms such as Alcatel-Lucent, Cisco, Fujitsu and Hewlett-Packard.
The security products are used to 'protect individuals and organizations through secure networking, content and data protection, access control and strong fingerprint security on PCs and mobile devices,' according to the AuthenTec website.
It has sold more than 100 million fingerprint sensors and portable electronics, including 15 million mobile phones.
The move comes amid concerns about hacker attacks on mobile devices, especially Apple gadgets or those powered by Google-backed Android software.
This article is brought to you by BUY A NEW COMPUTER.
Documents filed Thursday with regulators showed Apple paid $8 per share for AuthenTec, a Florida-based company started in 1998.
Customers of AuthenTec include Apple's key rival Samsung, as well as other tech firms such as Alcatel-Lucent, Cisco, Fujitsu and Hewlett-Packard.
The security products are used to 'protect individuals and organizations through secure networking, content and data protection, access control and strong fingerprint security on PCs and mobile devices,' according to the AuthenTec website.
It has sold more than 100 million fingerprint sensors and portable electronics, including 15 million mobile phones.
The move comes amid concerns about hacker attacks on mobile devices, especially Apple gadgets or those powered by Google-backed Android software.
This article is brought to you by BUY A NEW COMPUTER.
BlackBerry charges ding Celestica 2Q profit
NEW YORK (AP) - Celestica Inc.'s net income fell 48 percent in the second quarter as it prepares for the end of its relationship with Research In Motion Ltd., for which it had assembled BlackBerry phones.
The Canadian company, which makes electronics for other businesses, said Friday that it now expects a revenue decline for fiscal 2012, citing the RIM action and overall weakening demand.
RIM's deteriorating business has put pressure on its suppliers, including Celestica. Its outlook for the current quarter was mostly below analyst expectations, although revenue was in line with Wall Street predictions.
Celestica is winding down its manufacturing services for RIM this year. That cost it $20.1 million in restructuring charges in the April-June quarter, and Celestica expect total charges will come to $40 million to $50 million for the year.
The BlackBerry seller made up 17 percent of Celestica's revenue in the period, and the company expects that to drop to 10 percent this quarter.
Celestica is now focusing on diversifying its customer base, said CEO Craig Muhlhauser. To that end, the company said Friday that it bought D&H Manufacturing Co., which makes parts primarily used in chip-making, for about $70 million. The deal is expected to close by the end of September.
From April through June, Celestica earned $23.6 million, or 11 cents per share. A year ago it earned $45.7 million, or 21 cents per share.
Earnings were 22 cents per share when excluding charges tied to the Research in Motion separation, stock-based compensation and other items. Analysts polled by FactSet expected profit of 24 cents per share.
Revenue for the three months ended June 30 dropped 5 percent to $1.74 billion from $1.83 billion. Analysts expected $1.69 billion.
For the current quarter, Celestica expects adjusted earnings of 17 cents to 23 cents per share on revenue of $1.6 billion to $1.7 billion. Analysts predict earnings of 24 cents per share on revenue of $1.68 billion.
The company also expects a revenue decline for the year, but didn't name a specific number. Analysts had predicted $6.78 billion, a 6 percent decrease from 2011's $7.21 billion.
Shares added 6 cents to $7.37 in midday trading.
This article is brought to you by COMPUTERS FOR SALE.
The Canadian company, which makes electronics for other businesses, said Friday that it now expects a revenue decline for fiscal 2012, citing the RIM action and overall weakening demand.
RIM's deteriorating business has put pressure on its suppliers, including Celestica. Its outlook for the current quarter was mostly below analyst expectations, although revenue was in line with Wall Street predictions.
Celestica is winding down its manufacturing services for RIM this year. That cost it $20.1 million in restructuring charges in the April-June quarter, and Celestica expect total charges will come to $40 million to $50 million for the year.
The BlackBerry seller made up 17 percent of Celestica's revenue in the period, and the company expects that to drop to 10 percent this quarter.
Celestica is now focusing on diversifying its customer base, said CEO Craig Muhlhauser. To that end, the company said Friday that it bought D&H Manufacturing Co., which makes parts primarily used in chip-making, for about $70 million. The deal is expected to close by the end of September.
From April through June, Celestica earned $23.6 million, or 11 cents per share. A year ago it earned $45.7 million, or 21 cents per share.
Earnings were 22 cents per share when excluding charges tied to the Research in Motion separation, stock-based compensation and other items. Analysts polled by FactSet expected profit of 24 cents per share.
Revenue for the three months ended June 30 dropped 5 percent to $1.74 billion from $1.83 billion. Analysts expected $1.69 billion.
For the current quarter, Celestica expects adjusted earnings of 17 cents to 23 cents per share on revenue of $1.6 billion to $1.7 billion. Analysts predict earnings of 24 cents per share on revenue of $1.68 billion.
The company also expects a revenue decline for the year, but didn't name a specific number. Analysts had predicted $6.78 billion, a 6 percent decrease from 2011's $7.21 billion.
Shares added 6 cents to $7.37 in midday trading.
This article is brought to you by COMPUTERS FOR SALE.
Apple pitches gadget security to hacker crowd
Apple pitched security measures in its mobile gadgets during its first presentation at a premier gathering of hackers and those intent on thwarting cyber attacks.
The unprecedented talk by Apple head of software platform security Dallas De Atley at the 15th annual Black Hat conference in Las Vegas came as hackers increasingly target smartphones at the heart of Internet Age lifestyles.
'We are really excited to be here,' De Atley said before launching into his presentation at a packed Caesars Palace ballroom, on Thursday.
'When we were developing the iPhone we realized there were aspects that make it different from computers,' he continued.
'Security is architecture; you have to build it in from the very beginning. It is not something you can sprinkle over your code when it is done.'
De Atley spent an hour providing insights into encryption, software keys and other security features built into the iOS operating system for iPhones, iPads and iPod touch devices.
Hacking attacks on mobile devices, especially Apple gadgets or those powered by Google-backed Android software, were hot topics at Black Hat, where developers voiced doubt that device makers are devoted to security.
Unlike other speakers at the weeklong gathering, De Atley did not field questions from the audience. Instead, he brushed aside queries as he was ushered quickly out a side door after his talk.
His brusque departure underscored a complaint by developers, and those who craft security for Apple gadgets, that they are often left guessing answers to questions when dealing with the revered gadget maker.
'IOS is pretty secret,' said Accuvent Labs principal research consultant Charlie Miller, who is credited with the first remote hacker exploit of an iPhone.
'How do they test their software before they ship it?' he continued, rattling off a litany of questions he'd like Apple to answer. 'How do they determine an application is malicious and how many times has it happened?'
In the room where De Atley made his presentation, a team from security firm FishNet later announced that in the days ahead it will release a tool designed to expose security problems in applications tailored for Apple gadgets.
'I feel like Apple's security is reactive and not proactive,' said Seth Law of FishNet.
'They picked a great base to start from but continually get burned,' Law continued. 'The fact you can jailbreak an iPhone points to the fact that it is not rock solid.'
With Apple boasting of more than 650,000 applications in its online App Store and the addition of more than a thousand a day, an automated way to check third-party software security is needed, according to the FishNet team.
Concerns in applications include whether they intrude on privacy by mining contact lists or other data on devices.
'The process for approving applications (for the App Store) is more about the business decisions than the security aspects,' Law said. 'Apple's testing in this case is the big unknown.'
The list of rules Apple provides developers calls for software to work smoothly on devices but makes no mention of security issues, according to FishNet.
'Developers out there learn to game the system to push their apps through the registration process as fast as possible,' Law said. 'Apple is looking at how to best enforce their rules and make their money; they want their 30 percent cut.'
Cupertino, California-based Apple gets 30 percent of the money from sales of virtual goods or subscriptions in applications on its globally popular devices.
This news article is brought to you by TAXES BLOG - where latest news are our top priority.
The unprecedented talk by Apple head of software platform security Dallas De Atley at the 15th annual Black Hat conference in Las Vegas came as hackers increasingly target smartphones at the heart of Internet Age lifestyles.
'We are really excited to be here,' De Atley said before launching into his presentation at a packed Caesars Palace ballroom, on Thursday.
'When we were developing the iPhone we realized there were aspects that make it different from computers,' he continued.
'Security is architecture; you have to build it in from the very beginning. It is not something you can sprinkle over your code when it is done.'
De Atley spent an hour providing insights into encryption, software keys and other security features built into the iOS operating system for iPhones, iPads and iPod touch devices.
Hacking attacks on mobile devices, especially Apple gadgets or those powered by Google-backed Android software, were hot topics at Black Hat, where developers voiced doubt that device makers are devoted to security.
Unlike other speakers at the weeklong gathering, De Atley did not field questions from the audience. Instead, he brushed aside queries as he was ushered quickly out a side door after his talk.
His brusque departure underscored a complaint by developers, and those who craft security for Apple gadgets, that they are often left guessing answers to questions when dealing with the revered gadget maker.
'IOS is pretty secret,' said Accuvent Labs principal research consultant Charlie Miller, who is credited with the first remote hacker exploit of an iPhone.
'How do they test their software before they ship it?' he continued, rattling off a litany of questions he'd like Apple to answer. 'How do they determine an application is malicious and how many times has it happened?'
In the room where De Atley made his presentation, a team from security firm FishNet later announced that in the days ahead it will release a tool designed to expose security problems in applications tailored for Apple gadgets.
'I feel like Apple's security is reactive and not proactive,' said Seth Law of FishNet.
'They picked a great base to start from but continually get burned,' Law continued. 'The fact you can jailbreak an iPhone points to the fact that it is not rock solid.'
With Apple boasting of more than 650,000 applications in its online App Store and the addition of more than a thousand a day, an automated way to check third-party software security is needed, according to the FishNet team.
Concerns in applications include whether they intrude on privacy by mining contact lists or other data on devices.
'The process for approving applications (for the App Store) is more about the business decisions than the security aspects,' Law said. 'Apple's testing in this case is the big unknown.'
The list of rules Apple provides developers calls for software to work smoothly on devices but makes no mention of security issues, according to FishNet.
'Developers out there learn to game the system to push their apps through the registration process as fast as possible,' Law said. 'Apple is looking at how to best enforce their rules and make their money; they want their 30 percent cut.'
Cupertino, California-based Apple gets 30 percent of the money from sales of virtual goods or subscriptions in applications on its globally popular devices.
This news article is brought to you by TAXES BLOG - where latest news are our top priority.
Wednesday, July 25, 2012
Justin Bieber, New York Times Invest in Revamped Recommendations App Stamped
Stamped is rolling out on Thursday a dynamic new version of its recommendations app for iPhone and iPod touch devices. The company has also announced a web companion and a new round of financing from some noteworthy names, including singer Justin Bieber, comedian Ellen DeGeneres and The New York Times Company. Stamped, which is staffed primarily by former Google employees, first launched on the iPhone in November. The app allows you keep track of and share the things you like with your friends, such as restaurants, books, films and other apps. You can also tap into your friends' recommendations and those of well-known tastemakers, from chef Mario Batali (an advisor to the startup) to Rolling Stones film critic Peter Travers. (For more on how the app works, read our initial review here.)
[More from Mashable: Top 10 Twitter Pics of the Week]
The startup released an update to the app in March that enabled users to view the recommendations of not only their friends and tastemakers, but also friends of friends and the entire Stamped network. It was designed to provide a better on-boarding experience for first-time users whose friends are not -- and might never become -- active users of the app.
