Apple Inc. (NASDAQ:AAPL)
Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.
AAPL Board of Directors announced that Steve Jobs has resigned as Chief Executive Officer, and the Board has named Tim Cook, previously Apple’s Chief Operating Officer, as the company’s new CEO. Jobs has been elected Chairman of the Board and Cook will join the Board, effective immediately.
The iPad was introduced less than a year and a half ago has already sold nearly 29 million units as it inspired rivals in a tablet computer market that scarcely existed before Apple stepped in.
The new version of Apple Inc.’s iPhone 5 is expected to be marketed by the Three dominant players, AT&T Inc., Verizon Communications and Sprint Nextel Corp., by mid October.
Steve Jobs’ resignation appears to be the result of an unspecified medical condition for which he took a leave from his post in January.
For more information about Apple Inc. please visit http://www.apple.com
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Bank of America Corporation (NYSE:BAC)
Bank of America Corporation is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,800 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world’s leadingcand is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.
Bank of America Corporation announced today that it reached an agreement to sell 50,000 shares of Cumulative Perpetual Preferred Stock with a liquidation value of $100,000 per share to Berkshire Hathaway, Inc. in a private offering. The preferred stock has a dividend of 6 percent per annum, payable in equal quarterly installments, and is redeemable by the company at any time at a 5 percent premium.
In conjunction with this agreement, Berkshire Hathaway will also receive warrants to purchase 700,000,000 shares of Bank of America common stock at an exercise price of $7.142857 per share. The warrants may be exercised in whole or in part at any time, and from time to time, during the 10-year period following the closing date of the transaction. The aggregate purchase price to be received by BAC for the preferred stock and warrants is $5 billion in cash.
For more information about Bank of America Corporation please visit http://www.bankofamerica.com
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TiVo Inc. (NASDAQ:TIVO)
Founded in 1997, TiVo Inc. developed the first commercially available digital video recorder (DVR). TiVo offers the TiVo service and TiVo DVRs directly to consumers online and through third-party retailers. TiVo also distributes its technology and services through solutions tailored for cable, satellite, and broadcasting companies.
TiVo Inc. today reported financial results for the second quarter ended July 31, 2011. For the second quarter, TIVO service and technology revenues were $49.6 million, compared to our guidance of $46 million to $48 million and up 18% compared to $42.1 million for the same period last year and $38.8 million in the fiscal first quarter 2012.
For the third quarter of fiscal 2012, TiVo anticipates service and technology revenues in the range of $49 million to $51 million.
For more information about TiVo Inc. please visit http://www.tivo.com/
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