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Davidoff

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  • Apple (AAPL) releases Tim Cook's official statement (.pdf) to the Senate ahead of his Tuesday appearance at a hearing on corporate tax payments. Among other things, Apple claims it paid ~$6B in federal taxes in FY12 and a 30.5% effective federal tax rate, and that its foreign units don't engage in the practices the hearing focuses on (the shifting of IP to offshore havens, revolving loans from subsidiaries, etc). The company proposes a tax system that's "revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings." (previous[View news story]
    Apple and other corporations don't pay taxes anywhere. They don't pay taxes in the US nor in the EU. Repatriation is simply one side of the coin and since they don't pay taxes abroad it wouldn't kill them to pay taxes to bring the funds back to the US. It could hardly be considered as being a double taxation. Everyone pays taxes. Personally I pay 60% on my salary and 34% on my companies. So how comes that corporations shouldn't do the same? It's a plain greed and I just don't understand how anyone can defend them.
    May 20 08:39 PM | Likes Like |Link to Comment
  • Apple (AAPL) releases Tim Cook's official statement (.pdf) to the Senate ahead of his Tuesday appearance at a hearing on corporate tax payments. Among other things, Apple claims it paid ~$6B in federal taxes in FY12 and a 30.5% effective federal tax rate, and that its foreign units don't engage in the practices the hearing focuses on (the shifting of IP to offshore havens, revolving loans from subsidiaries, etc). The company proposes a tax system that's "revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings." (previous[View news story]
    Chabig,

    I don't live in the US, so I'm under a different fiscal system and I don't have any mortgage either. However, I'd like to bring to your attention that there is a huge difference between a fiscal deduction, that every citizen can use and that has been put in place by the Governement in order to boost the economy and a monstrous scheme, that Apple uses. Apple simply transfers its funds to Holland, then to Belgium and finally to Ireland in order to pay a scandalous and greedy 6% tax rate without benefiting to any economy and creating any jobs. Do you know anyone who'd pay 6% of taxes and would pretend that it's legal?
    May 20 07:58 PM | Likes Like |Link to Comment
  • Google (GOOG) roundup: 1) YouTube's video upload rate has passed 100 hours per minute. That's up from 72 hours last year, and 48 the year before. The milestone comes as YouTube expands live streaming support, and announces plans to unify its design across devices/platforms. 2) In July, Dell (DELL) will begin selling Project Ophelia, a $100 USB flash drive-shaped device that allows any monitor with an HDMI port to be turned into an Android PC. Dell is also working on "a keyboard-like technology for users to type when Ophelia is docked to a screen." [View news story]
    That's how you kill any smart TV for just $100. The one who would definitely be late for the party is Apple, if they eventually release their TV. I doubt that an iTV would cost $100 more than a simple flat screen TV and would offer more functions than Ophelia.
    May 20 07:50 PM | Likes Like |Link to Comment
  • Apple (AAPL) releases Tim Cook's official statement (.pdf) to the Senate ahead of his Tuesday appearance at a hearing on corporate tax payments. Among other things, Apple claims it paid ~$6B in federal taxes in FY12 and a 30.5% effective federal tax rate, and that its foreign units don't engage in the practices the hearing focuses on (the shifting of IP to offshore havens, revolving loans from subsidiaries, etc). The company proposes a tax system that's "revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings." (previous[View news story]
    Pocahonta,