Shortly after releasing that update, Stamped's team decided to scrap the entire app and "build something bigger," Robby Stein, one of Stamped's three co-founders, told Mashable in an interview at Stamped's New York office earlier this week. "There's not one piece of [old] code in the new version," he said.
[More from Mashable: You and Bieber Together at Last, With Augmented Reality App]
The app's function and aesthetic is essentially the same, but it's much more dynamic. Previously, recommendations from all of your friends were organized by recency; now they're categorized and contextualized under "The Guide," a new vertical that lets you quickly surface suggestions by activity: eat/drink, watch, listen, read and download.
Each recommendation comes with a useful third-party integration: When you explore your friends' music recommendations, you can play the entire album by logging in with your Spotify or Rdio account. Come across a good restaurant recommendation? Check out the menu, view photos from Instagram (Instagram co-founder Kevin Systrom is an advisor to the startup) and book it on OpenTable. You can also add movie and TV shows to your Netflix queue, buy movie tickets through Fandango and purchase books on Amazon.
You can also see how your friends are interacting with your stamps -- whether they're listening to that album you recommended, or checked out the menu for the bakery you stamped last week. That may not sound like much, but it gives the app a lively, social flavor it lacked previously. It's also easy to spot when a number of your friends want to do the same thing, so that you can suggest you all check it out together.
Stamped has also released a read-only web app that makes it easy for users to share recommendations with friends who don't use Stamped. Eventually, Stein says, they'd like Stamped users to be able to do everything on the web they can do with the mobile app.
If that's not enough news for you, the startup is also announcing that it has raised a round of funding from a roster of notable names: Bain Capital Ventures, Google Ventures, Metamorphic Ventures, singer Justin Bieber, comedian Ellen DeGeneres, American Idol host Ryan Seacrest, The New York Times Company and Columbia Records, among others.
What's next for this red-hot startup? The team is waiting on feedback from its users to determine the next steps, but did indicate an interest in deepening integration with third-party services like Spotify and Netflix in the future. There's "no timeline" for an Android app, says Stein, but he imagines it will appear "sometime next year." The ultimate goal? To become "the central place for reviews," a service Stein believes could attract 100 million users. How's that for ambition?
Image courtesy of iStockphoto, theasis
This story originally published on Mashable here.
This news article is brought to you by RELATIONSHIPS ADVICE - where latest news are our top priority.
[More from Mashable: Top 10 Twitter Pics of the Week]
The startup released an update to the app in March that enabled users to view the recommendations of not only their friends and tastemakers, but also friends of friends and the entire Stamped network. It was designed to provide a better on-boarding experience for first-time users whose friends are not -- and might never become -- active users of the app.
Shortly after releasing that update, Stamped's team decided to scrap the entire app and "build something bigger," Robby Stein, one of Stamped's three co-founders, told Mashable in an interview at Stamped's New York office earlier this week. "There's not one piece of [old] code in the new version," he said.
[More from Mashable: You and Bieber Together at Last, With Augmented Reality App]
The app's function and aesthetic is essentially the same, but it's much more dynamic. Previously, recommendations from all of your friends were organized by recency; now they're categorized and contextualized under "The Guide," a new vertical that lets you quickly surface suggestions by activity: eat/drink, watch, listen, read and download.
Each recommendation comes with a useful third-party integration: When you explore your friends' music recommendations, you can play the entire album by logging in with your Spotify or Rdio account. Come across a good restaurant recommendation? Check out the menu, view photos from Instagram (Instagram co-founder Kevin Systrom is an advisor to the startup) and book it on OpenTable. You can also add movie and TV shows to your Netflix queue, buy movie tickets through Fandango and purchase books on Amazon.
You can also see how your friends are interacting with your stamps -- whether they're listening to that album you recommended, or checked out the menu for the bakery you stamped last week. That may not sound like much, but it gives the app a lively, social flavor it lacked previously. It's also easy to spot when a number of your friends want to do the same thing, so that you can suggest you all check it out together.
Stamped has also released a read-only web app that makes it easy for users to share recommendations with friends who don't use Stamped. Eventually, Stein says, they'd like Stamped users to be able to do everything on the web they can do with the mobile app.
If that's not enough news for you, the startup is also announcing that it has raised a round of funding from a roster of notable names: Bain Capital Ventures, Google Ventures, Metamorphic Ventures, singer Justin Bieber, comedian Ellen DeGeneres, American Idol host Ryan Seacrest, The New York Times Company and Columbia Records, among others.
What's next for this red-hot startup? The team is waiting on feedback from its users to determine the next steps, but did indicate an interest in deepening integration with third-party services like Spotify and Netflix in the future. There's "no timeline" for an Android app, says Stein, but he imagines it will appear "sometime next year." The ultimate goal? To become "the central place for reviews," a service Stein believes could attract 100 million users. How's that for ambition?
Image courtesy of iStockphoto, theasis
This story originally published on Mashable here.
This news article is brought to you by RELATIONSHIPS ADVICE - where latest news are our top priority.
Amazon courts software developers for apps and games
SAN FRANCISCO (Reuters) - Amazon.com Inc has focused single-mindedly on consumers for much of its existence. Now it has a new obsession: developers.
The world's largest Internet retailer is ratcheting up its courtship of apps software developers as it pits its Kindle Fire -- and potentially other mobile gadgets -- against Apple Inc and Google Inc.
Games and apps are key to that effort, so Amazon is plowing a lot of resources into wooing this increasingly important community.
Amazon sees the Fire as a way to spur sales of its trove of online content -- from books to TV shows to music. But analysts say it is also taking aim at the booming market for mobile applications and games, increasing competition with platform operators Apple, Google, Microsoft Corp and Facebook Inc.
Amazon has assembled a team, overseen by Aaron Rubenson, that works with developers one-on-one to design, test, launch and market apps and games for the Fire.
Amazon had begun hiring for this team before it launched the Fire in September, but the recruiting drive has accelerated since then, according to a person familiar with the company's strategy for developers who was not authorized to speak publicly. An Amazon spokeswoman declined to comment.
'Amazon is a very viable platform and we are encouraged by the speed at which they are moving,' said Niccolo de Masi, chief executive of game developer Glu Mobile. 'They have a very good chance of being the number three player in developer revenues, ahead of Microsoft, if they execute over the next few years.'
Apple, considered the mobile platform leader by developers, unveiled the iPhone in early 2007 and did not launch its App Store until mid-2008.
'It took them about three years to really have a semblance of developer relations,' de Masi said. 'Amazon's gotten there a lot faster, which is a benefit of starting later. They are trying to compress what Apple did into a year.'
'VIRTUOUS CYCLE'
Amazon is moving fast because it wants a piece of what is expected to be a huge market for games, apps and other digital content. Lazard Capital Markets sees this growing 26 percent a year to $67.4 billion worldwide by 2015, with games accounting for more than $30 billion.
'These are just the early chapters of a truly transformational story from a pure e-commerce player to digital media platform,' Lazard analyst Atul Bagga wrote in a recent note to investors.
Like other platform operators, Amazon typically takes a 30 percent cut of app and game revenue. This may be more profitable than Amazon's original online retail business. Bagga expects profit margins of about 10 percent for Amazon's digital media business, versus 3 percent to 5 percent for its core operations.
Strong developer interest in Amazon's platform is crucial if the company is going to be a credible digital media player, Bagga added.
If Amazon can pull this off, it may create a 'virtuous cycle,' in which good apps and games encourage more people to buy Amazon devices, which in turn attracts more developers bringing yet more apps and games, the analyst said.
POOR START
When Amazon launched its tablet in September, the Appstore was understaffed and some developers were frustrated because apps took several weeks to get approved, said Ted Morgan, chief executive of Skyhook Wireless, which supplies location data for Kindle Fire developers.
But several developers said the company has improved this year.
'They have hired and trained people to work with developers and that was clearly not there when they launched,' said Evan Conway, president of OneLouder, which designs social mobile apps for the Fire.
In July, Amazon hired Robert Williams, a business development executive from Microsoft's Windows Phone unit, to help with developer outreach at its Appstore.
'Amazon is not excellent at developer relations,' said Charlie Kindel, who worked with Williams as general manager of the Windows Phone developer experience.
'Hiring people like Robert will help fix that.'
Kindel is founder of BizLogr, a software startup, and his Kindel Systems LLC is an advertising affiliate of Amazon.
SHARING DATA
In recent months, Amazon has unveiled a slew of new services for developers, including in-app purchasing, a gaming leaderboard and cloud syncing add-on called GameCircle, and an online toolkit with design tips and sample code.
Most apps take less than a week to be approved now and Amazon has a dedicated team who test the apps to make sure they work on the Fire tablet and do not contain malware, according to the person familiar with Amazon's developer plans.
When an app fails to pass, Amazon emails developers with suggestions on how to get it approved, the person added.
Once apps are published on Amazon's platform, developers can see online reports detailing the number of downloads and what in-app purchases are being made, the person said.
Amazon is much more willing to share such data with developers than Apple and Google, according to Lazard's Bagga.
'If you are a platform owner competing with Google and Apple you have to have something more,' the analyst said.
'RATE CARD'
One developer, who has published on all three platforms, said Amazon is a lot clearer about how it will promote apps. The person did not want to be identified due to lack of authority to speak publicly.
Amazon offers free app promotion through a section at the top of the Kindle Fire's Appstore, which is curated by editors on Rubenson's team.
Developers can also pay to have their apps advertised and promoted by Amazon. The company has a 'rate card' showing developers the cost of such promotions on various Amazon websites, the developer said.
This is a big contrast to Apple and Google, which do not offer a paid option and are 'opaque' about their curated lists of apps, the developer added.
'CONDITIONED TO PAY'
Developers are most excited about in-app purchasing on Amazon's platform. That is especially true in the mobile game area, where a lot of games are free but let users buy things while they are playing.
When a Kindle Fire user downloads an app or game, it automatically links to Amazon's payment system, which has the consumer's credit card details on file.
Apple has a similarly smooth payment system, however some developers said Amazon has an advantage because its customers are more accustomed to buying on its site.
'Users have a propensity to pay and are conditioned to pay for content,' said Yusuf Goolamabbas, chief technology officer at Animoca, a developer of mobile games. 'Even with Apple, customers are not as used to buying things online.'
That means Animoca is generating higher average revenue per user, or ARPU, from its games that run on the Kindle Fire.
'A lot of developers, including us, have seen ARPU numbers that are very high,' Goolamabbas said. 'For certain games they are the highest of any platform we work with.'
(Reporting By Alistair Barr; Editing by Phil Berlowitz)
This news article is brought to you by FREE ROMANTIC DATING SITE BLOG - where latest news are our top priority.
The world's largest Internet retailer is ratcheting up its courtship of apps software developers as it pits its Kindle Fire -- and potentially other mobile gadgets -- against Apple Inc and Google Inc.
Games and apps are key to that effort, so Amazon is plowing a lot of resources into wooing this increasingly important community.
Amazon sees the Fire as a way to spur sales of its trove of online content -- from books to TV shows to music. But analysts say it is also taking aim at the booming market for mobile applications and games, increasing competition with platform operators Apple, Google, Microsoft Corp and Facebook Inc.
Amazon has assembled a team, overseen by Aaron Rubenson, that works with developers one-on-one to design, test, launch and market apps and games for the Fire.
