We know Apple news isn’t the most popular thing in the world around here, but when a tech company claims it will be announcing its plans for their $100 billion war chest in a conference call on Monday morning, we can’t help but be somewhat interested.
Apple has long been considered the stock market darling of the tech industry, defying trends even through one of the worst recessions in recorded history. Marketing mojo seems to be capable of overcoming any manmade disaster, but this time they find themselves at the mercy of an even more powerful force, Mother Nature.
Find out why Apple might be in trouble after the jump.
Someone other than Mark Zuckerberg and Zynga figured out a way to make some serious cash using Facebook, just not legally. According to U.S. prosecutors, the popular social networking site, along with Twitter and a several other online portals, were all used in a "pump and dump" stock fraud scheme.
Officials uncovered the fraud during a two-year probe of suspected trafficking by longshoremen and others of 1.3 tons of cocaine said to be worth around $34 million. The Manhattan U.S. Attorney's office said 11 out of 22 people charged used more than 15 websites to "defraud the investing public into purchasing stocks that were being manipulated by participants in the conspiracy."
According to court documents, the social scandal illegally accrued more than $3 million, with shareholder losses estimated at over $7 million. Each suspect faces up to 20 years in prison if convicted.
The stock market wasn't the only thing to come crashing down last Thursday. So too did several financial sites such as Yahoo Finance, Fidelity.com, and Google Finance, all of which buckled from the increased traffic as panicked investors hopped online to make trades an keep and eye on their portfolios, Infoworld.com reports.
Fidelity noted near-record peak transaction volumes, which resulted in a site slowdown but no interruption during the day, said Vin Loporchio, a Fidelity spokesman. That may not be entirely true. Several people complained that they weren't able to use Fidelity's website, some of which claimed that the downtime caused them to lose money.
"I also have been warning for months that our regulators need to better understand high frequency trading, which appears to have played a role today when the US market dropped 481 points in 6 minutes and recovered 502 points just 10 minutes later," said Senator Ted Kaufman, a Democrat from Delaware, in a statement. "The potential for giant high-speed computers to generate false trades and create market chaos reared its head again today."
Kaufmaun's remarks were prompted by the 1,000-point drop in the Dow Jones Industrial Average last Thursday afternoon.
The Official Google Blog trumpets:“Streaming keeps information fresh.” Users of Google Finance will be able to watch as stories on finance develop “minute by minute, throughout the day. News will be available either on the Google Finance homepage or a page dedicated to market news. News will be streamed from 8 a.m. to 5:30 p.m., eastern Standard Time.
Google justifies itself: “Financial information doesn't exist in a vacuum. News can stimulate trades, and trades of one stock can have broad market effects. Figuring how to organize all of that information and make it useful is crucial — and that's what we're working on.”
And, says the Google Blog, “there is still a long way to go, so stay tuned for more updates.” Will the joy that is Google never end?