Apple has told the U.S. District Court in New York that it will fight Greenlight Capital's efforts to block a vote on a shareholder proposal that would require the company to get shareholder approval before issuing preferred stock. Apple filed a response to Greenlight's suit on Wednesday for an expedited hearing that is scheduled for February 19th, ahead of its February 27th annual shareholder meeting.
Apple is facing another shareholder lawsuit. Brian Gralnick of Elkins Park, Pennsylvania has sued Apple over two proxy proposals the company's management has put forth for its 2013 shareholder meeting on February 27th. The suit shares some similarities with a suit from David Einhorn's Greenlight Capital.
Apple CEO Tim Cook's talk at Goldman Sachs on Tuesday morning didn't help his company's stock, which gave back some recent gains throughout the morning session. Mr. Cook talked about innovation, his company's efforts to return more money to its shareholders, and more, but investors were apparently unimpressed.
Speaking at the Goldman Sachs Technology and Internet Conference Tuesday morning, Apple CEO Tim Cook called the stock-related lawsuit against the company from Greenlight Capitol's David Einhorn a "silly sideshow," and questioned why anyone would want to sue Apple for doing what's good for shareholders.
U.S. District Judge Richard Sullivan of the Southern District of New York has agreed to speed up the schedule of a lawsuit between Greenlight Capital and Apple Inc. Apple will now file its response to the suit by the end of day on Wednesday, February 13th, while Greenlight will file its own response by Friday. Oral arguments will be heard on April 19th.
Apple makes US$1 billion a year from Google to be the default Internet search engine on the iPhone, iPad and iPod touch. That estimate comes from Morgan Stanley analyst Scott Devitt who thinks Google pays a flat annual fee for the privilege instead of sharing revenue with Apple.
Apple issued a rare statement Thursday in response to the proposals to and subsequent lawsuit against the company by Greenlight Capitol manager David Einhorn. Apple's statement addresses claims by Mr. Einhorn that an upcoming shareholder proposal would eliminate the company's ability to issue preferred stock.
Apple's results for the first fiscal quarter of 2013 sent the stock spiraling, despite record numbers in both revenue and profit. Statistics firm Statista released a chart Thursday hoping to put Apple's "disappointing" quarter, in which it beat all U.S. companies in terms of profit, in context.
Apple and Samsung have once again turned it up to 11 to control all of the smartphone industry profit. According to Canaccord Genuity analyst Michael Walkley, the two companies took more than 100 percent of the market's profit for all of 2012.
Sterne Agee analyst Shaw Wu told clients on Tuesday that Apple needs to think different[ly] about making a larger iPhone, arguing that the company has ceded perceived control of the high end of the smartphone market.
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This is Shaw Wu's first major call for Apple to address demand for large screen devices.
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