Amazon had begun hiring for this team before it launched the Fire in September, but the recruiting drive has accelerated since then, according to a person familiar with the company's strategy for developers who was not authorized to speak publicly. An Amazon spokeswoman declined to comment.
'Amazon is a very viable platform and we are encouraged by the speed at which they are moving,' said Niccolo de Masi, chief executive of game developer Glu Mobile. 'They have a very good chance of being the number three player in developer revenues, ahead of Microsoft, if they execute over the next few years.'
Apple, considered the mobile platform leader by developers, unveiled the iPhone in early 2007 and did not launch its App Store until mid-2008.
'It took them about three years to really have a semblance of developer relations,' de Masi said. 'Amazon's gotten there a lot faster, which is a benefit of starting later. They are trying to compress what Apple did into a year.'
'VIRTUOUS CYCLE'
Amazon is moving fast because it wants a piece of what is expected to be a huge market for games, apps and other digital content. Lazard Capital Markets sees this growing 26 percent a year to $67.4 billion worldwide by 2015, with games accounting for more than $30 billion.
'These are just the early chapters of a truly transformational story from a pure e-commerce player to digital media platform,' Lazard analyst Atul Bagga wrote in a recent note to investors.
Like other platform operators, Amazon typically takes a 30 percent cut of app and game revenue. This may be more profitable than Amazon's original online retail business. Bagga expects profit margins of about 10 percent for Amazon's digital media business, versus 3 percent to 5 percent for its core operations.
Strong developer interest in Amazon's platform is crucial if the company is going to be a credible digital media player, Bagga added.
If Amazon can pull this off, it may create a 'virtuous cycle,' in which good apps and games encourage more people to buy Amazon devices, which in turn attracts more developers bringing yet more apps and games, the analyst said.
POOR START
When Amazon launched its tablet in September, the Appstore was understaffed and some developers were frustrated because apps took several weeks to get approved, said Ted Morgan, chief executive of Skyhook Wireless, which supplies location data for Kindle Fire developers.
But several developers said the company has improved this year.
'They have hired and trained people to work with developers and that was clearly not there when they launched,' said Evan Conway, president of OneLouder, which designs social mobile apps for the Fire.
In July, Amazon hired Robert Williams, a business development executive from Microsoft's Windows Phone unit, to help with developer outreach at its Appstore.
'Amazon is not excellent at developer relations,' said Charlie Kindel, who worked with Williams as general manager of the Windows Phone developer experience.
'Hiring people like Robert will help fix that.'
Kindel is founder of BizLogr, a software startup, and his Kindel Systems LLC is an advertising affiliate of Amazon.
SHARING DATA
In recent months, Amazon has unveiled a slew of new services for developers, including in-app purchasing, a gaming leaderboard and cloud syncing add-on called GameCircle, and an online toolkit with design tips and sample code.
Most apps take less than a week to be approved now and Amazon has a dedicated team who test the apps to make sure they work on the Fire tablet and do not contain malware, according to the person familiar with Amazon's developer plans.
When an app fails to pass, Amazon emails developers with suggestions on how to get it approved, the person added.
Once apps are published on Amazon's platform, developers can see online reports detailing the number of downloads and what in-app purchases are being made, the person said.
Amazon is much more willing to share such data with developers than Apple and Google, according to Lazard's Bagga.
'If you are a platform owner competing with Google and Apple you have to have something more,' the analyst said.
'RATE CARD'
One developer, who has published on all three platforms, said Amazon is a lot clearer about how it will promote apps. The person did not want to be identified due to lack of authority to speak publicly.
Amazon offers free app promotion through a section at the top of the Kindle Fire's Appstore, which is curated by editors on Rubenson's team.
Developers can also pay to have their apps advertised and promoted by Amazon. The company has a 'rate card' showing developers the cost of such promotions on various Amazon websites, the developer said.
This is a big contrast to Apple and Google, which do not offer a paid option and are 'opaque' about their curated lists of apps, the developer added.
'CONDITIONED TO PAY'
Developers are most excited about in-app purchasing on Amazon's platform. That is especially true in the mobile game area, where a lot of games are free but let users buy things while they are playing.
When a Kindle Fire user downloads an app or game, it automatically links to Amazon's payment system, which has the consumer's credit card details on file.
Apple has a similarly smooth payment system, however some developers said Amazon has an advantage because its customers are more accustomed to buying on its site.
'Users have a propensity to pay and are conditioned to pay for content,' said Yusuf Goolamabbas, chief technology officer at Animoca, a developer of mobile games. 'Even with Apple, customers are not as used to buying things online.'
That means Animoca is generating higher average revenue per user, or ARPU, from its games that run on the Kindle Fire.
'A lot of developers, including us, have seen ARPU numbers that are very high,' Goolamabbas said. 'For certain games they are the highest of any platform we work with.'
(Reporting By Alistair Barr; Editing by Phil Berlowitz)
This news article is brought to you by FREE ROMANTIC DATING SITE BLOG - where latest news are our top priority.
New York Times drops BlackBerry app
(Reuters) - Research in Motion's BlackBerry users can no longer use the official New York Times app to read news stories over their devices, in a fresh blow to the maker of the smartphone once considered an essential tool for business professionals.
New York Times Co, which publishes the prestigious newspaper, said on its website it had stopped supporting its applications for BlackBerry and the Palm Pre as of Monday, meaning the apps will no longer download news stories.
BlackBerry users can still read the paper over their phones via the New York Times website.
'Currently, our mobile website offers a more complete New York Times experience than the NYTimes app native to your device,' said the notice. (Reporting by Allison Martell)
This news article is brought to you by SAVING MONEY BLOG - where latest news are our top priority.
New York Times Co, which publishes the prestigious newspaper, said on its website it had stopped supporting its applications for BlackBerry and the Palm Pre as of Monday, meaning the apps will no longer download news stories.
BlackBerry users can still read the paper over their phones via the New York Times website.
'Currently, our mobile website offers a more complete New York Times experience than the NYTimes app native to your device,' said the notice. (Reporting by Allison Martell)
This news article is brought to you by SAVING MONEY BLOG - where latest news are our top priority.
Apple's rivals swoop as iPhone China sales flag
HONG KONG/SHANGHAI (Reuters) - Apple Inc's disappointing China sales suggest that its customers will not always wait for the next iPhone when rivals such as Samsung have plenty of flashy new models available now, analysts and resellers said on Wednesday.
China is Apple's second-largest market, and its rabid fans have been known to seek out smugglers just to get their hands on the latest gadgets before they officially go on sale in Beijing and Shanghai stores.
But an iPad 3 launch in China last week did not generate the normal buying frenzy, and lackluster April-to-June sales of the iPhone 4S have some analysts questioning whether Apple products are losing their status as the must-have accessory for China's hip and affluent.
'The (iPhone 4S) model is a little bit too long in the tooth when compared to other phones with better specs,' said TZ Wong, a Beijing-based analyst from research firm IDC.
'To put it plainly, consumers are getting a little bit tired of the look of the iPhone 4 and the iPhone 4S.'
Apple's sales from greater China, which includes Taiwan and Hong Kong, totaled $5.7 billion for its third quarter ended June, an unexpectedly steep drop of $2.2 billion from the January-March period.
Apple's quarterly results pressured shares of its Asian suppliers on Wednesday, with Taiwan's Hon Hai and South Korea's LG Display ending more than 4 percent lower, while Japan's Toshiba fell more than 7 percent.
Tim Cook, Apple's chief executive, told analysts that about half of the quarter-to-quarter decline stemmed from 'changes in the inventory channel' rather than weak sales of its iPhone 4S, which analysts took to mean that Apple had built up excess inventory in the first three months of the year.
That extra inventory meant resellers did not need to buy as many iPhones in the April-June period. The iPhone 5 is expected to be released later this year, with enhanced Chinese language capabilities, so that likely contributed to resellers' slower orders of the 4S as well.
Cook also pointed out that iPhone 4S sales were very strong in China over the first three months of this year, so there was probably some drop-off in demand after that period.
SIRI LEARNS MANDARIN
Consumers in China, which has the world's largest number of mobile subscribers, were spoilt for choice with a slew of new phones available over the past few months from brands such as Samsung Electronics Co Ltd and HTC Corp.
Samsung, which flagged a record quarterly profit of $5.9 billion earlier this month, saw stronger-than-expected demand for its latest Galaxy S III model, while HTC's One X also gained popularity among phone users globally, including the greater China region.
'The S III and One X are outselling the iPhone now because people like their wider screens, better cameras and the apps are pretty good,' said a salesperson at an electronics store in Hong Kong that carries phones from Apple, Samsung, HTC and Nokia Ojy.
New smartphones made by China's Huawei Technologies Co Ltd, ZTE Corp and Xiaomi were also hot sells, in part because the price was right. They are heavily subsidized by China's three telecom carriers.
Apple is expected to release its next iPhone around October, according to sources, about a year after the launch of the 4S, which was a hot seller in the first three months of 2012 and helped to drive Apple's stellar earnings in that period.
There was one hitch for Chinese consumers, however: Siri, the voice-activated personal assistant program that was a popular selling point globally for the 4S, does not speak Mandarin or Cantonese, which are widely spoken in mainland China and Hong Kong.
The iPhone 5 version of Siri will have those language skills, according to sales staff in an Apple store in Shanghai's Pudong financial district, which a Reuters reporter visited on Wednesday. That is one more reason for Chinese customers to hold off until the new phone is available.
'Since iPhone 5 will come out soon, operators don't want to buy in any more iPhone 4S as they will add to the inventory,' said Ming Chi Kuo, an analyst from KGI Securities.
(Reporting by Lee Chyen Yee in HONG KONG, Clare Jim in TAIPEI and Melanie Lee in SHANGHAI; Editing by Muralikumar Anantharaman and Alex Richardson)
This article is brought to you by BUY AFFORDABLE COMPUTERS.
China is Apple's second-largest market, and its rabid fans have been known to seek out smugglers just to get their hands on the latest gadgets before they officially go on sale in Beijing and Shanghai stores.
But an iPad 3 launch in China last week did not generate the normal buying frenzy, and lackluster April-to-June sales of the iPhone 4S have some analysts questioning whether Apple products are losing their status as the must-have accessory for China's hip and affluent.
'The (iPhone 4S) model is a little bit too long in the tooth when compared to other phones with better specs,' said TZ Wong, a Beijing-based analyst from research firm IDC.
'To put it plainly, consumers are getting a little bit tired of the look of the iPhone 4 and the iPhone 4S.'
Apple's sales from greater China, which includes Taiwan and Hong Kong, totaled $5.7 billion for its third quarter ended June, an unexpectedly steep drop of $2.2 billion from the January-March period.
Apple's quarterly results pressured shares of its Asian suppliers on Wednesday, with Taiwan's Hon Hai and South Korea's LG Display ending more than 4 percent lower, while Japan's Toshiba fell more than 7 percent.
Tim Cook, Apple's chief executive, told analysts that about half of the quarter-to-quarter decline stemmed from 'changes in the inventory channel' rather than weak sales of its iPhone 4S, which analysts took to mean that Apple had built up excess inventory in the first three months of the year.
That extra inventory meant resellers did not need to buy as many iPhones in the April-June period. The iPhone 5 is expected to be released later this year, with enhanced Chinese language capabilities, so that likely contributed to resellers' slower orders of the 4S as well.
