Apple Financial
Apple, Jobs face new options backdating lawsuit
In another chapter in the scandal surrounding Apple’s choice to back-date options granted to key executives (including Steve Jobs), two plaintiffs have filed a class-action lawsuit in federal court against two former executives and members of Apple’s board of directors.
Apple was sued similarly in 2007 by the New York City Employees’ Retirement System, and the case was dismissed.
The suit names Steve Jobs, former counsel Nancy Heinen, and board members William Campbell, Millard Drexler, Arthur Levinson, and Jerry York. It contends that the accused intentionally filed false documents, hiding stock option grants to the higher-ups.
Apple, in an internal investigation, cleared Jobs of any wrongdoing, leading many to speculate that the company threw Heinen and former CFO Fred Anderson under the proverbial bus to protect the company’s image.
[Via Macworld.]
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Apple announces third-quarter earnings call
Once again, it’s that time of year when tourists flock to the beaches, students leave their books behind and Apple executives describe how they’ve made much more money than the rest of us.
Earlier this week, Apple announced that their third-quarter earnings call will take place on July 21, 2008, at 2 p.m. Pacific time. It’s been an up-and-down quarter for Apple’s stock. It should also be noted that this will be the first report to contain information on sales of the iPhone 3G, assuming they do go on sale on July 11th without a glitch.
We’ll be live blogging the call, so be sure and check back on the 21st. See you then!
[Source: MACNN.com]
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Analyst: Apple on track to sell 18m 3G iPhones this year
Jenny Lai, an analyst at CLSA Emerging Markets wrote in a report that Apple could sell as many as 18 million new iPhones this year. Lai covers news surrounding Hon Hai Precision Industry, Apple’s iPhone manufacturing partner in China.
“The higher expectation on the 3G iPhone reflects attractive prices and a broader distribution channel (availability [in about] 70 countries),” she wrote.
Considering the year will be more than half over when the new iPhones are available in stores, this is (in my opinion) a pretty aggressive six-month target. (I’m no financial analyst, though.) According to a Dow Jones interview, six million iPhones have been sold since their introduction last year.
Piper Jaffray analyst Gene Munster agrees, saying that 12 million units this year “now looks like a lay-up.” For 2009, Munster projects Apple could sell 45 million handsets. Compare that to the popular Motorola RAZR, which has sold 50 million units since 2005.
[Via Macworld.]
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AAPL recovering after initial WWDC nosedive
In heavy trading volume today, Apple stock (AAPL) is down four percent after initially dropping to 176.23 halfway through the keynote at 1:55 p.m. Eastern time.
At the time of posting, AAPL was trading near 177, which is a decline of over four percent since the closing bell yesterday.
Apple stock has taken hits in the past on announcement days, usually due to traders looking to make a quick buck from the high interest surrounding coverage of the event.
An update, after the jump.
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Apple #2 on the BusinessWeek Infotech 100
BusinessWeek has ranked Apple #2 on its list of the Infotech 100. This list is designed to rank tech companies on their fundamental economic strength, taking into account “shareholder return, return on equity, total revenues, and revenue growth.”
Apple was up from 6th place last year and came in behind only Amazon.com. Microsoft is well back at #23; Google is #11, while HP is #30 and Dell did not even make the list. Apple’s winning spell just keeps on going.
[via electronista][Read]
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