Source: http://news.feedzilla.com/en_us/stories/politics/top-stories/321789938?client_source=feed&format=rss
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Friday, July 26, 2013
Wednesday, July 24, 2013
Apple Q3 2013 conference call highlights
Apple has just announced their Q3 2013 financial results and now they're doing the conference call. There'll be a lot of boiler plate, repeated, and some interesting questions from analysts, typically answered with more boiler plate. But, there could be some sparks as well. We'll update with highlights as the come up!
- 31.2 iPhone sold, 20% up from last year. Ahead of expectations.
- iPhone 5 the most popular. Happy with iPhone 4S and iPhone 4 as well.
- 51% increase in the US. Once again #1 in US smartphones. 39% share.
- 10,000 of custom enterprise apps. American Airlines, Cisco, GE, SAP, have deployed more than 25K iPhone each. NASA, NOAA, ATF, NGIA are supporting thousands of iPhones. iOS 6 was granted validation by DoD to connect to networks.
- 14.6 million iPads. Tough comparison. 1.9 channel inventory swing. Down 3% YoY.
- Novartis, SAP, other have deployed over 20K iPads each.
- 3.8 million Macs, 7% decline but higher than expectations. Global PC market declined 11%, so Mac "growing". People love the new MacBook Airs!
- New Mac Pro still coming later this year.
- OS X Mavericks bringing more than 200 new features. Coming in the fall.
- State of Maine 94% selected Apple products. LA school board approved massive iPad rollout.
- 2.4 billion for iTunes, up 29%. Both content and apps. Total 4 billion iTunes, software, services.
- HBO Go, Watch ESPN on Apple TV. 1 billion TV episodes to date.
- 5 year anniversary of App Store. Over 900k iPhone apps, 375k iPad apps. 11 billion to developers, 50% in the last 4 quarters.
- 320 million iCloud, 420 million Game Center, 900 billion iMessages, 8 trillion push notifications.
- Good Technologies says iPhone 5 most frequently activated device of any kind, iPad 83% of tablets.
- Continuing to invest.
- iWork for iCloud coming this fall.
- Excited about iOS 7 coming this fall.
- 4.1 billion Apple Retail. Strong growth in iPhone sales, MBA launch.
- 6 new stores, 408 stores, 156 outside US. 9 new stores in September quarter, 27 new openings in fiscal 2013. 23 relocations in f2013.
- 10.1 million average per store, down from 11 last year. 84 million visitors. 16k per store, per week.
- 106 billion in cash offshore.
- Retired over 4 million shares of Apple stock. 17 billion of debt issued. 2.8 billion in dividends. 16 billion cash on share repurchasing.
- 9 million additional shares retired via open market.
- Expectations: 34-37 billion next quarter, 36-37 gross margin.
- Pleased with record iPhone, growth in software and services, continued popularity. Excited about OS X and iOS, new products coming fall, 2014.
Q&A time!!
Q: New products this fall, usually gross margins come down but not this time. Why?
- Peter Oppenheimer: Largely flat, slightly down. On track for busy fall. More detail in October.
- Q: Why channel inventory down? Balance sheet?
- PO: More stores this year than last. Component inventory up as well.
- Tim Cook: iPad and iPhone reduced inventory significantly. iPad down 700k, iPhone down over 600k. Typically don't like to have more inventory than they need, if can reduce, do so. Slight decrease in Mac, iPod.
- Q: High end of smartphone market saturated, growth harder to come by? New innovations, services, reinvigorate high end of market?
- TC: Key catalyst will always be new products and services, existing categories and new categories. Distribution opportunities, carrier relationship, expanding retail, online, and indirect channels. Also have market expansion opportunity. Already over 60% in enterprise, think there's growth opportunity. Doesn't subscribe to view higher end has hit its peak.
- Q: iPad more of a pause ahead of refresh, broader dynamic?
- TC: YoY 2.4 million unit decline, 80% were just due to changes in channel inventory. Reduced this year, increased last year. Overall declined by just 3%. Year ago had just announced first iPad with Retina display. Hit within mid point of their expectations for iPad sales. Not a surprise. Most recent data is iPad web share accelerated further, now 84% of web traffic from traffic. Incredible. If other tablets are selling, doesn't know what they're being used for. Incredible quarter in US education. (Repeating PO's comments from earlier.)
- Q: Gross margin bridge? Down 150 basis points. Mix of products similar.
- PO: Very pleased with gross margin in the quarter, high end of the range. Sequential decline not a surprise, understood effects. 1) Lower sequential revenue, lost leverage. 2) Expected a different product mix. Had some puts and takes, ultimately ended up in range.
- Q: iPhone ASP down 5% sequentially, 10% last 2 quarters. Higher mix of 4 and 4S?
- PO: Down 4% YoY, about $27, primarily due to mix, headwinds. iPhone 4 accelerated. Sequentially $32, mix.
