Today in business: 5 things you need to know

1. APPLE TRIES TO BUY BACK INVESTORS' LOVE

Apple released a first quarter earnings report yesterday that showed a staggering $9.5 billion profit, and also announced that it will bump up its stock dividend by 15 percent and increase its stock buyback program six-fold, to $60 billion. By Apple's estimates, it's the largest buyback program in history. Some worry the plan is an attempt by the tech giant to veil the fact that its days of releasing groundbreaking technology are over. "Apple is officially no longer a high-growth tech stock, valued on its monster potential," said Felix Salmon at Reuters. "Instead, it has become a cash cow, valued on its ability to pump hundreds of billions of dollars into its shareholders’ pockets." [Reuters, New York Times]

………………………………………………………………………………

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up

2. BOEING REPORTS BIG PROFITS — DESPITE DREAMLINER

Boeing reported profits of $1.11 billion in the first quarter off $18.9 billion in revenue, exceeding analysts' expectations. The numbers are particularly good news for a company that has spent months fighting a PR disaster. In January, regulators grounded a fleet of 787 Dreamliners after batteries smoldered in a pair of the jets. After months of tests, regulators approved battery fixes Tuesday, meaning Dreamliners could be back in the air in just days. The jet company now expects to meet delivery expectations on 787s for 2013. Shares are up from $75 at the end of 2012 to $91 today. [Wall Street Journal]

………………………………………………………………………………

3. GOOGLE GLASS HAS A RIVAL, SORT OF

At an event in New York City Tuesday night, Japanese entrepreneur Takahito Iguchi unveiled Telepethy One — wearable image-streaming glasses that take photos and video for the wearer. Sound familiar? Tech writers are, of course, comparing the device to Google Glass. But Iguchi highlights the main difference: The chief purpose of Telepathy One is to enable a user to share experiences with loved ones. Indeed, a cell phone app controlled by another person captures the images of what the wearer sees. Katie Fehrenbacher of CNN says the company is too small to pose a real threat to Google Glass, but she credits the creators for choosing one functionality — social image sharing — to win people over. Iguchi hopes to lauch by Christmas 2013. [CNN]

………………………………………………………………………………

4. ELECTRIC CAR MANUFACTURER FISKER MISSES FEDERAL LOAN PAYMENT

California-based electric car-maker Fisker just missed its first payment on a $529 million loan from the federal government. And today, a congressional hearing titled "Examining the Department of Energy's Bad Bet on Fisker Automotive" will discuss what went wrong. Fisker's failure is drawing comparisons to Solyndra, a solar-panel manufacturer, which famously entered bankruptcy and liquidation in 2011 after blowing its own massive federal loan. [Bloomberg]

………………………………………………………………………………

5. AMERICA'S $100 BILL IS GETTING A FACELIFT

Don't be surprised if you don't recognize your hundred dollar bills starting in October. On Wednesday, the Federal Reserve announced plans to finally release the redesign for Ben Franklins, which they completed in 2010. The chief changes will be new security features such as a blue, 3D security ribbon and a "bell in the inkwell" (see the image here). It will also have raised printing and a large gold "100" on the back. [MarketWatch]