Cook also pointed out that iPhone 4S sales were very strong in China over the first three months of this year, so there was probably some drop-off in demand after that period.
SIRI LEARNS MANDARIN
Consumers in China, which has the world's largest number of mobile subscribers, were spoilt for choice with a slew of new phones available over the past few months from brands such as Samsung Electronics Co Ltd and HTC Corp.
Samsung, which flagged a record quarterly profit of $5.9 billion earlier this month, saw stronger-than-expected demand for its latest Galaxy S III model, while HTC's One X also gained popularity among phone users globally, including the greater China region.
'The S III and One X are outselling the iPhone now because people like their wider screens, better cameras and the apps are pretty good,' said a salesperson at an electronics store in Hong Kong that carries phones from Apple, Samsung, HTC and Nokia Ojy.
New smartphones made by China's Huawei Technologies Co Ltd, ZTE Corp and Xiaomi were also hot sells, in part because the price was right. They are heavily subsidized by China's three telecom carriers.
Apple is expected to release its next iPhone around October, according to sources, about a year after the launch of the 4S, which was a hot seller in the first three months of 2012 and helped to drive Apple's stellar earnings in that period.
There was one hitch for Chinese consumers, however: Siri, the voice-activated personal assistant program that was a popular selling point globally for the 4S, does not speak Mandarin or Cantonese, which are widely spoken in mainland China and Hong Kong.
The iPhone 5 version of Siri will have those language skills, according to sales staff in an Apple store in Shanghai's Pudong financial district, which a Reuters reporter visited on Wednesday. That is one more reason for Chinese customers to hold off until the new phone is available.
'Since iPhone 5 will come out soon, operators don't want to buy in any more iPhone 4S as they will add to the inventory,' said Ming Chi Kuo, an analyst from KGI Securities.
(Reporting by Lee Chyen Yee in HONG KONG, Clare Jim in TAIPEI and Melanie Lee in SHANGHAI; Editing by Muralikumar Anantharaman and Alex Richardson)
This article is brought to you by BUY AFFORDABLE COMPUTERS.
Tuesday, July 24, 2012
Apple profit jumps to $8.8 bn, but below forecasts
Apple reported a rise in its quarterly profit to $8.8 billion on hot iPad sales but missed lofty Wall Street expectations due, in part, to iPhone lovers waiting for a rumored new model.
The profit in the fiscal quarter to June was up 20.5 percent from a year earlier, but short of analyst forecasts. Revenues rose 22.5 percent to $35 billion, also below expectations of more than $37 billion.
In a conference call, Apple chief financial officer Peter Oppenheimer said that revenue in the quarter was hampered by weak sales in Europe, a strengthened US dollar, and rumor of a new iPhone poised for release.
'Our weekly iPhone sales continue to be impacted by rumors and speculation about new products,' Oppenheimer said.
Apple factored a 'product transition' in September into financial guidance for the current quarter, fueling wild talk of a next-generation iPhone on the horizon.
'We try very hard to keep our product roadmap secret and confidential,' Apple chief Tim Cook said during the call.
'I'm not going to put any energy into stopping people from speculating,' he added. 'I'm glad that people want the next thing; I'm super happy about it.'
With Apple's rare miss of analyst forecasts, shares slid more than five percent in after-hours trade to $567.80.
Apple said it was pleased with the results, including sales of 17 million iPads, a year-over-year rise of 84 percent.
Cook said that none of the iPad competitors fielded in the past year has gained 'any level of traction at all.'
'I still think that most customers feel they are not looking for a tablet, they are looking for an iPad,' Cook said.
While iPad sales sizzled, the introduction of a model with a relatively low price tag of $399 in the line trimmed how much profit Apple made.
Apple also did not release the new iPad in mainland China until Friday, after resolving a trademark dispute there over ownership of the tablet's name.
'We remain confident about our plans and very excited about our opportunities in China,' Cook said.
The company also sold 26 million iPhones in the quarter, up 28 percent, and four million Macs, a two percent unit increase despite overall computer industry sales inching down a percent in the quarter.
Apple highlighted its recent revamp of the MacBook line and the release on Wednesday of a new Mountain Lion operating system for the Apple computers.
A next-generation iOS operating system for Apple mobile gadgets will be released by the end of the year and the Cupertino, California-based company has 'amazing new products' on the way, Cook said.
Some analysts were upbeat, saying that Apple could get a lift if rumors prove true and a new-generation iPhone 5 smartphone debuts later this year.
Reports have said Apple may also release a smaller version of its iPad tablet, which dominates the market.
Peter Misek at Jefferies & Co. said the disappointing results came from a 'pre-iPhone 5 inventory adjustment' and advised buying the company's stock.
Barclays Capital analyst Ben Reitzes was similarly optimistic about Apple.
'We still believe that Apple is perhaps the most disruptive company in tech and is poised to gain more share in smartphones, tablets and PCs, but we will be watching the developing situation closely,' he said in a note to clients.
Apple saw a 177 percent jump, year over year, in sales of its Apple TV device for routing entertainment content from the Internet to home screens, according to Cook.
'It's still at a level where we would call it a hobby but we continue to pull strings to see where it takes us,' Cook said. 'We don't keep around products that we don't believe in.'
Apple declared a cash dividend of $2.65 per share of common stock and announced that in November it will commence a three-year plan to buy back $10 billion in stock.
The earnings news comes with Apple battling in the courts over patents, mainly with South Korean archrival Samsung.
A trial is set to begin Monday in a case in which Apple accused Samsung of infringing on copyrights by copying certain features of the iPad and iPhone in rival devices powered by Google-backed Android software.
Apple is seeking $2.5 billion in the case in a federal court in California.
Apple and Samsung are fighting patent battles in more than half a dozen countries.
Each company accuses the other of infringing on patented technology in smartphones or tablets.
This news article is brought to you by PERSONAL FINANCE BLOG - where latest news are our top priority.
The profit in the fiscal quarter to June was up 20.5 percent from a year earlier, but short of analyst forecasts. Revenues rose 22.5 percent to $35 billion, also below expectations of more than $37 billion.
In a conference call, Apple chief financial officer Peter Oppenheimer said that revenue in the quarter was hampered by weak sales in Europe, a strengthened US dollar, and rumor of a new iPhone poised for release.
'Our weekly iPhone sales continue to be impacted by rumors and speculation about new products,' Oppenheimer said.
Apple factored a 'product transition' in September into financial guidance for the current quarter, fueling wild talk of a next-generation iPhone on the horizon.
'We try very hard to keep our product roadmap secret and confidential,' Apple chief Tim Cook said during the call.
'I'm not going to put any energy into stopping people from speculating,' he added. 'I'm glad that people want the next thing; I'm super happy about it.'
With Apple's rare miss of analyst forecasts, shares slid more than five percent in after-hours trade to $567.80.
Apple said it was pleased with the results, including sales of 17 million iPads, a year-over-year rise of 84 percent.
Cook said that none of the iPad competitors fielded in the past year has gained 'any level of traction at all.'
'I still think that most customers feel they are not looking for a tablet, they are looking for an iPad,' Cook said.
While iPad sales sizzled, the introduction of a model with a relatively low price tag of $399 in the line trimmed how much profit Apple made.
Apple also did not release the new iPad in mainland China until Friday, after resolving a trademark dispute there over ownership of the tablet's name.
'We remain confident about our plans and very excited about our opportunities in China,' Cook said.
The company also sold 26 million iPhones in the quarter, up 28 percent, and four million Macs, a two percent unit increase despite overall computer industry sales inching down a percent in the quarter.
Apple highlighted its recent revamp of the MacBook line and the release on Wednesday of a new Mountain Lion operating system for the Apple computers.
A next-generation iOS operating system for Apple mobile gadgets will be released by the end of the year and the Cupertino, California-based company has 'amazing new products' on the way, Cook said.
Some analysts were upbeat, saying that Apple could get a lift if rumors prove true and a new-generation iPhone 5 smartphone debuts later this year.
Reports have said Apple may also release a smaller version of its iPad tablet, which dominates the market.
Peter Misek at Jefferies & Co. said the disappointing results came from a 'pre-iPhone 5 inventory adjustment' and advised buying the company's stock.
Barclays Capital analyst Ben Reitzes was similarly optimistic about Apple.
'We still believe that Apple is perhaps the most disruptive company in tech and is poised to gain more share in smartphones, tablets and PCs, but we will be watching the developing situation closely,' he said in a note to clients.
Apple saw a 177 percent jump, year over year, in sales of its Apple TV device for routing entertainment content from the Internet to home screens, according to Cook.
'It's still at a level where we would call it a hobby but we continue to pull strings to see where it takes us,' Cook said. 'We don't keep around products that we don't believe in.'
Apple declared a cash dividend of $2.65 per share of common stock and announced that in November it will commence a three-year plan to buy back $10 billion in stock.
The earnings news comes with Apple battling in the courts over patents, mainly with South Korean archrival Samsung.
A trial is set to begin Monday in a case in which Apple accused Samsung of infringing on copyrights by copying certain features of the iPad and iPhone in rival devices powered by Google-backed Android software.
Apple is seeking $2.5 billion in the case in a federal court in California.
Apple and Samsung are fighting patent battles in more than half a dozen countries.
Each company accuses the other of infringing on patented technology in smartphones or tablets.
This news article is brought to you by PERSONAL FINANCE BLOG - where latest news are our top priority.
Apple profit jumps to $8.8 bn, but below forecasts
Apple on Tuesday reported a rise in its quarterly profit to $8.8 billion on hot iPad sales but the results came up short of lofty Wall Street expectations, prompting its shares to dive.
The profit in the fiscal quarter to June was up 20.5 percent from a year earlier and amounted to $9.32 dollars a share, well below the consensus forecast of $10.36 dollars.
Revenues rose 22.5 percent to $35 billion, also below expectations of more than $37 billion.
In a conference call with analysts, Apple chief financial officer Peter Oppenheimer said that revenue in the quarter was hampered by weak sales in Europe, a strengthened US dollar, and rumor of a new iPhone poised for release.
'Our weekly iPhone sales continue to be impacted by rumors and speculation about new products,' Oppenheimer said.
Apple factored a 'product transition' in September into financial guidance for the current quarter, fueling wild talk of a next-generation iPhone on the horizon.
'We try very hard to keep our product roadmap secret and confidential,' Apple chief Tim Cook said during the call.
'I'm not going to put any energy into stopping people from speculating,' he added. 'I'm glad that people want the next thing; I'm super happy about it.'
With Apple's rare miss of analyst forecasts, shares slid more than five percent in after-hours trade to $569.75.
Apple said it was pleased with the results, including sales of 17 million iPads, a year-over-year rise of 84 percent.
The company also sold 26 million iPhones in the quarter, up 28 percent, and four million Macs, a two percent unit increase despite overall computer industry sales inching down a percent in the quarter.
'We're thrilled with record sales of 17 million iPads in the June quarter,' Cook said.
'We've also just updated the entire MacBook line, will release (the computer operating system) Mountain Lion tomorrow and will be launching (mobile operating system) iOS 6 this fall.'
Cook added that the Cupertino, California-based company has 'amazing new products' on the way.
Oppenheimer said the company expects revenue of $34 billion and earnings per share of about $7.65, also below expectations.
Some analysts remained upbeat despite the earnings miss, saying that Apple could likely get a lift from an expected introduction of the iPhone 5, an updated model of the hot-selling smartphone, later this year.