    It must be fun to believe in fairytales at your age... In the real world, what is called "tax planning" for multinationals is a plain and simple tax evasion for a common citizen. If any person would use the same shady schemes as the corporations do, that person would already be sitting in jail. People get prosecuted for much less than that. You can't "optimize" your taxes and pretend being completely rightful. Either you pay all your taxes, either you evade them. And excuse me, but pretending that Apple thinks about their shareholders by not paying their taxes is a complete nonsense.
    May 20 06:20 PM | 3 Likes Like |Link to Comment
  • Apple (AAPL) releases Tim Cook's official statement (.pdf) to the Senate ahead of his Tuesday appearance at a hearing on corporate tax payments. Among other things, Apple claims it paid ~$6B in federal taxes in FY12 and a 30.5% effective federal tax rate, and that its foreign units don't engage in the practices the hearing focuses on (the shifting of IP to offshore havens, revolving loans from subsidiaries, etc). The company proposes a tax system that's "revenue neutral, eliminates all tax expenditures, lowers tax rates and implements a reasonable tax on foreign earnings." (previous[View news story]
    It might surprise some people, but corporations aren't some extra-governemental entities without any State and allowed to do anything they want. They *should* obey the laws like any other small business does. Apple uses any possible loopholes, any existing tax shelter and fiscal heavens to optimize their taxes and thus to steal money, mainly from the US government, but not only. Some might say that everything that isn't illegal must be tolerated, however I doubt that Apple or any other multinational corporation should be encouraged and be proud of publicly evading taxes and moreover be invited with a red carpet to the Congress in order to expose what their vision of taxation would be. It's like watching Madoff talking about his vision of market regulation. The real economy is built on the small business. People who work in their country, who pay every penny, that they owe to the State and hire national workers without enslaving some Chinese students. But somehow, I doubt that an owner of some bookstore or some restaurant would be invited to the Congress, even though, these people might know much more about the business than some IT geek, whose only merit is to have been close to Steve Jobs. Apple is American only when it comes to its image, but it is certainly not American anymore when it comes to paying its fair share and I find it shameful, disrespectful and morally reprehensible.
    May 20 05:06 PM | Likes Like |Link to Comment
  • "There are only four sources of high-quality maps," Google, Waze, Navteq, and TomTom (TMOAF.PK), says Rolfe Winkler, and given Facebook's rumored $1B acquisition of Waze, TomTom may become an attractive takeover target for the likes of Apple (AAPL) and others who, while able to drive a hard bargain on map licensing fees, may prefer to bid for the Netherlands-based company rather than worry that a rival will acquire it. TomTom trades at an EV/EBITDA ratio of just 6x. (From December: Rabobank puts AAPL/TomTom odds at 30%) [View news story]
    Apple decided to use their own programming codes and data in Plans, but they leased TomTom's maps, graphics, 3D images, guidance, etc. So basically, everything that people liked about Plans came from TomTom and everything that they hated came from Apple.
    May 19 09:16 AM | 2 Likes Like |Link to Comment
  • Nokia (NOK) is investing in Pelican Imaging, whose technology promises to improve autofocus, depth, and splicing for phone camera images, a move NOK hopes will help it win back customers from Apple and Android users. Array cameras, which mesh multiple optics into one image, "are on the cusp of being commercialized. It's very complicated to do this algorithmically, and Pelican is one of the companies that has mastered this technology," Nokia says. [View news story]
    Meanwhile Apple "invest" $50b in their own shares. I just hope that Apple will have enough money left to keep paying Nokia for their patents during the next 5-10 years.
    Apr 30 07:11 AM | 4 Likes Like |Link to Comment
  • Apple (AAPL) files a S-3 shelf registration for the issuance of debt. The details are few, but the company indicated at its last earnings report its intention to take on debt to fund capital returns. Shares +0.8% premarket. [View news story]
    Wrong supposition. I've been short all the way down from $575 till $419 and even that ridiculous old market trick of "annoucing" the shares buy back doesn't make me think that the share will go much higher in the near future. It only shows that Apple's overpaid board lacks of initiative and unlike Jobs, they are more concerned about their stock options value rather than about the company's future. That's a perfect example of the Solow's model.
    Apr 29 11:24 AM | Likes Like |Link to Comment
  • Apple (AAPL) files a S-3 shelf registration for the issuance of debt. The details are few, but the company indicated at its last earnings report its intention to take on debt to fund capital returns. Shares +0.8% premarket. [View news story]
    At least as followed as Enron was.
    Apr 29 09:21 AM | Likes Like |Link to Comment
  • Apple (AAPL) files a S-3 shelf registration for the issuance of debt. The details are few, but the company indicated at its last earnings report its intention to take on debt to fund capital returns. Shares +0.8% premarket. [View news story]
    One of the most shady companies on the market at the moment. Somehow I start to have doubts about their "mythic" $120b of offshore funds... Shares manipulations, tax evasion and accountability manipulations at their best. Anyhow, that's how Job's 0% debt pride goes down.
    Apr 29 09:05 AM | 1 Like Like |Link to Comment
  • Some Apple (AAPL) commentary: 1) Horace Dediu estimates the iPhone and iPad's component costs respectively rose 29% and 65% Y/Y in FQ2, well above rev. growth of 3% and 40%. This, along with a mix shift towards iPads, is mostly responsible for Apple's gross margin drop (rather than price pressure). 2) Tero Kuittinen sees similarities between 2013 Apple and 2007 Nokia. "The strongest parallel is in the weird way both companies started fighting the consumer preference for larger displays … and then dug in as margins began eroding rapidly." Tim Cook may have just hinted a bigger iPhone will eventually arrive. But how long will it take? (yesterday[View news story]
    Chemguy,

