Carl Icahn Posts Response to Apple On Proxy Proposal for Share Buyback, Buys $500 Million More in Stock
Several weeks ago, Apple filed a statement with the SEC advising shareholders to vote against activist investor Carl Icahn’s non-binding “advisory” share buyback proposal from early December.
The proposal will be voted on by shareholders at Apple’s stockholder’s meeting, to be held at Apple’s headquarters at some point in the next couple of months. Today, Icahn published a seven-page letter to shareholders advocating for a yes vote on its proposal.
He also announced that he purchased another $500 million in Apple stock today, bringing his cumulative total to $3.6 billion. Just yesterday, Icahn revealed that he had surpassed $3 billion in AAPL ownership. He also stated on CNBC that his criticism was reserved for Apple’s board of directors, not its management.
In the letter, Icahn explains his belief that Apple’s stock is a “no brainer” to purchase, and that Apple’s board should be supportive of a significant increase in Apple’s share repurchase program. He argues that Apple’s stock — currently priced at $555 — would be priced at $840 if its price to earnings ratio was the same as the average P/E across the S&P 500.
We believe, however, that this share repurchase authorization can and should be even larger, and effectuating that for the benefit of all of the company’s shareholders is the sole intention of our proposal. The company has recommended voting against our proposal for various reasons. It seems to us that the basis of its argument against our proposal is that the company believes, because of the “dynamic competitive landscape” and because its “rapid pace of innovation require[s] unprecedented investment, flexibility and access to resources”, it does not currently have enough excess liquidity to increase the size of its repurchase program. Assuming this indeed is the basis for the company’s argument, we find its position overly conservative (almost to the point of being irrational), when we consider that the company had $130 billion of net cash as of September 28, 2013 and that consensus earnings are expected to be almost $40 billion next year. Given this massive net cash position and robust earnings generation, Apple is perhaps the most overcapitalized company in corporate history, from our perspective.
Bought another $500mil of $AAPL tday, bringing our total to $3.6 billion. If board doesn’t see AAPL’s ‘no brainer’ value we sure do.
— Carl Icahn (@Carl_C_Icahn) January 23, 2014
The full letter is available from the SEC and comes ahead of Apple’s first quarter earnings report, scheduled for Monday afternoon. The company is expected to report the strongest results for any quarter in its history.
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HondaLink Offers Partial Car-iPhone Integration Ahead of Apple’s ‘iOS in the Car’ Initiative
While Apple’s upcoming iOS in the Car functionality has been gaining significant attention, some automakers have been developing their own systems to allow for greater integration between iPhones and vehicles.
Back in December, Honda announced new HondaLink apps and functionality to allow iOS devices to integrate with the new 2014 Civic and upcoming 2015 Fit, and MacRumors recently sat down with a Honda representative to walk through the system that offers solid integration for several features but unsurprisingly does not yet achieve the vision of iOS in the Car.
The HondaLink experience for iOS arrives in the form of four App Store apps: a Connect app that serves as the hub for passing information such as weather, location searches, and Honda service information from the iPhone to the car, an Aha app that offers an interface to the streaming music service, a Launcher app that will allow approved third-party apps to interface with HondaLink, and a $59.99 Navigation app that offers turn-by-turn GPS navigation powered by Nokia’s HERE services.
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Spigen working to keep smart covers working for Samsung Devices
The story broke yesterday that the most recent update to the Samsung Galaxy Note 3 killed of a lot of compatibility with various 3rd party smart cover cases. Those would be the ones that allow you to flip a cover over your screen and still get information in a preview window. This came as after a new update to the Note 3 that gave the devices KitKat 4.4.2.
Both Samsung and Spigen (the manufacture that popped up in the beginning) have both issued some official statements on the issue. Samsungs choice of wording is particularly compelling. They aren’t saying it did break 3rd party functionality, but they aren’t saying it didn’t break the compatibility either.