Reports have said Apple could also release a smaller version of its iPad tablet, which dominates the market.
Peter Misek at Jefferies & Co. said the disappointing results came from a 'pre-iPhone 5 inventory adjustment' and reiterated his 'buy rating' with a target price of $800.
Misek said Apple's guidance was low because 'management is conservatively not including the iPhone 5 launch in our view... We believe investors have been waiting for this bad guidance to be on the tape before buying the stock ahead of the iPhone 5, iPad Mini, and iTV product launches.'
Barclays Capital analyst Ben Reitzes offered a similar view.
'We believe these results will disappoint investors near term but the iPhone 5 cycle is still ahead,' he said in a note to clients.
'We still believe that Apple is perhaps the most disruptive company in tech and is poised to gain more share in smartphones, tablets and PCs, but we will be watching the developing situation closely.'
Apple's share of the US smartphone market was expected to inch up one percentage point to 31 percent this year, while the share for handsets powered by Google-backed Android software was expected to hit 41 percent, according to eMarketer.
Apple used the earnings report to declare a cash dividend of $2.65 per share of common stock.
The report comes with Apple battling in the courts over patents, mainly with South Korean archrival Samsung.
A trial is set to begin Monday in the case in which Apple accused Samsung of infringing on copyrights by copying certain features of the iPad and iPhone to win market share for Samsung's devices powered by the Google-created Android operating system.
Apple is seeking $2.5 billion in the case in a federal court in California.
Apple and Samsung are fighting patent battles in more than half a dozen countries.
Each company accuses the other of infringing on patented technology in smartphones or tablets.
This news article is brought to you by WOMEN'S BLOG - where latest news are our top priority.
The profit in the fiscal quarter to June was up 20.5 percent from a year earlier and amounted to $9.32 dollars a share, well below the consensus forecast of $10.36 dollars.
Revenues rose 22.5 percent to $35 billion, also below expectations of more than $37 billion.
In a conference call with analysts, Apple chief financial officer Peter Oppenheimer said that revenue in the quarter was hampered by weak sales in Europe, a strengthened US dollar, and rumor of a new iPhone poised for release.
'Our weekly iPhone sales continue to be impacted by rumors and speculation about new products,' Oppenheimer said.
Apple factored a 'product transition' in September into financial guidance for the current quarter, fueling wild talk of a next-generation iPhone on the horizon.
'We try very hard to keep our product roadmap secret and confidential,' Apple chief Tim Cook said during the call.
'I'm not going to put any energy into stopping people from speculating,' he added. 'I'm glad that people want the next thing; I'm super happy about it.'
With Apple's rare miss of analyst forecasts, shares slid more than five percent in after-hours trade to $569.75.
Apple said it was pleased with the results, including sales of 17 million iPads, a year-over-year rise of 84 percent.
The company also sold 26 million iPhones in the quarter, up 28 percent, and four million Macs, a two percent unit increase despite overall computer industry sales inching down a percent in the quarter.
'We're thrilled with record sales of 17 million iPads in the June quarter,' Cook said.
'We've also just updated the entire MacBook line, will release (the computer operating system) Mountain Lion tomorrow and will be launching (mobile operating system) iOS 6 this fall.'
Cook added that the Cupertino, California-based company has 'amazing new products' on the way.
Oppenheimer said the company expects revenue of $34 billion and earnings per share of about $7.65, also below expectations.
Some analysts remained upbeat despite the earnings miss, saying that Apple could likely get a lift from an expected introduction of the iPhone 5, an updated model of the hot-selling smartphone, later this year.
Reports have said Apple could also release a smaller version of its iPad tablet, which dominates the market.
Peter Misek at Jefferies & Co. said the disappointing results came from a 'pre-iPhone 5 inventory adjustment' and reiterated his 'buy rating' with a target price of $800.
Misek said Apple's guidance was low because 'management is conservatively not including the iPhone 5 launch in our view... We believe investors have been waiting for this bad guidance to be on the tape before buying the stock ahead of the iPhone 5, iPad Mini, and iTV product launches.'
Barclays Capital analyst Ben Reitzes offered a similar view.
'We believe these results will disappoint investors near term but the iPhone 5 cycle is still ahead,' he said in a note to clients.
'We still believe that Apple is perhaps the most disruptive company in tech and is poised to gain more share in smartphones, tablets and PCs, but we will be watching the developing situation closely.'
Apple's share of the US smartphone market was expected to inch up one percentage point to 31 percent this year, while the share for handsets powered by Google-backed Android software was expected to hit 41 percent, according to eMarketer.
Apple used the earnings report to declare a cash dividend of $2.65 per share of common stock.
The report comes with Apple battling in the courts over patents, mainly with South Korean archrival Samsung.
A trial is set to begin Monday in the case in which Apple accused Samsung of infringing on copyrights by copying certain features of the iPad and iPhone to win market share for Samsung's devices powered by the Google-created Android operating system.
Apple is seeking $2.5 billion in the case in a federal court in California.
Apple and Samsung are fighting patent battles in more than half a dozen countries.
Each company accuses the other of infringing on patented technology in smartphones or tablets.
This news article is brought to you by WOMEN'S BLOG - where latest news are our top priority.
Apple profit jumps to $8.8 bn, but misses forecasts
Apple on Tuesday reported that quarterly profit grew to $8.8 billion on hot iPad sales but the results came up short of lofty expectations.
Apple said that its revenue hit $35 billion in the quarter ended June 30, a figure shy of Wall Street expectations despite nearly doubling iPad sales and selling 28 percent more iPhones than in the same period a year earlier.
With results below analyst forecasts, Apple shares slid 5.4 percent in after-hours trade to $568.45.
'We're thrilled with record sales of 17 million iPads in the June quarter,' Apple chief Tim Cook said in a release.
'We've also just updated the entire MacBook line, will release (the computer operating syste) Mountain Lion tomorrow and will be launching (mobile operating system) iOS 6 this fall.'
Cook added that the Cupertino, California-based company has 'amazing new products' on the way.
Some analysts believe that the blistering pace of iPhone sales growth faces a temporary cooling as potential buyers wait for the release of a new-generation iPhone, perhaps later this year.
Apple's share of the US smartphone market was expected to inch up a percent to 31 percent this year, while the share for handsets powered by Google-backed Android software was expected to hit 41 percent, according to eMarketer.
Apple used the earnings report to declare a cash dividend of $2.65 per share of common stock.
This article is brought to you by COMPUTERS FOR SALE.
Apple said that its revenue hit $35 billion in the quarter ended June 30, a figure shy of Wall Street expectations despite nearly doubling iPad sales and selling 28 percent more iPhones than in the same period a year earlier.
With results below analyst forecasts, Apple shares slid 5.4 percent in after-hours trade to $568.45.
'We're thrilled with record sales of 17 million iPads in the June quarter,' Apple chief Tim Cook said in a release.
'We've also just updated the entire MacBook line, will release (the computer operating syste) Mountain Lion tomorrow and will be launching (mobile operating system) iOS 6 this fall.'
Cook added that the Cupertino, California-based company has 'amazing new products' on the way.
Some analysts believe that the blistering pace of iPhone sales growth faces a temporary cooling as potential buyers wait for the release of a new-generation iPhone, perhaps later this year.
Apple's share of the US smartphone market was expected to inch up a percent to 31 percent this year, while the share for handsets powered by Google-backed Android software was expected to hit 41 percent, according to eMarketer.
Apple used the earnings report to declare a cash dividend of $2.65 per share of common stock.
This article is brought to you by COMPUTERS FOR SALE.
Apple claims $2.5 billion damages in Samsung patent case
(Reuters) - Apple Inc claims it is entitled to $2.525 billion of damages in its high-stakes battle against Samsung Electronics Co over patents for technology used in smartphones and tablets, such as the iPhone and iPad.
The estimate was revealed in a court filing early Tuesday, six days before the world's largest consumer electronics companies are scheduled on July 30 to begin a jury trial before U.S. District Judge Lucy Koh in San Jose, California.
Apple accused Samsung of infringing its patents by making its popular Galaxy phone and computer tablets 'work and look' like Apple products, enabling the South Korean company to overtake it as the world's largest maker of smartphones.
Samsung has countered that it simply developed its own 'unique' products in a bid to 'best the competition,' and that Apple actually owes money for using its patented technology.
In its court filing, Apple said Samsung owes 'substantial monetary damages' because it illegally 'chose to compete by copying Apple.'
It said Samsung has been 'unjustly enriched' by an undisclosed amount -- presumably $2 billion -- and deprived Apple of $500 million of profit and $25 million of reasonable royalty damages. This results in 'a combined total of $2.525 billion' of damages, Apple said.
Apple called its estimates conservative, and still plans to pursue a permanent injunction to stop future violations.
STIFLING COMPETITION
Thirteen minutes after Apple's filing, Samsung countered with a filing accusing the Cupertino, California-based company of trying 'to stifle legitimate competition and limit consumer choice to maintain its historically exorbitant profits.'
It said Apple should pay for using patented Samsung technology, 'without which Apple could not have become a successful participant in the mobile telecommunications industry.'
The dispute is part of a worldwide legal battle over the alleged theft of technology used in smartphones and tablets, including those powered by Google Inc's Android, which Samsung uses in its most popular devices.
In its filing, Apple claimed it is entitled to reasonable royalty rates equal to more than $31 per unit.
This includes $24 for use of Apple's 'design patents or trade dress rights,' $3.10 for a patent related to 'scrolling' technology, $2.02 for a patent covering a 'tap to zoom' feature, and $2.02 for a patent that tells users with a 'bounce' when they reached the bottom of screens.
Apple also said that any remedy to which Samsung could be entitled over its 'declared-essential patents' is limited to one-half of one cent per unit for each infringed patent.
Last week, Apple Chief Executive Tim Cook and top Samsung executives participated in court-supervised mediation to try to resolve the case but a resolution appeared to be unlikely, people familiar with the matter said.
The companies also disagreed on the value of the disputed patents, one of the people said.
In afternoon trading, Apple shares fell 69 cents to $603.14 on the Nasdaq. The company is expected to report quarterly results after the market closes.
The case is Apple Inc v. Samsung Electronics Co et al, U.S. District, Northern District of California, No. 11-01846.
(Reporting By Jonathan Stempel in New York; Additional reporting by Dan Levine in San Francisco; Editing by Maureen Bavdek and Andrew Hay)
This news article is brought to you by SAVING MONEY BLOG - where latest news are our top priority.
The estimate was revealed in a court filing early Tuesday, six days before the world's largest consumer electronics companies are scheduled on July 30 to begin a jury trial before U.S. District Judge Lucy Koh in San Jose, California.
Apple accused Samsung of infringing its patents by making its popular Galaxy phone and computer tablets 'work and look' like Apple products, enabling the South Korean company to overtake it as the world's largest maker of smartphones.
Samsung has countered that it simply developed its own 'unique' products in a bid to 'best the competition,' and that Apple actually owes money for using its patented technology.
In its court filing, Apple said Samsung owes 'substantial monetary damages' because it illegally 'chose to compete by copying Apple.'
It said Samsung has been 'unjustly enriched' by an undisclosed amount -- presumably $2 billion -- and deprived Apple of $500 million of profit and $25 million of reasonable royalty damages. This results in 'a combined total of $2.525 billion' of damages, Apple said.
