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BUSINESS
July 29, 2011 | By David Sarno, Los Angeles Times
Apple Inc. may not have more money than God. But it's got more cash than Uncle Sam. As the government struggled to reach an agreement on raising the debt ceiling, the U.S. Treasury's cash balance fell to $74 billion this week. That's less than the $76 billion that Apple now has in cash. It's not terribly likely that the government will ask Apple Chief Executive Steve Jobs for help. But it wouldn't be the first time the government has asked for a bailout from an industry mogul.
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BUSINESS
February 21, 2013 | By Salvador Rodriguez
A hiring freeze at Foxconn, Apple's biggest supplier, has caused the Cupertino tech giant's stock price to drop since Wednesday, when news of the freeze broke. According to both the Financial Times and Bloomberg , Foxconn won't hire any more employees until the end of March. But there's some confusion as to why that is. Citing unnamed sources, the Financial Times report says a drop in demand for the iPhone 5 is behind the hiring freeze. QUIZ: Test your Apple knowledge "Foxconn's demand for workers this year was as low as that in 2009," a source in the report said.
BUSINESS
September 20, 2012 | By Salvador Rodriguez
One of the great new features on iOS 6 and the iPhone 5 is a new app called Passbook, but for a lot of people who updated their devices with the new operating system, the app simply won't work. In theory, Passbook will let you keep digital passes in one location. When you open the app, you get a screen saying you can use Passbook to store digital copies of flight boarding passes, event tickets and coupons. Target on Thursday announced it would support mobile coupons on Passbook.
BUSINESS
September 12, 2012 | By Joe Bel Bruno
Apple's stock barely budged after the technology giant unveiled the iPhone 5, which it bills as the world's thinnest smartphone. Investors seemed to shrug off the announcement -- but that's not entirely shocking. Apple shares have, on average, fallen 1.4% the day the company launched all of the previous incarnations of the iPhone, according to Morgan Stanley. PHOTOS: Apple iPhone 5 The investment bank said the week after Apple announcements haven't been all that hot either.
BUSINESS
March 4, 2013 | By Chris O'Brien
Apple's stock price continued its fall Monday, dragging the company's market value below $400 billion for the first time since January 2012.  In midday trading, Apple's stock was down $7.52, or 1.75%, to $422.95. That put its market capitalization at $397.54 billion. It also cost Apple the title of "world's most valuable company," losing it to Exxon Mobil Corp., which had a value of $ 399.69 billion in midday trading. QUIZ: Test your Apple knowledge Apple is on the verge of crashing through another low. On Jan. 24, 2012, Apple's stock closed at $420.41 per share, just before the company reported blowout earnings that sent its stock soaring to $ 446.66.  That momentum carried the stock through the year, on its way to peaking at $702.10 in September.
BUSINESS
January 24, 2013 | By Andrew Tangel
As Apple's luster dims on Wall Street, the tech giant's stock is becoming cheaper and cheaper. By at least one measure, Apple's stock is becoming a bargain. Its price-to-earnings ratio, a shorthand measure of value for stocks, has fallen well below the average of the broad Standard & Poor's 500 index. “The P/E is extremely low,” said Howard Silverblatt, senior index analyst for S&P Dow Jones Indices. As Apple's stock falls 10%, to $461.46, in early trading following Wednesday's disappointing earnings report, its P/E ratio -- based on the previous 12 months of earnings -- is down to 10.5.
BUSINESS
January 19, 2011 | By Jessica Guynn and Tiffany Hsu, Los Angeles Times
Apple found a way to divert attention from Chief Executive Steve Jobs' health Tuesday ? a blowout $6 billion in profit. A day after Jobs stunned investors and employees alike by announcing he was taking medical leave for the third time in seven years, Apple Inc. crushed analysts' estimates with record first-quarter revenue and earnings. The company's stock rallied on the report, buoyed by impressive sales of iPhones, iPads and a pipeline of consumer gadgets. Shares fell a less-than-anticipated 2.2% to $340.
OPINION
June 2, 2011
In the last decade, Apple made the 99-cent download the standard unit of music sales. Now, Apple is reportedly poised to try a second transformation, enticing music fans to store songs online — "in the cloud" — instead of on a hard drive. If the company's iCloud helps persuade the masses to embrace cloud-based services, that could help reverse more than a decade of sliding music sales. That's a big "if," however, and much depends on the labels' willingness to change. The shift from physical CDs to digital files has been a mixed blessing for the music industry, opening the door to rampant online piracy as well as promising new business models.
BUSINESS
September 29, 2012 | By Salvador Rodriguez
As worldwide attention focuses on Apple's problem-riddled Maps app, another Apple miscue is about to be quietly put to rest. This month, Apple's iTunes music social network -- Ping -- began displaying a sign notifying users that the network was no longer accepting new users and will shut down Sunday. Ping's closing comes as little surprise. Apple plans to update iTunes next month and will integrate it with Facebook and Twitter, letting users "Like" and share songs, apps and other pieces of content.
BUSINESS
October 31, 2012 | By Salvador Rodriguez
The latest version of Apple's music player, iTunes 11, which was expected this month, won't be available until the end of November, the company said. The update is to add several features, change some portions of iTunes' design and, most important, better integrate it with iCloud, the Cupertino-based company's cloud-computing service. But Apple failed to meet its late-October deadline for the update, telling CNET this week that it hopes to release iTunes 11 next month. "The new iTunes is taking longer than expected, and we wanted to take a little extra time to get it right," Apple spokesman Tom Neumayr told CNET . "We look forward to releasing this new version of iTunes with its dramatically simpler and cleaner interface, and seamless integration with iCloud, before the end of November.
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