Corporate revenues in the United States have been falling for quite some time, but now some of the biggest companies in the entire nation are reporting extremely disappointing results. On Tuesday, Apple shocked the financial world by reporting that revenue for the first quarter had fallen 7.4 billion dollars compared to the same quarter last year. That is an astounding plunge, and it represents the very first year-over-year quarterly sales decline that Apple has experienced since 2003. Analysts were anticipating some sort of drop, but nothing like this. And of course last week we learned that Google and Microsoft also missed revenue and earnings projections for the first quarter of 2016. The economic crisis that began during the second half of 2015 is really starting to take hold, and even our largest tech companies are now feeling the pain. Continue reading »
Apple has fixed a major security hole that potentially allowed hackers to gain access to a user’s iPhone, potentially allowing them to steal sensitive data such as passwords.
The flaw allowed hackers to break into an iPhone simply by sending them a text message with a specially-modified image file. Continue reading »
Apple share are tumbling (as are the entire complex of suppliers) following a report from Nikkei that Taiwan Seminconductor’s shipments of iPhone 6s, iPhone 7 chips for June-Dec. period will likely shrink 70%-80% vs year earlier. As one anayst noted, a decline of more than 20-30% is not in consensus estimates. As Bloomberg reports, of particular interest is that this cut to orders is about upcoming iPhone 7, not about the well-publicized iPhone 6 slowdown.
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And just like that the “no brainer” party’s over. Remember when in January 2014 Carl Icahn laid out his extensive thesis on why being long AAPL is the best investment out there? Or when a little over a year later, hoping for even more stock buybacks (even as he was decrying short term activism) he boosted his price target on AAPL to $240? All that is now over and moments ago Carl Icahn admitted that the hedge fund hotel holding AAPL stocks, which consisted of 163 hedge funds as of December 31, has one less member, and he has sold his entire Apple position.
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Update: according to ABC’s Matt Keller, the dead person found in a conference room at Apple Headquarters was a man. A gun was found nearby.
— Matt Keller (@MattKellerABC7) April 27, 2016
— Matt Keller (@MattKellerABC7) April 27, 2016
Reuters adds that according to the East Bay Times newspaper reported that an emergency call was made at 8:35 a.m. from Apple’s campus in Cupertino and that the victim, who had suffered a head wound, was pronounced dead at the scene. Local television station KTVU said investigators from the Santa Clara County Sheriff’s Office were en route to the scene. Continue reading »
Luckily, the flaw only affects devices that have given Siri relevant permissions to access these applications. At the time of writing there does not appear to be an official fix for the bug however concerned users can fully disable Siri on the lock screen to ensure they don’t fall victim.
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It’s all over the news that Bill Gates is coming out publicly admonishing Apple for not bending over backwards to build a skeleton key that unlocks everyone’s cell phones for the FBI in the wake of the San Bernardino shooting. He’s twisting the narrative to make it seem like this skeleton key, once in existence, wouldn’t be used again and again on other people’s phones (and will be forever).
On Friday, we noted that one of the reasons that the FBI was unable to get access to the data on the remaining iPhone from Syed Farook was because after the shooting and after the phone was in the hands of the government, Farook’s employer, the San Bernardino Health Department, initiated a password change on his iCloud account. That apparently messed stuff up, because without that, it would have been possible to force the phone to backup data to the associated iCloud account, where it would have been available to the FBI. But, after we published that article, a rather salient point came out: the Health Department only did this because the FBI asked it to do so.
From a San Bernardino County Twitter account: Continue reading »
“Apple’s stance in the San Bernardino case may not be quite the principled defense that Cook claims it is… it may have as much to do with public relations as it does with warding off what Cook called “an unprecedented step which threatens the security of our customers.””
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(TRUTHINMEDIA) Using an obscure law, written in 1789 — the All Writs Act — the US government has ordered Apple to place a back door into its iOS software so the FBI can decrypt information on an iPhone used by one of the San Bernardino shooters.
It has finally come to this. After years of arguments by virtually every industry specialist that back doors will be a bigger boon to hackers and to our nation’s enemies than publishing our nuclear codes and giving the keys to all of our military weapons to the Russians and the Chinese, our government has chosen, once again, not to listen to the minds that have created the glue that holds this world together. Continue reading »
Tim Cook, chief executive of Apple, makes bold prediction about the death of cash as he promotes Apple Pay alternative
The next generation of children born in Britain “will not know what money is”, the boss of Apple has predicted.