Apple called its estimates conservative, and still plans to pursue a permanent injunction to stop future violations.
STIFLING COMPETITION
Thirteen minutes after Apple's filing, Samsung countered with a filing accusing the Cupertino, California-based company of trying 'to stifle legitimate competition and limit consumer choice to maintain its historically exorbitant profits.'
It said Apple should pay for using patented Samsung technology, 'without which Apple could not have become a successful participant in the mobile telecommunications industry.'
The dispute is part of a worldwide legal battle over the alleged theft of technology used in smartphones and tablets, including those powered by Google Inc's Android, which Samsung uses in its most popular devices.
In its filing, Apple claimed it is entitled to reasonable royalty rates equal to more than $31 per unit.
This includes $24 for use of Apple's 'design patents or trade dress rights,' $3.10 for a patent related to 'scrolling' technology, $2.02 for a patent covering a 'tap to zoom' feature, and $2.02 for a patent that tells users with a 'bounce' when they reached the bottom of screens.
Apple also said that any remedy to which Samsung could be entitled over its 'declared-essential patents' is limited to one-half of one cent per unit for each infringed patent.
Last week, Apple Chief Executive Tim Cook and top Samsung executives participated in court-supervised mediation to try to resolve the case but a resolution appeared to be unlikely, people familiar with the matter said.
The companies also disagreed on the value of the disputed patents, one of the people said.
In afternoon trading, Apple shares fell 69 cents to $603.14 on the Nasdaq. The company is expected to report quarterly results after the market closes.
The case is Apple Inc v. Samsung Electronics Co et al, U.S. District, Northern District of California, No. 11-01846.
(Reporting By Jonathan Stempel in New York; Additional reporting by Dan Levine in San Francisco; Editing by Maureen Bavdek and Andrew Hay)
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Apple estimates $2.52 billion damages in Samsung battle
(Reuters) - Apple Inc claims it is entitled to $2.525 billion of damages in its high-stakes battle against Samsung Electronics Co over patents for technology used in smartphones and tablets, such as the iPhone and iPad.
According to a partially redacted filing on Tuesday with a federal court in San Jose, California, Apple believes Samsung owes 'substantial monetary damages' because the Korean company illegally 'chose to compete by copying Apple.'
Apple said this allowed Samsung to overtake it as the world's largest maker of smartphones, and reap 'billions of dollars in profits' while costing Apple $500 million of profit.
It said damages, including reasonable royalty damages, reach 'a combined total of $2.525 billion.' Apple said it also plans to seek a permanent injunction to stop future violations.
Samsung countered Apple's allegations in a filing 13 minutes later, accusing the Cupertino, California-based company of trying 'to stifle legitimate competition and limit consumer choice to maintain its historically exorbitant profits.'
It said Apple, in fact, should pay for the use of Samsung's patented technology, 'without which Apple could not have become a successful participant in the mobile telecommunications industry.'
The world's largest consumer electronics companies are scheduled to go to a jury trial on July 30 before U.S. District Judge Lucy Koh.
Their dispute is part of a worldwide legal battle over the alleged theft of technology used in smartphones and tablets, including those powered by Google Inc's Android, which Samsung uses in its most popular devices.
Apple Chief Executive Tim Cook and top Samsung executives last week participated in court-supervised mediation to try to resolve the case but a resolution appeared to be unlikely, people familiar with the matter said.
The companies also disagreed on the value of the disputed patents, one of the people said.
In morning trading, Apple shares rose $4.22 to $608.05 on the Nasdaq.
The case in Apple Inc v. Samsung Electronics Co et al, U.S. District, Northern District of California, No. 11-01846.
(Reporting By Jonathan Stempel in New York; Editing by Maureen Bavdek)
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According to a partially redacted filing on Tuesday with a federal court in San Jose, California, Apple believes Samsung owes 'substantial monetary damages' because the Korean company illegally 'chose to compete by copying Apple.'
Apple said this allowed Samsung to overtake it as the world's largest maker of smartphones, and reap 'billions of dollars in profits' while costing Apple $500 million of profit.
It said damages, including reasonable royalty damages, reach 'a combined total of $2.525 billion.' Apple said it also plans to seek a permanent injunction to stop future violations.
Samsung countered Apple's allegations in a filing 13 minutes later, accusing the Cupertino, California-based company of trying 'to stifle legitimate competition and limit consumer choice to maintain its historically exorbitant profits.'
It said Apple, in fact, should pay for the use of Samsung's patented technology, 'without which Apple could not have become a successful participant in the mobile telecommunications industry.'
The world's largest consumer electronics companies are scheduled to go to a jury trial on July 30 before U.S. District Judge Lucy Koh.
Their dispute is part of a worldwide legal battle over the alleged theft of technology used in smartphones and tablets, including those powered by Google Inc's Android, which Samsung uses in its most popular devices.
Apple Chief Executive Tim Cook and top Samsung executives last week participated in court-supervised mediation to try to resolve the case but a resolution appeared to be unlikely, people familiar with the matter said.
The companies also disagreed on the value of the disputed patents, one of the people said.
In morning trading, Apple shares rose $4.22 to $608.05 on the Nasdaq.
The case in Apple Inc v. Samsung Electronics Co et al, U.S. District, Northern District of California, No. 11-01846.
(Reporting By Jonathan Stempel in New York; Editing by Maureen Bavdek)
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Monday, July 23, 2012
iPods Profound Impact on the Lives of People With Memory Loss
[More from Mashable: 10 Weirdest Things for Sale on eBay]
Experimentation with iPods and memory began when Dan Cohen, a social worker from Long Island, N.Y., distributed 200 iPods to four local nursing homes in 2008.
"I knew music was the number one activity in nursing homes, so I asked if we could see if there would be any added value if we personalized it," Cohen told Mashable.
[More from Mashable: 10 Sharp Accessories That Celebrate the #Hashtag]
When Cohen played songs patients listened to when they were younger, he observed residents become increasingly social, active and happy. In the above video, you can watch the reactions of one patient, 94-year-old Henry, who goes from being totally unresponsive to become a different, more alive man, singing, humming, smiling, and interacting with his surroundings. The video of Henry -- which is also the trailer for a yet-to-be-released documentary about Cohen's work -- went viral on YouTube, receiving more than 6 million views since April.
"I'm crazy about music, beautiful music, beautiful sound," Henry says after listening to his iPod in the video.
The observations about the effects of iPods on dementia patients lead Cohen to found Music & Memory, a non-profit devoted to bringing donated iPods to nursing homes. Cohen's currently striving to collect 1 million iPods, through donations driven through the Music & Memory website as well as donation boxes at Broadway theaters.
The organization's work shows that providing personalized music for patients in nursing homes vastly improves quality of life.
"In nursing homes, you're used to listening to whatever's played for you," Cohen says, explaining the advantages of iPods. "When we cater iPods for individuals, we end up with just songs that resonate with people, uplift them and calm them down."
As of now, Cohen is aware of more than 50 nursing homes in 15 states using his plan for bringing personalized music through iPods. The number could be much larger, because he has trained many people to set up iPods with music from residents' youths.
The forthcoming documentary Alive Inside, directed by Michael Rossato-Bennett, will be released in fall 2012, although they are currently holding off from a mainstream release in favor of the festival circuit.
This story originally published on Mashable here.
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RIM investor Watsa doubles stake
NEW YORK (AP) - Prem Watsa, one of Canada's best-known value investors, has nearly doubled his stake in BlackBerry maker Research In Motion Ltd. to 9.9 percent, according to a regulatory filing Monday.
The increase makes him the largest shareholder in the struggling company and identifies a buyer for shares that other investors have been unloading.
RIM shares rose 1 cent to $6.78 in midday trading Monday. The shares have lost 95 percent of their value since 2008 as BlackBerry sales have lost out to the iPhone and Android phones.
RIM's market capitalization is now $3.6 billion. Analysts have figured that the company's patent holdings, and the value of the monthly subscription fees that it gets from servicing existing BlackBerrys, are worth more than that to a buyer.
Watsa told the Associated Press in April that he believes RIM can turn itself around, but that it might take three to five years to do so. He's the founder of insurance company Fairfax Financial Holdings Ltd. and has a seat on RIM's board.
In January, Watsa reported owning 5.1 percent of RIM, making him the third-largest investor. That was up from 2.2 percent in September.
The increase to 9.9 percent vaulted his holdings past those of investment management company Primecap and RIM founder and former co-CEO Michael Lazaridis.
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The increase makes him the largest shareholder in the struggling company and identifies a buyer for shares that other investors have been unloading.
RIM shares rose 1 cent to $6.78 in midday trading Monday. The shares have lost 95 percent of their value since 2008 as BlackBerry sales have lost out to the iPhone and Android phones.
RIM's market capitalization is now $3.6 billion. Analysts have figured that the company's patent holdings, and the value of the monthly subscription fees that it gets from servicing existing BlackBerrys, are worth more than that to a buyer.
Watsa told the Associated Press in April that he believes RIM can turn itself around, but that it might take three to five years to do so. He's the founder of insurance company Fairfax Financial Holdings Ltd. and has a seat on RIM's board.
In January, Watsa reported owning 5.1 percent of RIM, making him the third-largest investor. That was up from 2.2 percent in September.
The increase to 9.9 percent vaulted his holdings past those of investment management company Primecap and RIM founder and former co-CEO Michael Lazaridis.
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Fairfax's Watsa raises RIM stake to nearly 10 percent
TORONTO (Reuters) - Canadian investor Prem Watsa, dubbed the 'Warren Buffett of the North,' has nearly doubled his company's stake in embattled BlackBerry maker Research In Motion Ltd to just under 10 percent, according to a regulatory filing.
The move makes Watsa, chief executive of insurer and investment company Fairfax Financial Holdings Ltd and a RIM board member since January, the largest known shareholder of the Canadian company whose market value has dropped nearly 80 percent over the past year as its share of the smartphone market has tumbled.
Shares of RIM rose 8 Canadian cents to C$6.94 in early trade on Monday on the Toronto Stock Exchange.
Analysts said the increased investment by Watsa has more to do with his long investment horizon and desire to bring down the cost of his initial investment in RIM than a bet on making a quick buck on a takeover of the BlackBerry maker.
'He said that he's looking to average down (his cost) and their investment horizon is normally three to five years -- they are not looking for a quick turnaround,' said Sameet Kanade, an analyst at Northern Securities in Toronto.
In upping its stake, Fairfax reaffirmed its support for RIM's new chief executive, Thorsten Heins, and its new BlackBerry 10 device, on which the company is betting heavily. The BlackBerry 10 is due out early next year.
'We have taken the recent opportunity to average down our per share cost and we believe that we are now the single largest shareholder of RIM at just under 10 percent,' Fairfax spokesman Paul Rivett said in an email.
'We strongly believe that Thorsten Heins is singularly focused on the success of RIM and its BB10, and we firmly support him and the entire BlackBerry team working tirelessly to bring this exciting new platform to market.'
LONG-TERM PERSPECTIVE
Speculation about a possible takeover of RIM ramped up as the share price dropped to below $7 this year from nearly $150 several years ago, but Kanade said Watsa's move suggests he is looking beyond the short-term fortunes of the mobile email pioneer.
Heins has hired bankers to conduct a strategic review that could result in joint ventures, partnerships or even an outright sale of the company. At the same time, Heins has said his main focus is on the long-delayed launch of the next-generation BlackBerry 10 platform, now due early next year.
