News Breaks |
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| February 8, 2013 |
| 10:17 EDT |  | AAPL, NWSA | DOJ settles with Macmillan in Ebooks case
The Department of Justice announced that it has reached a settlement with Holtzbrinck Publishers, which does business as Macmillan, and will continue to litigate against Apple (AAPL) for conspiring with Macmillan and four of the other largest U.S. book publishers to raise e-book prices to consumers. The proposed settlement was filed in the U.S. District Court for the Southern District of New York. If approved by the court, the settlement will resolve the department's competitive concerns involving Macmillan. The department's Antitrust Division previously settled its claims against four book publishers-Hachette Book Group Inc., HarperCollins Publishers L.L.C., Penguin Group and Simon & Schuster Inc. On April 11, 2012, the department filed a lawsuit against Apple and the five publishers alleging they conspired to eliminate retail price competition, resulting in consumers paying millions of dollars more for their e-books. The settlement with Hachette, HarperCollins and Simon & Schuster was approved by the court in September 2012. The public comment period on the department's settlement with Penguin will close on March 5. The trial against Apple is scheduled to begin in June. "As a result of today's settlement, Macmillan has agreed to immediately allow retailers to lower the prices consumers pay for Macmillan's e-books," said Jamillia Ferris, Chief of Staff and Counsel at the Department of Justice's Antitrust Division. "Just as consumers are already paying lower prices for the e-book versions of many of Hachette's, HarperCollins' and Simon & Schuster's new releases and best sellers, we expect the prices of many of Macmillan's e-books will also decline." According to the complaint, the five publishers and Apple were unhappy that competition among e-book sellers had reduced e-book prices and the retail profit margins of the book sellers to levels they thought were too low. To address these concerns, the department said the companies worked together to raise retail e-book prices and eliminate price competition, substantially increasing prices paid by consumers. Before the companies began their conspiracy, retailers regularly sold e-book versions of new releases and bestsellers for, as described by one of the publisher's CEO, the "wretched $9.99 price point." As a result of the conspiracy, consumers were typically forced to pay $12.99, $14.99 or more for the most sought after e-books, the department said. Under the proposed settlement agreement, Macmillan will immediately lift restrictions it has imposed on discounting and other promotions by e-book retailers and will be prohibited until December 2014 from entering into new agreements with similar restrictions. The proposed settlement agreement also will impose a strong antitrust compliance program on Macmillan, including requirements that it provide advance notification to the department of any e-book ventures it plans to undertake jointly with other publishers and regularly report to the department on any communications it has with other publishers. Also for five years, Macmillan will be forbidden from agreeing to any kind of most favored nation provision that could undermine the effectiveness of the settlement. |
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News For AAPL;NWSA From The Last 14 Days Check below for free stories on AAPL;NWSA the last two weeks. |
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| May 23, 2013 |
| 16:00 EDT |  | AAPL | Options Update; May 23, 2013
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| 15:39 EDT |  | NWSA | News Corp. to host investor day
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| 09:59 EDT |  | AAPL | Analyst: Apple won't launch computerized watch until late 2014, BGR says
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| 09:37 EDT | | AAPL | Active equity option families trading on open
Active equity option families trading on open according to Track Data: AAPL NFLX GOOG HPQ |
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| 09:25 EDT | | AAPL | Samsung's Galaxy S4 reaches 10M channel sales
Samsung Electronics announced that global channel sales of its GALAXY S4 has surpassed 10M units sold in less than one month after its commercial debut. Launched globally on April 27 in 60 countries, the phone is estimated to be selling at a rate of four units per second. |
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| 07:11 EDT | | AAPL | EU's Barnier wants big companies to disclose national tax bills, Reuters reports
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| 06:08 EDT | | AAPL | On the Fly: Periodicals Wrap-Up
