Apple Recap: Innovation, iOS 7, and Jobs’ Email

Illustration by Chelsea PieroniInnovation is sometimes hard to define, but it’s easy to spot. Apple (NASDAQ:AAPL) has earned itself a reputation for innovating, because anybody could see that the iPod, iPhone, and iPad rocked the world on its heels. Fully aware of this, Jim Cramer, host of CNBC’s “Mad Money,” made what can fairly be called a bold proposition on his program on Monday: McDonald’s (NYSE:MCD), purveyor of quick-serve hamburgers, is out-innovating Apple. Investors have generally agreed with the sentiment behind that assessment, if not its exact wording, as they have bid the iPhone maker’s stock down from the record high it reach last September. Shares closed down $5.41, or 1.24 percent, at $432.19 on Wednesday. Here’s a cheat sheet to today’s top Apple stories:

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E-Book Case: Will an Unsent Steve Jobs Email Hurt Apple Big Time?

Over the last several days of Apple’s antitrust trial, it had appeared the Cupertino-based company was gaining some traction in its defense thanks to the testimony of several witnesses who seemed to support Apple’s contention that its dealings with various publishers were only typical negotiations and not a conspiracy to fix prices on e-books. Now it appears the pendulum may be swinging back in the prosecution’s favor… (Read more.)