 | Good afternoon Bit |  |  | