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| Apple's Cook fields his A-team before a wary Wall Street Wednesday, Oct 31, 2012 08:18 PM PDT  SAN FRANCISCO (Reuters) - Apple Inc Chief Executive Tim Cook's new go-to management team of mostly familiar faces failed to drum up much excitement on Wall Street, driving its shares to a three-month low on Wednesday. The world's most valuable technology company, which had faced questions about a visionary-leadership vacuum following the death of Steve Jobs, on Monday stunned investors by announcing the ouster of chief mobile software architect Scott Forstall and retail chief John Browett -- the latter after six months on the job. ... Full Story | Top |
| Sony, Sharp in turnaround battle; Panasonic battered Wednesday, Oct 31, 2012 07:53 PM PDT  TOKYO (Reuters) - Sony Corp is likely to say it returned to an operating profit for July-September after it sold a chemicals business, but investors still aren't sure a consumer electronics revamp will deliver the profit growth the group seeks. Sony shares, valued at less than $12 billion, have dropped 19 percent since end-June and its 5-year credit default swaps - the cost of insuring against debt default - have jumped by almost 60 percent. The benchmark Nikkei average is down by less than 1 percent. ... Full Story | Top |
| Elpida says court approves acquisition by Micron Wednesday, Oct 31, 2012 04:20 PM PDT SAN FRANCISCO (Reuters) - Micron Technology's plan to acquire Japanese memory chipmaker Elpida took a big step toward completion after a Tokyo court approved the agreement and dismissed a rival plan promoted by a group of bondholders. A district court in Tokyo said on Wednesday it was referring bankrupt Elpida's plan to be bought by U.S. chipmaker Micron to creditors for approval, according to a news release on Elpida's website. ... Full Story | Top |
| MGM expects online gaming license, state compacts Wednesday, Oct 31, 2012 04:04 PM PDT LOS ANGELES (Reuters) - MGM Resorts International Ltd's CEO expects his company to obtain an online gaming license from Nevada regulators this week, and said states are talking with each other to forge alliances to create a viable interactive gambling market. Obtaining the Nevada license would move MGM one step closer to entering the online field, which is expected to reach $10 billion a year nationwide by 2017. The sector is seen attracting younger players and offering a new avenue for growth to traditional casino operators whose growth has been stagnating. ... Full Story | Top |
| Pentagon sees further use of BlackBerry as door opens to others Wednesday, Oct 31, 2012 03:53 PM PDT  WASHINGTON (Reuters) - The Pentagon on Wednesday said it would continue to support "large numbers" of BlackBerry phones made by Research in Motion Ltd even as it moves forward with plans that would allow the U.S. military to begin using Apple Inc's iPhone and other devices. The U.S. Defense Department last week invited companies to submit bids for software that can monitor, manage and enforce security requirements for devices made by Apple and Google Inc, with an eye to awarding a contract in April. ... Full Story | Top |
| Senate likely to revisit cyber bill when Congress returns Wednesday, Oct 31, 2012 03:50 PM PDT WASHINGTON (Reuters) - Senate Majority Leader Harry Reid hopes to reintroduce cyber security legislation opposed by business groups once lawmakers return after Tuesday's election, a Senate aide said, adding that a White House executive order might pave the way for a compromise on the bill. ... Full Story | Top |
| BMC Software to buy back $1 billion of shares Wednesday, Oct 31, 2012 03:45 PM PDT (Reuters) - Business software maker BMC Software Inc reported lower-than-expected revenue and announced a $1 billion share repurchase plan after a strategic review. BMC, which was under pressure from hedge fund Elliott Management to sell itself, recently approached potential suitors, Reuters reported earlier this month, citing sources. The company expects to complete the share repurchase within the next 12 months. The new authorization brings the company's total outstanding share buyback plan to about $1.5 billion. Shares of the Houston, Texas-based company were up 2 percent at $41. ... Full Story | Top |
| Open Text profit beats estimates on cloud services Wednesday, Oct 31, 2012 03:40 PM PDT (Reuters) - Canadian business software company Open Text Corp's adjusted quarterly profit handily beat estimates, as its expansion into cloud computing services began to pay off, although revenue from licenses fell short of its expectations. Open Text expanded its presence in cloud computing earlier this year when it bought EasyLink Services International Corp for $232 million. Cloud computing services accounted for $44.9 million of the company's total revenue of $326.2 million in the first quarter ended September 30. ... Full Story | Top |