Tim Cook, the chief executive of technology giant, forecast the death of cash by the time current university students have a family. Continue reading »
Overnight, the SNB which unlike the Fed and the other “serious” central bank hedge funds, released a 13-F updating on its latest stock portfolio. We learned that in the quarter in which AAPL stock tumbled to $92 during the August 24 ETFlash crash, the Swiss money printing authority which reported a record $20 billion loss in the second quarter, and a record $52 billion in the first half, added another 909,000 AAPL shares, bringing its new grand total to 10.3 million shares,
Iphone maker Apple, Inc. claimed last month that their latest iteration of the wildly popular handheld device was unhackable. According to HackRead, the company is so convinced of its security successes that they issued a statement saying that data stored on a phone secured with a front screen passcode was impossible to access – even by highly talented intelligence agencies:
The biggest scare haunting Apple stock in recent months has been whether the slow at first, then quite sudden collapse in both the Chinese economy, not to mention its burst stock market bubble (which in Chinese propaganda retrospect, is now a great thing), will put the breaks on Chinese purchases of Apple’s most important and profitable product – the iPhone. Indeed according to a just released UBS report, while it takes the average New York worker about 24 hours to afford a 16GB iPhone 6, this number rises to 218 hours in Beijing. And the great China’s economic slowdown the higher the number will go, and the lower Apple’s revenues in the coming quarters.
However, for China’s middle class, whose dreams of market bubble riches just went up in a margin call, there is still hope to pretend to be richer than one’s neighbor courtesy of a faux rose gold cell phone. The answer: a tablespoon of sperm.
As Xinhua reports, “technophiles may not have to reach far to find the cash for Apple’s latest model. According to an advertisement with the Shanghai Sperm Bank – all you have to do is donating.”
“No need to sell a kidney…Shanghai sperm bank can make your iPhone 6s dream come true,” says the ad which has gone viral on China’s most popular social networking app WeChat this week.
Capitalizing on the country’s lust for new technology, the sperm bank hopes to fix a shortage in donors ahead of the release of the iPhone 6s next week. Those who qualify to donate can receive up to 6,000 yuan for 17 ml of semen. The latest Apple model is expected to cost around 5,288 yuan.
The morbid jokes just write themselves:
“Why sell your kidney when you can donate sperm? It’s a great deed that can bring happiness to a whole family,” said microblog Weibo user “Wojiushiwutong”.
As a reminder, while “selling kidneys” is usually just a phrase, in China it became all too real in 2011 when a teenager sold one of his kidneys to buy and iPhone and an iPad. “To sell a kidney has become a well-known metaphor for the fever pitch surrounding Apple products.”
A sperm bank in central China’s Hubei Province posted a similar ad highlighting a picture of the new rose gold iPhone 6s, a color created mainly to attract Chinese consumers. The Shanghai ad is bluntly titled “New Solution to Get iPhone 6s”, evoking some criticism that the sperm bank is being insensitive.
“I don’t like the idea of making money out of sperm donation to buy new iPhones. Sperm donation is a very serious cause for public good,” one Weibo user said. But a spokesperson with the Shanghai sperm bank told Xinhua the campaign has worked well so far, raising awareness and attracting potential donors.
The reason why 17 ml of sperm are so valuable in China is because not only are there thousands of infertile couples in China, but all sperm banks across the country face donation shortages because many young men are unaware or too embarrassed to donate, forcing the banks to turn to social media.
Even if they do find a sufficient pool of potential donors, certain criteria must be met to be eligible. Donors must be between 22 to 45 years old, hold a college degree and have high-quality semen that can survive the rigors of freezing and thawing.Which still keeps the pool of eligible candidates in the tens if not hundreds of millions.
It was not exactly clear how potential female consumers of iPhone are supposed to capitalize on this latest Chinese craze, and while there are countless, and very humorous, places one can take this latest manifestation of capitalism perhaps gone too far, one potential Chinese “channel check” may have appeared: masturbation as a leading indicator of iPhone sales. Because just when sales were starting to turn flaccid, here comes China’s sperm-for-iPhones Hail Mary, promising at least several more quarters of firm stock reactions to EPS beats.
– Rotten Apple: Former Leader Breaking Down (Dana Lyons’ Tumblr):
This is just a quick-hitter post on another former leader that is breaking down. As we have mentioned several times – in particular on July 22 and August 5 – the ever-thinning stock market rally is starting to lose the relatively few leaders still keeping it afloat. That July post noted the relative weakness in the equal-weight Nasdaq 100, even as the cap-weighted index remained near its highs. One reason was the performance of Apple Inc. (AAPL), the largest stock in the index, and the entire U.S. market. When AAPL is moving higher, it can mask a lot of problems in the broader market. Unfortunately for bulls, AAPL is beginning to crack. It began on the day of the July post when it got crushed following its earnings release. It has since broken down more, recently dropping below its post-2009 UP trendline.