- TC: iPhone POV, moves on 4 and iPhone 5 being most popular. Very strong sales in emerging pre-paid markets. India up 400%. Very strong in US, up 50%, Japan up 60%, UK 50%. iPhone accelerated from previous. Unusual pattern for Apple. Very happy.
- Q: China absent?
- TC: China was weaker in quarter, although data sheet doesn't tell the complete story. Sell through with inventory changes only down 4% for year ago. HK was down more. Mainland China up 5%. Lower growth rate, attribute it to many things, including economy there. In HK, international shopping haven. More dramatic down turn there, not totally clear why. Down 20% on sell through. Weighed greater China down.
- Q: Trade in program?
- TC: Haven't announced anything. Rumors only. Number of channels do trade-ins now, US and different reasons. Reason is that iPhone residual value stays high, high demand, more lucrative. Win/win from many points of view. Nothing from Apple.
- Q: Opposed to it?
- TC: Not opposed, like environmental aspect. Encouraging.
- Q: How do we turn China around?
- TC: Put it into perspective. 4.9 billion. 14% of the company. Very significant. Grown significantly. Very strong market. 27 billion on trailing basis in the last year. iPad sell through was up 8%, mainland was up 37%. Share numbers for iPad over 50%. In arc of time, China huge opportunity. Don't get discouraged over 90 day cycle.
- Q: More affordable pricing, think about growth in emergency markets, could address with more appropriate products? Both levers?
- TC: Reference to iPhone 4. Number of 1st time smartphone buyers iPhone 4 is attracting is very impressive. Want to attract as many of those as we can. Saw that beginning to happen end of Q2. iPhone 5 most popular by far, really happy to provide high quality iPhone 4 running iOS 6 to as many first time buyers as they can. Great product for that buyer?
- Q: More weapons you could use?
- TC: Always more weapons, more tools in the toolbox, but great way for buyer to get in. Customer sat!
- Q: Growth, last Q new product categories. Are there categories big enough to move the needle for Apple?
- TC: We'll see. Working on products they're really proud of, will announce when ready.
- Q: Russia, pricing?
- TC: Good. If you look at Russian market, 80% of phones are sold retail, outside of carriers. Sell through a number of national chains. Activation's in Russia for iPhone set a record. Really happy. Contribution from carriers exist but much less. Not well understood. Continually looking for other relationships. Opportunity.
- Q: Commodities? Pricing?
- TC: DRAM pricing increased, upper pressure. NAND pricing stable, following seasonal trends. LCD prices fallen, expect further reductions. Others in balance, expect decline at historical levels.
- Q: New products assumed shipping next quarter?
- PO: Can't comment.
- Q: You say better, Wall Street wants more. Does your organization limit?
- TC: here to make great products, focus on that and financial metrics will come. Not mutually exclusive.
- Q: Don't need to find products to get growth?
- TC: Start at the product, most important is customer wants products. Don't start there, create things people don't want. Try hard to focus on making great products, enriching customers.
- Q: Don't think high end is saturated, yet ASP down? Will continue to trend lower?
- TC: Don't project ASP, give guidance that has assumption. Underneath iPhone numbers saw significant growth in iPhone 4, lower price point. iPhone 5 doing well. Allowed us to significantly beat vast majority of expectations. Sell more low end, mix changes. 3GS last year, comparable position. Selling a lot more 4 than 3GS. Understand market and distribution better. Will get better and better at that over time. How that changes mix, he doesn't know. Product has highest mix during first few months of sale. Natural seasonal decline. iPhone, iPad, on Mac. Doesn't see anything fundamentally change that.
- Q: What are puts and takes in September quarter?
- PO: tailwind is component costs favorable. Conversely, some effects pressure. Dollar and Yen.
- Q: Share buyback.
- PO: Before any further buybacks, issuances, 11 million share benefit.
- Q: iOS in the Car?
- TC: Very important. Part of ecosystem. Just like App Store, iTunes, content, services, messages, Siri, having something in the automobile is important. Something people want. Apple can do it in a unique way, better than anyone else, key focus.
- And that's it!
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Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/QW3mo79KLvc/story01.htm
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Celebrities ?Stand Their Ground?, Boycott Florida Until Law Is Revised Following Zimmerman?s Acquittal [VIDEO]
Celebrities have now leant their voices to the case that has stopped and outraged a nation, the acquittal of George Zimmerman in the shooting of unarmed teenager Trayvon Martin. The likes of Beyonc?, Jay Z and even Oprah have been seen rallying for the teen and what they see as an injustice due in large to the Stand Your Ground Law In Florida.
Stevie Wonder has even gone on record to say he is boycotting Florida till the law is revised. We sat down with reporter Amethyst Tate to discuss the power of the celebrity and if their voice could in fact push for the stand your ground law to be reformed.