Statements on the use of third-party accessories To ensure a pleasant and smooth user experience with Samsung products for our customers, we recommend that only original accessories from Samsung be used. Of course, customers can continue to rely on third-party accessories. The full functionality of our devices and accessories, however, can only be ensured with genuine Samsung components, since only in this way it is ensured that equipment and accessories are perfectly matched. A correlation between the Android version 4.4 and the supposed incompatibility of third-party accessories does not exist.
Spigen is checking into the issue.
In regards to Android KitKat, Spigen will continue to support Galaxy devices and their smart functions. We’re currently looking into the issue and will have a more detailed plan of action by next week.
So far we have only seen people talking about this with the more recent update that was released for the Galaxy Note 3. That doesn’t mean that it won’t spring up on other Galaxy devices later on. You almost get the feeling that they are going the way of Apple with shenanigans like this. While we understand the need “To ensure a pleasant and smooth user experience with Samsung products” it still limits the consumers options and being forced to use “Samsung components” for construction of 3rd party products will only drive up the price tag. Much like all Apple certified products cost a bit more than others.
Whats your take on this whole situation? Is Samsung getting to big for their britches?
Source: Android Authority
Kernel code for the T-Mobile Xperia Z1s released by Sony
The kernel source code for a device is a great thing for developers and those that like to tinker with their device. More and more manufacturers are starting to get on the proverbial bandwagon and have been doing a fairly great job at keeping the kernel codes for their devices out and available. Many have even been right on point to have them available right after an update goes out or when a new device is physically available for purchase. Sony has done just that. Just yesterday the Xperia Z1s became available for customers at physical T-Mobile stores. At the same time, Sony released the kernel code for that very device.
Wahoo! Right? Well, sort of. While the kernel code is key to development and tweaking of your device, it won’t do much good if the bootloader doesn’t get unlocked. That is and still is an issue with the original Xperia Z from T-Mobile. It didn’t gain a large enough following for the devs to spend a lot of free time cracking it open. Which is sad because it really is a great device. Same thing applies to the Xperia Z1s as T-Mobile has requested the bootloader be locked. Not really surprising though. Hopefully the Z1s gains enough of a following that this little issue gets side skirted.
Go get your download on if you would like to though. You can pick up the 347MB file over at Developer.SonyMobile.
Source: Sony Mobile Via Android Police
Nokia Normandy to be Unveiled at February Press Event?
The Nokia Normandy has been a mythical creature of 2014, and now Nokia has sent out press invites for an event during Mobile World Congress next month. The event is set for the 24th of February, but it is still unclear on what they plan on showing us during this event. Some are speculating that maybe the Nokia Normandy will show its pretty face there, but with Microsoft’s acquisition of the company, we might not ever see an Android powered Nokia device.
Microsoft isn’t planning on being a huge presence at this year’s MWC, mainly because there isn’t much on the drawing board for them. Windows 8.1 is reported to be shown off at the Build Conference in April, so I guess we will see what Nokia has in store for us. You guys think the Normandy will show up? Let us know.
Source: The Verge
Tiny power plant can charge a pacemaker through heartbeats
Pacemakers and other electronic implants are a pain to keep running — patients need surgery to replace batteries, and body-powered generators aren’t currently strong enough to charge these devices. They may be far more practical in the future, though, as American and Chinese researchers have developed a piezoelectric power plant that could charge an implant all by itself. The prototype machine generates electricity through the movement of nanoribbons that are tiny enough to be sewn into an organ’s surface, but efficient enough to power a pacemaker solely through heartbeats. The device could also keep implants going through the motion of a diaphragm or lung. Scientists still need to test the long-term viability of this miniscule energy factory; there’s no guarantee that it’s safe enough to last for years inside a human body. If it proves useful, however, it could save implant recipients from repeatedly visiting the hospital for maintenance.
