Apple Recap: Samsung Gets Greedy, iPhone Delays, Buffett Talk
Apple (NASDAQ:AAPL) fell 2.4 percent to $420.05, which represent a new 52-week closing price for the stock that had touched the $700 mark less than six months ago. It was just another day in a string of negatives the iPhone maker has dealt with in the past few months. Here’s a cheat sheet to the top stories around the stock on the day:
Samsung Wants More Cuts
Samsung (SSNLF.PK) was granted a fairly large reprieve when a judge last week cut the Korean company’s total damages due to Apple in a patent-infringement case by about 45 percent. But the Galaxy maker believes it can get additional relief on the punishment that was originally worth $1.05 billion and awarded last August by a jury. Samsung said on Monday it would seek a further review of patent damages awarded to Apple.
“We are pleased that the court decided to strike $450,514,650 from the jury’s award,” Samsung spokesman Nam Ki Yung said. “Samsung intends to seek further review as to the remaining award”… (Read more)
Are iPhone Delays Real?
Apple’s shares touched a new low on Monday as Cowen & Co. analyst Matthew Hoffman cut his current fiscal year estimates on the company after saying he expected the upcoming iPhone upgrade to be delayed. Hoffman said his firm’s chip analyst Timothy Arcuri’s research showed that the construction of an iPhone 5S was trending toward the month of June, which was later than the April period of manufacturing the firm had earlier predicted. According to the analyst, the device may now launch in the fiscal fourth quarter, or the September-ending period… (Read more)
Buffett: Ignore Einhorn & Co.
Berkshire Hathaway (BRK.A) chairman Warren Buffett says he would advise Apple chief executive Tim Cook to ignore all the pressure to return to cash to shareholders and run the business so it creates the most value over the next few years. “I would ignore him,” Buffett said of Greenlight Capital manager David Einhorn, who has been pressuring Apple to return more money to its shareholders. “I would run the business in such a manner as to create the most value over the next five to ten years. You can’t run a business to push the stock price up on a daily basis”… (Read more)
Don’t Miss: Can Samsung Hurt Apple Some More?