Apple Recap: Second Lawsuit, iPhone Woes, Mac Discounts

Apple (NASDAQ:AAPL) managed to give up the small gains it made earlier in the trading day by closing just about 0.2 percent down at $467.01 on Wednesday. While the stock was up early presumably due to news that the company had a 100-strong team working on a new wristwatch-like product, a few setbacks later on erased the optimism. Here is a cheat sheet to the top stories related to the stock on the day:

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A Second Suit Comes Biting

Chief executive Tim Cook may consider Greenlight Capital’s lawsuit against Apple nothing more than an unnecessary distraction, but it appears the company will have to deal with two of those in the run-up to its annual meeting on February 27. A second investor filed a lawsuit against the iPhone maker on Wednesday, citing concerns similar to those mentioned by David Einhorn’s Greenlight hedge fund.

Brian Gralnick of Elkins Park, Pennsylvania, who has been an Apple shareholder since 2007, filed the suit with the U.S. District Court in New York in an attempt to block the company from voting on two proposals at its meeting. Arnold Gershon, a lawyer for Gralnick, said the investor will try and be heard during the scheduled February 19 hearing of Einhorn’s lawsuit. “The case has some overlap with the Einhorn case, but it is a broader case,” Gershon said… (Read more)