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| 06:04 EDT | | AAPL | Apple hoping to launch music service at June conference, NY Post reports
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| 05:45 EDT | | AAPL | Big companies remove subsidiaries based on SEC disclosure rules, WSJ reports
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| May 22, 2013 |
| 12:07 EDT | | AAPL | Consumer Reports says Galaxy S 4 is top smartphone, iPhone 5 fifth, CNN says
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| 09:42 EDT |  | AAPL | Apple rises in early trading, levels to watch
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| 09:39 EDT | | AAPL | Active equity option families trading
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| 07:10 EDT | | AAPL | Apple bonds lose $280.6M as rates increase, Bloomberg reports
Apple’s bonds have lost $280.6M of market value since buyers bought $17B of the iPhone maker’s debt last month, declining as yields climb from record lows, reports Bloomberg.Reference Link |
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| 07:09 EDT | | AAPL | Apple used unusual tax loophole in Ireland to shelter billions, Reuters reports
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| 06:02 EDT | | AAPL | On the Fly: Periodicals Wrap-Up
WALL STREET JOURNAL: Since the financial crisis, bonds backed by a single loan have been less common than securities made up of a group of unrelated loans. But the market for loans on commercial properties has changed in recent months and is booming again--$12.1B so far this year--the Wall Street Journal reports...Big phone companies (SAP, T, TEF, VZ, VOD, CCO) have begun to sell the vast amounts of data they gather about their subscribers' locations, travels and Web-browsing habits. The information provides a powerful tool for marketers but raises new privacy concerns, the Wall Street Journal reports...REUTERS: Apple's (AAPL) ability to shelter billions of dollars of income from tax has depended on an unusual loophole in the Irish tax code that helps the country compete with other countries for investment and jobs. Apple channeled profits into Irish-incorporated subsidiaries that had no declared tax residency anywhere in the world, Reuters reports...The dollar languished well below last week's 4 1/2-year high against the yen today, ahead of testimony from the Fed Chairman Bernanke after two regional Fed presidents hinted that the central bank will continue its bond-buying scheme, Reuters reports...BLOOMBERG: Samsung (SSNLF) and LG Electronics are reworking their strategies for high-end TVs after spending billions of dollars on a new display technology that’s behind schedule and costs nearly $10,000 a set. The misstep has created an opening for Sony (SNE), Sharp (SHCAY) and Chinese maker Skyworth Digital, Bloomberg reports...Apple’s (AAPL) bonds have lost $280.6M of market value since buyers snapped up $17B of the iPhone maker’s debt last month, declining as yields climb from record lows, Bloomberg reports. |
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| May 21, 2013 |
| 16:04 EDT | | AAPL | Options Update; May 21, 2013
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| 09:42 EDT | | AAPL | Active equity option families trading on open
Active equity option families trading on open according to Track Data: AAPL HD MCP ABX TSLA C |
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| 09:34 EDT | | AAPL | Apple trades lower, levels to watch
The shares are down less than 1% in the early going, last at $439.04. At that price, next support is at $437.85, a prior pivot high and then at $433.26. Resistance is at $444.46. |
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| 08:12 EDT | | AAPL | Senate Homeland Security and Governmental Affairs Committee to hold a hearing
The Permanent Subcommittee on Investigations holds a hearing entitled, "Offshore Profit Shifting and the U.S. Tax Code - Part 2 (Apple Inc.)" with CEO Cook, SVP & CFO Oppenheimer and Head of Tax Operations Bullock of Apple (AAPL) on May 21 at 9:30 am. Webcast Link |
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| 07:50 EDT | | AAPL | Ireland rejects allegations that it's a tax haven, FT reports
Ireland rejected allegations contained in a U.S. Senate committee report that it is a tax haven which has helped Apple avoid paying billions of dollars in taxes worldwide, reports the Financial Times. Deputy Prime Minister Eamon Gilmore said Ireland was “a highly tax compliant country” and loopholes in other countries were to blame for multinational companies’ use of complex tax avoidance strategies. Reference Link |
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