Stocks: Will Apple be the first to hit $1 trillion?
“Apple is within striking distance of a trillion-dollar market value,” said Paul La Monica in CNN.com. This week the computer and phone maker confirmed blockbuster second-quarter results as profits soared to $11.52 billion, up almost a third from this time last year, on the back of an impressive 41.3 million iPhone sales. That delighted investors, who sent Apple’s market value above $980 billion by midweek. “Apple also has been using a nearly $245 billion stockpile of cash to boost its dividend and stock buyback program as a reward for investors.”
Media: New claims in Viacom-CBS battle
CBS senior executives led by CEO Les Moonves have been accused “of destroying evidence in the media company’s messy legal battle with Shari Redstone,” said Tim Baysinger and Tony Maglio in TheWrap.com. The accusation was leveled in a Delaware court filing this week as lawyers for Redstone, daughter of Viacom magnate Sumner Redstone, suggested CBS management relied on TigerText, an “ephemeral messaging application” known for its self-destructing messages for business communications. Moonves is fighting off Redstone’s attempts to recombine Viacom and CBS. The case returns to court in October.
Tech: Uber gives up on self-driving trucks
Uber has slammed the brakes on its self-driving truck project, said Kirsten Korosec in TechCrunch.com. The ride-hailing company shuttered the “beleaguered program” and shifted the focus of its Advanced Technologies group to self-driving cars. The unit has been developing self-driving systems based on highly accurate, laser-generated 3-D maps. The effort to establish a truck unit has been “plagued by controversy since its beginning,” when Uber bought Otto, a self-driving truck startup founded by Google engineers. After some minor success, the acquisition sparked an expensive trade-secrets lawsuit with Google parent Alphabet.
Retail: Amazon soars to record profit
Amazon’s quarterly profits have rocketed to $2 billion for the first time, said Laura Stevens in The Wall Street Journal. The $2.53 billion profit in the second quarter is up more than 10-fold from $197 million in the same period last year. The stellar financial results were “powered by the company’s newer services businesses that are ushering the online retail giant into an era of swelling profitability.” Sectors such as the company’s cloud-computing business, its burgeoning advertising offerings, and its seller services helped hand Amazon its third straight quarter of $1 billion–plus profits.