RIM virtually invented mobile email with its first BlackBerry devices more than a decade ago, but its market share has evaporated as consumers flock to Apple Inc's iPhone and devices based on Google Inc's Android system.
RIM last month posted its first operating loss in eight years, and it was much deeper than expected. The company also said it was cutting 5,000 jobs, almost a third of its workforce, as it struggles win back its reputation as an industry innovator.
BELOW REPORTING THRESHOLD
Watsa had earlier reported that Fairfax had a 5.12 percent passive holding in Research In Motion as of January 26. The increase announced on Monday keeps Fairfax just below the 10 percent threshold that would force it to disclose any buying or selling of RIM stock.
The 9.9 percent stake in the BlackBerry maker, representing 51.9 million shares, is valued at about C$356.2 million ($349.2 million), as of Friday's closing on the Toronto Stock Exchange.
While Watsa is buying at a lower price than his previous purchases of RIM, Kanade said the stock still has room to fall.
'Is this the rock bottom? We don't think so. We think it goes lower, but we don't have $500 million to burn. If you have $500 million to invest and have a three- to five-year investment horizon, maybe this is a play for you,' he said.
REPUTATION AS SHREWD CONTRARIAN
Watsa joined RIM's board in January as part of a front-office shuffle in which Heins replaced longtime co-CEOs Jim Balsillie and Mike Lazaridis.
As of May 22, Lazaridis was the biggest investor in RIM with a 5.66 percent stake, according to Thomson Reuters data.
Watsa, an Indian-born Canadian, has built a reputation as a shrewd contrarian investor by making moves such as betting against the U.S. housing market in the last decade and reaping billions when the market collapsed. But Kanade said the investment in RIM may not be one that ends up in Watsa's win column.
'Prem Watsa is known as the Warren Buffett of Canada. But not all of their plays go right -- even Warren Buffett is the first one to admit some of his investments have gone wrong,' he said.
($1=$1.02 Canadian)
(Reporting By Andrea Hopkins in Toronto and Shounak Dasgupta in Bangalore; Editing by Frank McGurty; and Peter Galloway)
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The move makes Watsa, chief executive of insurer and investment company Fairfax Financial Holdings Ltd
Shares of RIM rose 8 Canadian cents to C$6.94 in early trade on Monday on the Toronto Stock Exchange.
Analysts said the increased investment by Watsa has more to do with his long investment horizon and desire to bring down the cost of his initial investment in RIM than a bet on making a quick buck on a takeover of the BlackBerry maker.
'He said that he's looking to average down (his cost) and their investment horizon is normally three to five years -- they are not looking for a quick turnaround,' said Sameet Kanade, an analyst at Northern Securities in Toronto.
In upping its stake, Fairfax reaffirmed its support for RIM's new chief executive, Thorsten Heins, and its new BlackBerry 10 device, on which the company is betting heavily. The BlackBerry 10 is due out early next year.
'We have taken the recent opportunity to average down our per share cost and we believe that we are now the single largest shareholder of RIM at just under 10 percent,' Fairfax spokesman Paul Rivett said in an email.
'We strongly believe that Thorsten Heins is singularly focused on the success of RIM and its BB10, and we firmly support him and the entire BlackBerry team working tirelessly to bring this exciting new platform to market.'
LONG-TERM PERSPECTIVE
Speculation about a possible takeover of RIM ramped up as the share price dropped to below $7 this year from nearly $150 several years ago, but Kanade said Watsa's move suggests he is looking beyond the short-term fortunes of the mobile email pioneer.
Heins has hired bankers to conduct a strategic review that could result in joint ventures, partnerships or even an outright sale of the company. At the same time, Heins has said his main focus is on the long-delayed launch of the next-generation BlackBerry 10 platform, now due early next year.
RIM virtually invented mobile email with its first BlackBerry devices more than a decade ago, but its market share has evaporated as consumers flock to Apple Inc's
RIM last month posted its first operating loss in eight years, and it was much deeper than expected. The company also said it was cutting 5,000 jobs, almost a third of its workforce, as it struggles win back its reputation as an industry innovator.
BELOW REPORTING THRESHOLD
Watsa had earlier reported that Fairfax had a 5.12 percent passive holding in Research In Motion as of January 26. The increase announced on Monday keeps Fairfax just below the 10 percent threshold that would force it to disclose any buying or selling of RIM stock.
The 9.9 percent stake in the BlackBerry maker, representing 51.9 million shares, is valued at about C$356.2 million ($349.2 million), as of Friday's closing on the Toronto Stock Exchange.
While Watsa is buying at a lower price than his previous purchases of RIM, Kanade said the stock still has room to fall.
'Is this the rock bottom? We don't think so. We think it goes lower, but we don't have $500 million to burn. If you have $500 million to invest and have a three- to five-year investment horizon, maybe this is a play for you,' he said.
REPUTATION AS SHREWD CONTRARIAN
Watsa joined RIM's board in January as part of a front-office shuffle in which Heins replaced longtime co-CEOs Jim Balsillie and Mike Lazaridis.
As of May 22, Lazaridis was the biggest investor in RIM with a 5.66 percent stake, according to Thomson Reuters data.
Watsa, an Indian-born Canadian, has built a reputation as a shrewd contrarian investor by making moves such as betting against the U.S. housing market in the last decade and reaping billions when the market collapsed. But Kanade said the investment in RIM may not be one that ends up in Watsa's win column.
'Prem Watsa is known as the Warren Buffett of Canada. But not all of their plays go right -- even Warren Buffett is the first one to admit some of his investments have gone wrong,' he said.
($1=$1.02 Canadian)
(Reporting By Andrea Hopkins in Toronto and Shounak Dasgupta in Bangalore; Editing by Frank McGurty; and Peter Galloway)
This article is brought to you by AFFORDABLE COMPUTERS.
Watsa reports 10 percent stake in RIM
(Reuters) - Investor Prem Watsa reported an almost 10 percent stake in Research in Motion Ltd as of July 4, according to a regulatory filing.
Watsa, the CEO of Canadian insurer Fairfax Financial Holdings Ltd, had earlier reported a 5.12 percent passive holding in Research in Motion as of January 26.
The 9.9 percent stake in the BlackBerry maker, representing 51.9 million shares, is valued at about C$356.2 million, as of Friday's closing on the Toronto Stock Exchange.
Watsa, a value investor whose approach and acumen is sometimes compared to Warren Buffett's, joined RIM's board in January as part of a front-office shuffle in which Thorsten Heins replaced longtime co-CEOs Jim Balsillie and Mike Lazaridis.
As of May 22, Mike Lazaridis was the biggest investor in RIM with a 5.66 percent stake, according to Thomson Reuters data.
Once the dominant player in the smartphone sector, RIM's Blackberry has withered from competition from Apple's iPhone and Google's Android system, prompting Lazaridis and Balsillie, the men who had engineered RIM's rise, to step down in favor of Heins.
Shares of RIM closed at C$6.87 on Friday on the Toronto Stock Exchange.
(Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)
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Watsa, the CEO of Canadian insurer Fairfax Financial Holdings Ltd
The 9.9 percent stake in the BlackBerry maker, representing 51.9 million shares, is valued at about C$356.2 million, as of Friday's closing on the Toronto Stock Exchange.
Watsa, a value investor whose approach and acumen is sometimes compared to Warren Buffett's, joined RIM's board in January as part of a front-office shuffle in which Thorsten Heins replaced longtime co-CEOs Jim Balsillie and Mike Lazaridis.
As of May 22, Mike Lazaridis was the biggest investor in RIM with a 5.66 percent stake, according to Thomson Reuters data.
Once the dominant player in the smartphone sector, RIM's Blackberry has withered from competition from Apple's
Shares of RIM closed at C$6.87 on Friday on the Toronto Stock Exchange.
(Reporting by Shounak Dasgupta in Bangalore; Editing by Don Sebastian)
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What's up dock? Apple to shrink connector for iPhone 5
TAIPEI/HONG KONG (Reuters) - Apple Inc's new iPhone will drop the wide dock connector used in the company's gadgets for the best part of a decade in favor of a smaller one, a change likely to annoy the Apple faithful but which could be a boon for accessory makers.
The iPhone 5, Apple's next generation iPhone expected to go on sale around October, will come with a 19-pin connector port at the bottom instead of the proprietary 30-pin port 'to make room for the earphone moving to the bottom', two sources familiar with the matter told Reuters.
That would mean the new phone would not connect with the myriad of accessories such as speakers and power chargers that form part of the ecosystem around iPods, iPads and iPhones, without an adaptor.
That means new business, analysts say.
'It represents an opportunity for accessory vendors,' said Pete Cunningham, London-based analyst at technology research firm Canalys. 'The iPhone connector has been a standard for a long time now and I would expect the same to be true for a new connector, should Apple change it as expected.'
Apple did not immediately reply to an emailed request for comment.
Tech blogs have long speculated on the demise of the 30-pin connector, which at 21 mm wide takes up a chunk of space, especially as the latest technologies such as microUSB offer more power in less space.
They say that a smaller connector would give Apple more scope for new product designs or a bigger battery, or simply to make ever smaller products.
Switzerland's Logitech, one of the biggest makers of Apple speakers, declined to comment.
But some enterprising vendors in China have already begun offering cases for the new phone, complete with earphone socket on the bottom and a 'guarantee' the dimensions are correct.
For some in the peripherals industry, the change could open doors to new business.
'iPod docking speaker sales have been declining for one or two years,' said an employee of a Hong Kong-based company that designs speakers especially for Apple products.
'My previous factory is a lucky one. They shifted the focus to Bluetooth speakers, which proved a wise decision now,' the employee said, speaking on condition of anonymity.
'It looks like while iPod speaker sales are going down, Bluetooth speaker sales are going up.'
HAPPY TO UPGRADE?
Apple has already said that some users of older models of its Macbook computers won't be able to use the latest operating system to be announced soon, but analysts think it will be kinder to mobile gadget users.
'Apple needs to find a solution not to disappoint their current clients who want to upgrade to the new iPhone but are tied to an expensive accessory that have bought,' said Franciso Jeronimo, London-based analyst at technology research firm IDC.
'I believe Apple will come up with some sort of adaptor so the new iPhone can be used with previous connectors.'
It could be a difficult change for Apple to manage, even with an adaptor.
'With a smaller connector, what am I going to do with my loudspeaker at home and the fitness pack that I use when I go to the gym? That's the question,' said 24-year old Travis Tam, who owns an iPhone 4 and works as an account executive at a social networking company in Hong Kong.
'I feel that the premium gap between the next iPhone 5 and newest Android models is getting much smaller these days. That will mean that details such as having a smaller connector will mean more in whether I will continue to use an iPhone and switch to other Android phones.'
A salesman surnamed Chan at an Apple reseller in Hong Kong thought a smaller connector would be a 'pain', and would spoil the clean lines and seamless connectivity that is Apple's trademark.
'There are ways around it as some of the speakers have an audio input point that can be connected directly to any iPhone with a earphone jack. It's not a very elegant way of doing things, but it's an alternative,' he said.
In the end though, Apple fans are Apple fans.
'I don't think it will stop Apple consumers from buying the new gadgets,' said C.K. Lu, Taipei-based analyst at research firm Gartner. 'Many companies are interested in developing accessories for Apple because Apple users are more open and willing to buy accessories.'