To contact the editor, e-mail:
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Thanks to smartphones, Amazon is softly killing retail shopping and is better at it than Google
The smartphone revolution has proved to be quite a disruptor. While it has opened new opportuities for many new startups, it has brought whole new behaviors into our lives that are making life a bit ?hot under the collar? for older, established industries. One of the most impacted industries ? retail. With smartphones in our pocket, we are starting to do price matching for pretty much everything, betting there is a cheaper option somewhere else.
It is something I have written about and talked about often, and every day we have more evidence of this concept of show rooming ? price matching of products in physical stores on smartphones and looking around for discounts/bargains.
The biggest beneficiary of these searches is Amazon ??twice as much so as Google ? according to a study released by Pargo, a Lewisville, Texas-based commerce and rewards company. The company surveyed 1,043 US smartphone owners (53 percent female, 47 percent male) in June 2013 and summed up the results in Dynamic Pricing in Smartphone World. Here are some of the highlights (and points illustrated with the help of graphics from the study):
The shocking part of this survey is the relative indifference to Google as a source for price comparison and how far behind they are Amazon.?The reason we see Amazon?s name come up so often is because they have done a good job of locking people in with their Amazon Prime service which allows you to get free delivery of as many goods as long as you pay an annual subscription fee ?? it is a good way for them to keep people buying from them.
In addition, Amazon has done a great job of reducing the time of delivery of goods by opening up warehouses and distribution centers closer to major cities, thus making it easy for people to make the decision to wait for a day or two and save some money.
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Witness bolsters SEC case against Fabrice Tourre
By Nate Raymond
NEW YORK (Reuters) - A key witness in the fraud trial of former Goldman Sachs trader Fabrice Tourre said Tuesday she believed hedge fund Paulson & Co Inc planned to invest in a 2007 mortgage deal at the center of the trial.
The testimony of Laura Schwartz, a former managing director at ACA Capital Holdings Inc, is central to the U.S. Securities and Exchange Commission's case that Tourre misled investors in the deal, known as Abacus 2007-AC1.
The Tourre case, which began last week in federal court in New York and is expected to last three weeks, is one of the biggest brought by the SEC over the events leading up to the financial crisis of 2008.
Tourre is expected to testify Wednesday.
The SEC accuses Tourre of failing to tell investors that Paulson & Co intended to bet against Abacus. It also claims Tourre misled ACA into thinking Paulson was investing in the deal.
According to the SEC, Paulson & Co came to Goldman Sachs looking for a way to bet against the subprime mortgage market. They came up with a $2 billion synthetic collateralized debt obligation tied to mortgage securities.
When Goldman brought on a subsidiary of bond insurer ACA to help select the mortgage securities underlying Abacus, Tourre allegedly misled ACA into believing Paulson intended to invest in the transaction.
Schwartz, who now works at the broker-dealer Seaport Group, was the main point of contact with Tourre and Paulson & Co, the SEC says.
"I believed Paulson would be the equity investor in the transaction," Schwartz told the court on Tuesday. She said her belief was based in part on discussions with people at Goldman and a document Tourre emailed her summing up the investment.
Goldman Sachs Group Inc, which was a defendant when the case was filed in 2010, settled for $550 million without admitting or denying the allegations.
Last week a former executive at Paulson & Co, Paolo Pellegrini, testified that he believed he told Schwartz over drinks in January 2007 at a conference in Jackson Hole, Wyoming, about Paulson's strategy of betting against the U.S. housing market before the Abacus transaction closed.
On Tuesday, Schwartz said she recalled the drinks meeting but said Pellegrini never told her Paulson was going to short Abacus.
ACA had never worked on a deal with a purely short investor, she said, adding it "would have been something very different for us."
Lawyers for Tourre have said they will question Schwartz's credibility by focusing on a recently concluded probe by the SEC of Schwartz's role in a different transaction.
Schwartz received a so-called Wells notice in February indicating that SEC was considering recommending a case against her over that transaction. Then, a week before Tourre's trial, Schwartz's lawyers notified the court that the SEC staff had decided against bringing a case against her.
On Monday, former ACA Chief Executive Alan Roseman told the court that ACA would have stopped the Abacus deal "in its tracks" if Paulson's real role had been known.
The case is SEC v. Tourre, U.S. District Court, Southern District of New York, No. 10-03229.
(Reporting by Nate Raymond; Editing by Eddie Evans and Douglas Royalty)
Source: http://news.yahoo.com/key-witness-takes-stand-sec-case-against-goldmans-050933578.html
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Friday, July 19, 2013
Video: Update on earnings: Pisani
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Source: http://www.nbcnews.com/video/cnbc/52509822/
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Wednesday, July 17, 2013
CALIFORNIA: State fines Exxon Mobil, others, for misrepresenting emissions
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Source: http://www.eenews.net/climatewire/stories/1059984371/feed
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Tuesday, July 16, 2013
Monday, July 15, 2013
CLS: Good Year, Ford; WHY does your advertisement show a Ford Mustang passing a BIG in a right hand
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