| Changing channels; Sony, Sharp in turnaround battle Wednesday, Oct 31, 2012 02:27 PM PDT  TOKYO (Reuters) - Sony Corp is likely to say it returned to an operating profit for July-September after it sold a chemicals business, but investors still aren't sure a consumer electronics revamp will deliver the profit growth the group seeks. Sony shares, valued at less than $12 billion, have dropped 16 percent since end-June and its 5-year credit default swaps - the cost of insuring against debt default - have jumped by almost 60 percent. The benchmark Nikkei average is down by less than 1 percent. ... Full Story | Top |
| Rosetta Stone and Google settle trademark lawsuit Wednesday, Oct 31, 2012 02:26 PM PDT  (Reuters) - Language-software maker Rosetta Stone Inc has agreed to drop its trademark infringement lawsuit against Google Inc over the search engine company's advertising practices. The companies agreed to settle all claims and dismiss the suit, according to a filing on Wednesday in U.S. District Court in Alexandria, Virginia. The terms of the settlement were not specified. The case tested whether Google's sale of other companies' trademarks for sponsored links could give rise to liability for trademark infringement. ... Full Story | Top |
| UK lawmakers to grill Starbucks, Amazon and Google on tax Wednesday, Oct 31, 2012 02:25 PM PDT LONDON (Reuters) - A UK parliamentary committee has invited executives from Starbucks Corp, Google Inc and Amazon.com Inc to answer questions about their tax practices, which allow them to make significant sales in the UK, but pay little tax here. The Public Accounts Committee asked senior officials from the companies to address a hearing on November 5, but a spokesman said scheduling problems could mean the hearing might be held later in November. He said none of the companies had declined to attend in principle. ... Full Story | Top |
| iPhone 5 boosts Cirrus Logic's revenue; shares jump Wednesday, Oct 31, 2012 02:12 PM PDT (Reuters) - Audio chipmaker Cirrus Logic Inc, whose chips were used in Apple Inc's iPhone 5, reported a 91 percent jump in second-quarter sales and its forecast for current-quarter revenue crushed analysts' estimates. Shares of Cirrus rose as much as 11 percent in after-market trading on Wednesday before settling back near their closing level of $40.78 on the Nasdaq. Apple, which accounted for 62 percent of Cirrus Logic's total sales last year, said on October 26 that its latest iPhone was heavily backlogged. Apple shipped 26.9 million iPhones in its fourth quarter. ... Full Story | Top |
| China's Twitter-like Weibo poses danger, opportunity for new leaders Wednesday, Oct 31, 2012 02:05 PM PDT  SHANGHAI (Reuters) - As China prepares for a generational power shift in the next two weeks, a similar shift is happening online that is testing the limits and displaying the evolution of China's legions of state-directed censors. Since its launch three years ago, Weibo, China's version of Twitter, has become the country's water cooler, a place where nearly 300 million Internet users opine on everything from Korean soap operas to China's latest political intrigue. ... Full Story | Top |
| RIM starts carrier testing on BlackBerry 10 devices Wednesday, Oct 31, 2012 01:45 PM PDT  TORONTO (Reuters) - Research In Motion said on Wednesday it has begun carrier testing of its new line of BlackBerry 10 devices, a crucial step ahead of next year's launch of the make-or-break line of smartphones. "In the last week, BlackBerry 10 achieved lab entry with more than 50 carriers, a key step in our preparedness for the launch of BlackBerry 10 in the first quarter of 2013," Chief Executive Thorsten Heins said in a brief statement. ... Full Story | Top |
| US FCC: Cell sites coming back on line slowly after storm Wednesday, Oct 31, 2012 01:29 PM PDT WASHINGTON (Reuters) - Fully 25 percent of cell sites in the broad area hit by former hurricane Sandy were off-line earlier this week, and the outages have been reduced by only "a few percentage points" at this point, a federal official on Wednesday. Cell sites, which can be towers or smaller facilities to relay wireless calls, were knocked out by power cuts, floods and debris, said David Turetsky, the head of the Federal Communications Commission's Public Safety and Homeland Security Bureau. ... Full Story | Top |
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