Filed under: Wearables, Science, Alt
Via: Stuff.tv
OnePlus One will see international availability next quarter, feature ‘2014 flagship specs’
The puzzle pieces are slowly but surely coming together on the OnePlus One, the mysterious new device currently in development by the company founded by Ex-Oppo exec Pete Lau. In a series of new Facebook posts today, the company has revealed that the CyanogenMod-running smartphone will be available internationally in the second quarter of this year and will come with only “2014 flagship specs, both inside and outside.” The latter part shouldn’t come as much of a surprise to those who have been following the new company since its recent birth, as Lau specifically mentioned that his new venture would spare no expense to build the perfect smartphone.
OnePlus isn’t getting specific on where we’ll see the One show up internationally, but it at least mentioned that it will come with nine-band LTE support (for bands 1/3/4/7/17/38/39/40/41). These frequencies will ensure high-speed coverage for many parts of Asia (including healthy support for China), Europe, Africa and North America, but there’s no guarantee that this means mobile operators will carry the device directly. We expect OnePlus to continue feeding us bits and pieces about its dream phone as we continue to get closer to its launch.
Filed under: Cellphones, Wireless, Mobile
Source: OnePlus
Edward Snowden will be doing a live Q&A today at 3PM ET
Whether you think he’s a hero or a traitor, we’re sure you’ve got a few questions for Edward Snowden. The whistleblower who pulled back the curtain on the NSA’s vast surveillance program will be taking your questions live today (January 23rd) at 3PM on FreeSnowden.is. Wondering how he feels about the latest round of reforms, or whether he feels slightly hypocritical about living under the increasingly authoritarian regime of Vladimir Putin? Now is your chance to find out. Head here at the prescribed time to put your queries to the most famous whistleblower in recent history.
Filed under: Misc
Via: The Verge
Source: Free Snowden
Google’s ready to give away over $2.7 million to folks that hack Chrome OS successfully
But not if you hack from the comfort of your own home. Instead, you’ll have to travel to the CanSecWest security conference in Vancouver this March to showcase your skills at Google’s Pwnium 4 competition. For those who aren’t familiar, Google’s been holding these Pwnium contests for years as a means to crowdsource the finding of security bugs in both the Chrome browser and Chrome OS.
This year, like last year, Google’s offering $110,000 for each “browser or system-level compromise in guest mode or as a logged-in user, delivered via a web page,” and $150k to anyone who can “compromise with device persistence: guest to guest with interim reboot, delivered via a web page.” We don’t understand exactly what that means, but we feel certain that with so many dollars at stake, there will be no shortage of interested parties who do. Plus, there are “significant” bonuses available for “particulary impressive or surprising” exploits — so feel free to get creative, folks. Would-be winners should also know that the offers are good for hacks performed on the ARM-based HP Chromebook 11 or the Intel-packing Acer C720, and you’ve gotta register by 5PM Pacific Time on March 10th to compete. No time like the present, y’all.
Via: The Next Web
Source: The Chromium Blog, Pwnium 4 Official Rules
Apple Updates iWork for iCloud Apps With Flat iOS 7 Design, New Features
Apple today updated its iWork for iCloud web apps (via 9to5Mac), introducing an iOS 7-style “flat” redesign that includes a revamped look for the document library and template selection screen in Pages, Keynote, and Numbers. In addition to a new look, all three apps have also gained several new features, including the ability to add a password and share password protected documents with other users.
Continuing its efforts to add collaborative features to iWork for iCloud, Apple has also added new options to view files shared by other users within each app.
Each app has also received upgrades to bring the software more in line with Apple’s iWork Mac apps. Pages now supports floating tables, page numbers, page counts, and footnotes, along with keyboard shortcuts for resizing, rotating, and repositioning objects. Keynote offers the same keyboard shortcuts and support for floating tables, and all three apps have gained rich formatting of text in table cells and bug fixes and stability improvements.
Apple likely has plans to introduce additional updates to iWork for iCloud in the near future, bringing the iOS 7-style design to all elements of the apps. iWork for iCloud continues to lack some notable collaborative features, including the ability to track changes and comment on content.
The iWork for iCloud software is available to all users for free and it can be accessed through Apple’s iCloud.com website.
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