    The thing Apple fans and Apple board didn't realize yet, is that it's a free competitive market and not some communist regime. While Apple was opening new markets they could show themselves arrogant and disrespectful towards everyone. Today, 6 years later, each company has it's own iPad and iPhone equivalent to offer, while Apple products become even more irrelevant each day. Today it's not up to the customers to fit to the Apple products, but it's up to Apple to fit to the demand of their customers. A large part of people (and personally I'm not among them) prefer big smartphone screens. What's the point of fighting people's preferences? It's simply a lost cause and the annoying advices like "hold your phone differently"(Jobs) or "buy glasses" just destroy years of marketing and make people move to some other, less sectarian brands. That pointless and unjustified arrogance as well as Apple's uncompromising position will simply prove to everyone how pathetic Apple became without Jobs at the steer. Just another descending company, in the middle of its crash after a decade of glory, following the classic market cycle.
    Apr 27 09:14 PM | 5 Likes Like |Link to Comment
  • Apple (AAPL) -3.4% to $392.50 as the Street continues digesting the light FQ3 guidance provided with its FQ2 beat. BMO's Keith Bachman has cut shares to Market Perform after recently expressing concerns about iPhone mix. "We think the challenges of 1) increased competitiveness in the smartphone market, which we believe will pressure ASPs and margins – will largely offset 2) improved capital allocation." In a set of charts analyzing Apple's results, Dan Frommer points out the iPad is now 20% of sales, and iTunes/Software/Services 9% (the iPhone is 53%). (previous) (transcript[View news story]
    Jack Baker,

    Could you remind me Nokia's share in the nineties/early 2000 and Blackeberry's share during 2004-2007, please? You offer a very weak and desperate argument here. It's not because Apple had a good decade that it's going to continue indefinitely.
    Apr 24 10:37 AM | 1 Like Like |Link to Comment
  • BBM Music, BlackBerry's (BBRY -0.4%) quixotic attempt at creating a "social" subscription-based music service, is set to shut down on June 2. BBM, launched in 2011, costs $5/month, allows users to download 50 songs upon subscribing, and gives them access to the 50 songs downloaded by any invited BlackBerry contact who also joined. With plenty of subscription-based alternatives offering immediate access to huge libraries, few consumers bought in. [View news story]
    Yep, always look on the bright side of life... In my humble opinion BBRY should stop pretending being cool and hype in a pointless attempt to attract teenagers, but rather go back to the basics and put all their efforts in gaining back the corporate world by offering business centered features that nobody else has. Specializing exclusively in the business sector might be the key of succes for BBRY.
    Apr 4 01:44 PM | 2 Likes Like |Link to Comment
  • Wireless hardware distributor Brightstar was the company that placed an order for 1M BB10 (BBRY -3.6%) phones, Detwiler Fentor reports and AllThingsD confirms. Detwiler notes Verizon relies on Brightstar to handle "big-box retail and dealer agent channels," and thinks the order indicates Verizon is trying to mitigate inventory risk by having a distributor handle sales. [View news story]
    When you don't believe in a product you don't order 1 million units, middlemen or not. Fear of not selling them is obviously not the reason of that covered order.
    Mar 25 02:35 PM | 19 Likes Like |Link to Comment
  • With corporate debt yields low and the JV's financial health much improved, Nokia Siemens (NOK, SI) is selling €600M ($779M) worth of bonds in a refinancing effort. NSN had €2.42B in cash/equivalents and €1.13B in debt at the end of 2012,  News of the debt offering comes as Bloomberg again reports Nokia and Siemens have stepped up talks about the future of NSN; one scenario involves a joint buyout of Siemens' 50% stake by Nokia and a "strategic partner." (previous[View news story]
    Or they should simply sell their phone division to Microsoft, which they are going to do eventually. Android market is saturated and even Samsung isn't particularly interested in exploiting Android indefinitely. Nokia is presented by Microsoft as Windows Phone for a reason. Samsung and HTC WP sales were disappointing, Surface tablets weren't selling well yet, so I don't think that Microsoft would release their own phone. They'd rater buy Nokia Phone. It's certainly going to be much cheaper for them. They already spent millions in Nokia's marketing campaign and most of the customer already associate Nokia with Windows Phone. And of course, if MSFT is going to acquire Nokia, they will get their patents and thus a huge weight on the phone market. Unlike Nokia, Microsoft has enough power and financial means to use the patents against the concurrence, unlike Nokia they don't really need any royalties or concurrent business partners.
    Mar 18 08:52 PM | 1 Like Like |Link to Comment
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