(This story has been refiled to correct spelling of IDC analyst's last name in paragraph 16)
(Additional reporting by Tarmo Virki in HELSINKI and Caroline Copley in ZURICH; Writing by Jonathan Standing; Editing by Alex Richardson)
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The iPhone 5, Apple's next generation iPhone expected to go on sale around October, will come with a 19-pin connector port at the bottom instead of the proprietary 30-pin port 'to make room for the earphone moving to the bottom', two sources familiar with the matter told Reuters.
That would mean the new phone would not connect with the myriad of accessories such as speakers and power chargers that form part of the ecosystem around iPods, iPads and iPhones, without an adaptor.
That means new business, analysts say.
'It represents an opportunity for accessory vendors,' said Pete Cunningham, London-based analyst at technology research firm Canalys. 'The iPhone connector has been a standard for a long time now and I would expect the same to be true for a new connector, should Apple change it as expected.'
Apple did not immediately reply to an emailed request for comment.
Tech blogs have long speculated on the demise of the 30-pin connector, which at 21 mm wide takes up a chunk of space, especially as the latest technologies such as microUSB offer more power in less space.
They say that a smaller connector would give Apple more scope for new product designs or a bigger battery, or simply to make ever smaller products.
Switzerland's Logitech, one of the biggest makers of Apple speakers, declined to comment.
But some enterprising vendors in China have already begun offering cases for the new phone, complete with earphone socket on the bottom and a 'guarantee' the dimensions are correct.
For some in the peripherals industry, the change could open doors to new business.
'iPod docking speaker sales have been declining for one or two years,' said an employee of a Hong Kong-based company that designs speakers especially for Apple products.
'My previous factory is a lucky one. They shifted the focus to Bluetooth speakers, which proved a wise decision now,' the employee said, speaking on condition of anonymity.
'It looks like while iPod speaker sales are going down, Bluetooth speaker sales are going up.'
HAPPY TO UPGRADE?
Apple has already said that some users of older models of its Macbook computers won't be able to use the latest operating system to be announced soon, but analysts think it will be kinder to mobile gadget users.
'Apple needs to find a solution not to disappoint their current clients who want to upgrade to the new iPhone but are tied to an expensive accessory that have bought,' said Franciso Jeronimo, London-based analyst at technology research firm IDC.
'I believe Apple will come up with some sort of adaptor so the new iPhone can be used with previous connectors.'
It could be a difficult change for Apple to manage, even with an adaptor.
'With a smaller connector, what am I going to do with my loudspeaker at home and the fitness pack that I use when I go to the gym? That's the question,' said 24-year old Travis Tam, who owns an iPhone 4 and works as an account executive at a social networking company in Hong Kong.
'I feel that the premium gap between the next iPhone 5 and newest Android models is getting much smaller these days. That will mean that details such as having a smaller connector will mean more in whether I will continue to use an iPhone and switch to other Android phones.'
A salesman surnamed Chan at an Apple reseller in Hong Kong thought a smaller connector would be a 'pain', and would spoil the clean lines and seamless connectivity that is Apple's trademark.
'There are ways around it as some of the speakers have an audio input point that can be connected directly to any iPhone with a earphone jack. It's not a very elegant way of doing things, but it's an alternative,' he said.
In the end though, Apple fans are Apple fans.
'I don't think it will stop Apple consumers from buying the new gadgets,' said C.K. Lu, Taipei-based analyst at research firm Gartner. 'Many companies are interested in developing accessories for Apple because Apple users are more open and willing to buy accessories.'
(This story has been refiled to correct spelling of IDC analyst's last name in paragraph 16)
(Additional reporting by Tarmo Virki in HELSINKI and Caroline Copley in ZURICH; Writing by Jonathan Standing; Editing by Alex Richardson)
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Friday, July 20, 2012
Wall Street Week Ahead: Apple, Facebook take the spotlight
NEW YORK (Reuters) - The trend of better-than-expected earnings will be put to the test in the coming week when investors hope Apple can exceed already high expectations for the tech giant and Facebook reports its first quarterly earnings.
Apple accounts for a significant proportion of the overall earnings of Standard & Poor's 500 <.SPX> components. S&P 500 earnings are expected to show a rise of 5.7 percent in the second quarter from a year ago. Excluding the maker of the iPad, the rise is 4.8 percent, according to Thomson Reuters data.
Apple's results, due Tuesday, could help stocks build on this week's gains and counter investor worries over the euro zone crisis. More signs of financial stress in Spain on Friday caused stocks to give back some of the week's increase. The S&P 500 ended 0.4 percent higher for the week.
'Apple can drive the whole (tech) group,' said Daniel Morgan, who helps manage about $3.5 billion at Synovus Trust Company in Atlanta.
'There's a huge psychological component as it relates directly to Apple. If they just blast numbers like they did last quarter, then obviously the perception will be everybody else did pretty good and Apple did fabulous.'
Apple's expected strong performance is mainly why technology earnings growth has held up better than other S&P 500 sectors. The expected growth rate for the sector has gone from 6.9 percent in April to 8.7 percent as of Friday, the data showed.
Apple's earnings for the quarter are seen at $10.38 a share, based on Thomson Reuters I/B/E/S, which includes estimates from 43 analysts. That compares with a profit of $7.79 a share for the year-ago quarter.
Morgan said Apple's growth has largely depended on the success of its new products. 'For the stock, to continue its trajectory at the pace it has, it's critical that they release these new products,' he said. Apple's shares are up 49.2 percent for the year so far.
Apple does not give any clues on its future products, but the California company is widely expected to release its next-generation iPhone later this year. Wall Street has also set its heart on Apple launching a new 'mini iPad' and the long-awaited television set in the near future.
Investors are likely to be just as keen to hear from Facebook when it reports on Thursday. Facebook's first results following its market debut could give investors another chance to indicate how they feel about the stock since its disappointing initial public offering.
Shares of Facebook, one of the most closely watched IPOs ever, lost ground after technical problems with its market debut on Nasdaq and as investors questioned its ability to rapidly increase advertising revenue.
Analysts said an earnings miss by Facebook could be disastrous for the stock, which closed Friday at $28.76, below its $38 offering price.
Investors are looking for executives to address a litany of concerns about the business, such as the efficacy of its online ads and the company's nascent efforts in mobile advertising.
Tech results also will be closely watched for signs of weak demand overseas, particularly from Europe. Other technology companies expected to report next week include Texas Instruments and Amazon.com . Of the S&P sectors, technology has the highest sales exposure to Europe at about 25 percent, according to a Bank of America/Merrill Lynch research note.
Among the other 138 S&P 500 companies reporting earnings are Ford Motor Co, United Parcel Service and Whirlpool Corp .
While the majority of companies have beaten earnings expectations, revenue performance has been the worst for S&P 500 companies since the first quarter of 2009.
With results in from 116 companies, just 43 percent of companies are beating revenue expectations.
Sixty-seven percent of companies are beating earnings estimates, compared with a long-term average of 62 percent, Thomson Reuters data showed.
'With global growth slowing down, it's not surprising we're going to see some mixed numbers on the revenue side,' said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, whose firm manages about $13 billion in assets.
While earnings are expected to dominate stock investors' attention in the coming week, the euro zone crisis is still capable of taking the spotlight.
'It's the default thing for people to focus on,' said Eric Kuby, chief investment officer at North Star Investment Management Corp. in Chicago.
Spain will tap the markets Tuesday when it sells three- and six-month bills. It will also sell three- and five-year bonds on August 2. Spain's 10-year bond yields hit a euro-era high of 7.3 percent on Friday.
The week's U.S. economic data includes the Markit U.S. Manufacturing Purchasing Managers Index for July, due on Tuesday. June's reading marked the lowest showing since December 2010.
(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)
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Apple accounts for a significant proportion of the overall earnings of Standard & Poor's 500 <.SPX> components. S&P 500 earnings are expected to show a rise of 5.7 percent in the second quarter from a year ago. Excluding the maker of the iPad, the rise is 4.8 percent, according to Thomson Reuters data.
Apple's results, due Tuesday, could help stocks build on this week's gains and counter investor worries over the euro zone crisis. More signs of financial stress in Spain on Friday caused stocks to give back some of the week's increase. The S&P 500 ended 0.4 percent higher for the week.
'Apple can drive the whole (tech) group,' said Daniel Morgan, who helps manage about $3.5 billion at Synovus Trust Company in Atlanta.
'There's a huge psychological component as it relates directly to Apple. If they just blast numbers like they did last quarter, then obviously the perception will be everybody else did pretty good and Apple did fabulous.'
Apple's expected strong performance is mainly why technology earnings growth has held up better than other S&P 500 sectors. The expected growth rate for the sector has gone from 6.9 percent in April to 8.7 percent as of Friday, the data showed.
Apple's earnings for the quarter are seen at $10.38 a share, based on Thomson Reuters I/B/E/S, which includes estimates from 43 analysts. That compares with a profit of $7.79 a share for the year-ago quarter.
Morgan said Apple's growth has largely depended on the success of its new products. 'For the stock, to continue its trajectory at the pace it has, it's critical that they release these new products,' he said. Apple's shares are up 49.2 percent for the year so far.
Apple does not give any clues on its future products, but the California company is widely expected to release its next-generation iPhone later this year. Wall Street has also set its heart on Apple launching a new 'mini iPad' and the long-awaited television set in the near future.
Investors are likely to be just as keen to hear from Facebook when it reports on Thursday. Facebook's first results following its market debut could give investors another chance to indicate how they feel about the stock since its disappointing initial public offering.
Shares of Facebook, one of the most closely watched IPOs ever, lost ground after technical problems with its market debut on Nasdaq and as investors questioned its ability to rapidly increase advertising revenue.
Analysts said an earnings miss by Facebook could be disastrous for the stock, which closed Friday at $28.76, below its $38 offering price.
Investors are looking for executives to address a litany of concerns about the business, such as the efficacy of its online ads and the company's nascent efforts in mobile advertising.
Tech results also will be closely watched for signs of weak demand overseas, particularly from Europe. Other technology companies expected to report next week include Texas Instruments
Among the other 138 S&P 500 companies reporting earnings are Ford Motor Co
While the majority of companies have beaten earnings expectations, revenue performance has been the worst for S&P 500 companies since the first quarter of 2009.
With results in from 116 companies, just 43 percent of companies are beating revenue expectations.
Sixty-seven percent of companies are beating earnings estimates, compared with a long-term average of 62 percent, Thomson Reuters data showed.
'With global growth slowing down, it's not surprising we're going to see some mixed numbers on the revenue side,' said Natalie Trunow, chief investment officer of equities at Calvert Investment Management in Bethesda, Maryland, whose firm manages about $13 billion in assets.
While earnings are expected to dominate stock investors' attention in the coming week, the euro zone crisis is still capable of taking the spotlight.
'It's the default thing for people to focus on,' said Eric Kuby, chief investment officer at North Star Investment Management Corp. in Chicago.
Spain will tap the markets Tuesday when it sells three- and six-month bills. It will also sell three- and five-year bonds on August 2. Spain's 10-year bond yields hit a euro-era high of 7.3 percent on Friday.
The week's U.S. economic data includes the Markit U.S. Manufacturing Purchasing Managers Index for July, due on Tuesday. June's reading marked the lowest showing since December 2010.
(Reporting By Caroline Valetkevitch; Editing by Kenneth Barry)
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