Apple Recap: New Low, Throttled Victory, Avoiding Embarrassment
Apple (NASDAQ:AAPL) fell 2.48 percent on Friday to close at $430.47, touching a new 52-week low in the process. Here are the top stories that moved the stock on the day:
Apple’s New Low
There is still no indication how bad things will get for Apple before they start getting better. The selling pressure that has refused to leave the stock’s side over the last few months was still going strong on Friday, and it pushed the company to a new notable low. In mid-morning trading, Apple briefly touched $431.89 — the stock’s lowest point since January 24, 2012, when it closed at $420.50 in anticipation of the company’s fiscal first-quarter earnings report.
Apple shares have dropped more than 19 percent over the past 52 weeks, while the S&P 500 index has gained 10.9 percent in the same period. The stock has fallen more than 37 percent since closing at a record high of $702.10 in September as of the close of trading on Thursday. Worries that sales of the company’s bestseller, the iPhone, are falling, as well as concerns about possibly dropping gross margins, have taken a toll… (Read more)
Victory is Throttled
U.S. District Judge Lucy Koh has struck down more than 40 percent of the $1.05 billion in damages a jury awarded to Apple in its patent infringement case against Samsung (SSNLF.PK). Koh also said Samsung deserved a new trial on infringement claims for a selection of smartphones. Koh rejected Apple’s request to increase the damages, saying that even the original amount was heavily disputed and that the jury was not bound to accept either side’s damages estimate. “It is not the proper role of the court to second-guess the jury’s factual determination as to the proper amount of compensation,” Koh said… (Read more)
Apple, definitely not in need of any more bad press at the moment, is trying its best to get a consumer privacy lawsuit off its chest. The company argued in a district court on Thursday that a group of users alleging that certain apps were passing personal information to third-party advertisers without their consent had not been able to prove their claims. The case was first filed in December 2010 by two separate groups of users who claimed Apple collected data, such as geographical locations, through external iPhone and iPad apps that the company had approved, even after users said they didn’t want to share the information… (Read more)
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