– “No Brainer” AAPL Enters Correction, Down 12% From Recent Highs To 6-Month Lows (ZeroHedge, Aug 3, 2015):
Having broken its 200DMA earlier this morning, selling pressure has continued in the “as goes AAPL, so goes the US economy market” stock. Now down almost 12% from earnings exuberance, AAPL is in correction territory and is trading at six-month lows…
Paging Carl Icahn…
– Apple watch needs to see your blood before it works! (Jim Stone, April 29, 2015):
Here’s something interesting and creepy beyond belief – the Apple watch needs to see your blood and know it is being worn before it can receive calls and notifications, OR before it can be used to do any online transaction.On the back of the Apple watch there is a light that has to penetrate your skin and see your blood before the watch will accept the fact that it is being worn. This is part of the heart monitor function. At first I thought this had to be a hoax, but the apple blogs confirm it is real. Apple refuses to comment.Because of this, people who have tattoos on their wrist cannot use the apple watch to do much of anything, not even make calls or receive notifications because tattoos block the watch from seeing their blood. They can’t make online purchases or do anything that requires security because the apple watch wants to see your blood to prove it is you wearing it, and if it cannot it will not enable even basic features. Continue reading »
– The Fate of The Tech Bubble Is In The Hands Of Just One Company (ZeroHedge, April 24, 2015):
With the Nasdaq sitting at new highs having finally eclipsed the previous record of 5,048 set in March of 2000 and with consumers not-so-eagerly awaiting their chance to get in on the supposed wave of the wearables future by purchasing their very own Apple Watch, we learn that the fate of the tech bubble now rests entirely on the shoulders of Tim Cook because as FactSet notes, “blended Q1 Y/Y EPS growth for the Information Technology sector is 0.7% [but] excluding Apple, the blended earnings growth rate for the sector would fall to -5.1%.”
That rather disconcerting statistic makes this the scariest chart in the world for tech investors:
And as it turns out, it’s not just the tech space. Y/Y EPS growth for the entire S&P 500 is expected to come in at -2.8% — excluding Apple knocks more than a full percentage point off the already negative results: “The blended earnings decline for the entire S&P 500 is -2.8%. Excluding Apple, the blended earnings decline for the S&P 500 would increase to -3.9%.”
In other words, the market better hope there are a lot of these people out there: Continue reading »
– Hillary Clinton Caught In Another Lie (ZeroHedge, April 1, 2015):
Three weeks ago, when Hillary Clinton was scrambling to come up with a credible lie to explain why she was using a personal server for email distribution – one that was not US government property and thus exempt from official FOIA requests – she said during a press conference at the United Nations that the reason was simple: it was simply a matter of “convenience” of carrying just one device.
“when I got to work as secretary of State, I opted for convenience to use my personal email account, which was allowed by the State Department, because I thought it would be easier to carry just one device for my work and for my personal emails instead of two.”
As it turns out she lied. Again. Continue reading »
– The CIA Campaign to Steal Apple’s Secrets (The Intercept, March 10, 2015):
RESEARCHERS WORKING with the Central Intelligence Agency have conducted a multi-year, sustained effort to break the security of Apple’s iPhones and iPads, according to top-secret documents obtained by The Intercept.
The security researchers presented their latest tactics and achievements at a secret annual gathering, called the “Jamboree,” where attendees discussed strategies for exploiting security flaws in household and commercial electronics. The conferences have spanned nearly a decade, with the first CIA-sponsored meeting taking place a year before the first iPhone was released. Continue reading »
– How Christy Turlington Cost Apple $17 Billion: The Annotated Apple Watch Event (ZeroHedge, March 9, 2015):
Well that escalated quickly.
AAPL stock surged exuberantly on news of a gold Macbook – ran Friday’s high stops… then started to tumble on the Apple Watch release, but things got really bad once the Christy Turlington cheesey infomercial kicked in:
– US Espionage Blowback: China Drops Apple, Cisco From State Purchase Lists (ZeroHedge, Feb 25, 2015):
Another quarter of leaks of ubiquitous US espionage in every corner of the world, and sure enough we get another quarter of China just saying no to spending any more money on companies which are, as far as Beijing is concerned, a natural extension of the NSA. According to Reuters, China has just dropped some of America’s leading technology brands from its approved state purchase lists, chief among them Cisco (which already was hammered a year ago due to the Snowden revelations), and everyone’s favorite $1 trillion market cap or bust cell phone maker, Apple. Continue reading »