West Coast Financial Editor in Charge
Edwin's Feed
May 28, 2014

Australian Apple users report ‘lost phone’ cyber attack

SAN FRANCISCO/SYDNEY (Reuters) – Multiple users on Apple Inc’s online support forum and Twitter have reported an unusual smartphone and tablet hack in which cyber attackers were said to have locked Australian users’ smartphones and demanded payment in return for unlocking them.

The alleged cyber attackers, first reported by The Sydney Morning Herald, appeared to use Apple’s “Find My Phone” feature to lock the devices’ screens and send a message demanding money be sent to a PayPal account, according to multiple users. The anti-theft feature locks phones that are reported lost.

May 22, 2014

HP may cut up to 16,000 more jobs as results disappoint

SAN FRANCISCO (Reuters) – Hewlett-Packard Co plans to cut as many as 16,000 more jobs in a major ramp-up of CEO Meg Whitman’s years-long effort to turn around the personal computer maker and relieve pressure on its profit margins.

On Thursday, the company posted a disappointing 1 percent drop in quarterly revenue, as it struggled to maintain its grip on the shrinking personal computer market while protecting profit margins. That marked its 11th consecutive quarterly sales decline.

May 9, 2014

Apple sings a different tune with Beats deal

SAN FRANCISCO (Reuters) – Apple Inc’s plan to pay $3.2 billion for Beats Electronics, which makes headphones and has an up-and-coming streaming music service, may herald a bolder use of its swelling cash pile and galvanize the iPhone maker’s move into wearables.

Investors are still struggling to make sense of why CEO Tim Cook would break Apple’s decades-long tradition of relatively minor acquisitions of about $200 million to $400 million. Most observers say it’s going after a mix of technology and music industry talent in an effort to revive digital music sales.

Apr 28, 2014

Wall Street remains split on Twitter’s prospects

SAN FRANCISCO (Reuters) – There was a time when Twitter strove not to end up like Facebook.

As the social media phenom prepared to debut in November, the last thing it wanted was a repeat of its larger rival’s rocky IPO and subsequent sell-off. Now, the one-time Wall Street darling’s inability to replicate its bigger cousin’s success in mobile and online may be what holds it back.

Apr 24, 2014

Apple resets the clock as investors await next big thing

SAN FRANCISCO (Reuters) – Apple Inc just bought itself some much-needed time.

On Wednesday, the company surprised Wall Street with news that it sold more iPhones in the March quarter than even the most bullish analysts had expected. It threw another $30 billion into an already sizeable stock buyback program and instituted an 8 percent quarterly dividend increase to boot. And profits rose by an unexpected 7 percent.

Apr 23, 2014

Apple expands buybacks by $30 billion, OKs seven-for-one stock split

SAN FRANCISCO (Reuters) – Apple Inc has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock’s appeal to individual investors.

The company also approved a roughly 8 percent increase in its quarterly dividend to $3.29 per share.

Apr 23, 2014

Apple expands buybacks by $30 billion

SAN FRANCISCO (Reuters) – Apple Inc (AAPL.O: Quote, Profile, Research) has approved another $30 billion in share buybacks till the end of 2015 and authorized a rarely seen seven-for-one stock split, addressing calls to share more of its cash hoard while broadening the stock’s appeal to individual investors.

The company also approved a roughly 8 percent increase in its quarterly dividend to $3.29 per share. Activist investor Carl Icahn, who had famously called on the iPhone maker to boost its buyback program, tweeted his approval of the move on Wednesday. Shares of the company, which have remain mired around the $500 to $550 range since the start of the year, jumped 7 percent to $561.51 in after-hours trade.

Apr 23, 2014

Apple expands buybacks by $30 bln, OKs 7-for-1 stock split

SAN FRANCISCO, April 23 (Reuters) – Apple Inc has
approved another $30 billion in share buybacks till the end of
2015 and authorized a rarely seen seven-for-one stock split,
addressing calls to share more of its cash hoard while
broadening the stock’s appeal to individual investors.

The company also approved a roughly 8 percent increase in
its quarterly dividend to $3.29 per share.

Apr 17, 2014

Sina Weibo skyrockets in debut, sweeping aside censorship concerns

SAN FRANCISCO (Reuters) – Shares of Weibo Corp (WB.O: Quote, Profile, Research, Stock Buzz) rose 19 percent in their U.S. debut on Thursday, sweeping aside concerns that Chinese censorship will hurt the growth of the country’s Internet sector and broader worries about lofty tech-stock valuations.

Investors are scrutinizing the biggest debut of a Chinese Internet company in years, hoping for clues as to demand for the highly anticipated IPO of far larger e-commerce giant Alibaba Group Holding Ltd (IPO-ALIB.N: Quote, Profile, Research, Stock Buzz).

Apr 16, 2014

Alibaba’s growth accelerates, U.S. IPO filing expected next week

SAN FRANCISCO (Reuters) – Alibaba Group Holding Ltd’s revenue growth accelerated in the last quarter of 2013, a timely lift for the Chinese Internet company as it prepares to file a prospectus next week for its highly anticipated initial public offering.

Alibaba is expected to file prospectus for the share sale as early as Monday, sources said, as it prepares for the largest U.S. IPO since Facebook Inc’s 2012 coming-out party. Alibaba had no comment on the prospectus filing, a spokeswoman said.

    • About Edwin

      "Based in Los Angeles, I oversee company news coverage of much of the U.S. West Coast, including such corporations as Apple, Google and Microsoft. Previously, I was bureau chief for Hong Kong and Shanghai and oversaw coverage for all corporations in China and Hong Kong."
    • Follow Edwin