Wall Street Brief: Apple Working With Time Warner, Cisco Earnings EXCEED Expectations
Apple (NASDAQ:AAPL) is holding talks with Time Warner Cable (NYSE:TWC) and other leading cable operators about creating a set-top box that will enable viewers to watch live TV and other content, reported the Wall Street Journal. This represents a major upgrade from Apple’s existing product, which doesn’t offer network TV, and it will been seen as breakthrough for the company to enter the TV market.
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Samsung (SSNLF.PK) will launch its Galaxy Note 10.1 tablet in the U.S., U.K. and South Korea on Thursday as it tries to tap into Apple’s (NASDAQ:AAPL) dominance in the market. The Galaxy Note 10.1 sets itself apart from the iPad with its stylus and ability for two apps to be active on a split-screen, but it costs $499 for 16 GB and WiFi only. This has raised a red flag on its potential to succeed.
Cisco Systems’ (NASDAQ:CSCO) fiscal quarter four earnings exceeded expectations as its net profit jumped 56 percent to $1.9 billion. Earnings per share was $0.47 while revenue rose 4 percent to $11.69 billion. Cisco upped its quarterly dividend 75 percent to $0.14 a share and said it will return at least 50 percent of free cash flow to investors. The company’s guidance was in line with estimates; it was upbeat about portions of the U.S. market but not Europe.
Authorities will probably not file criminal charges against either Jon Corzine or other top MF Global (MFGLQ.PK) executives after determining weak risk controls and disorganization as opposed to fraud resulted in $1 billion of customer money disappearing, reported the New York Times. Regulators are still considering civil action as Corzine & Co. still face client lawsuits.
Electronic Arts (NASDAQ:EA) with its $4.17 billion market cap, will review a possible sale with private equity firms such as KKR (NYSE:KKR) and Providence Equity Partners, reported The NY Post. Rumors are swirling that the company would take a $20-a-share offer.
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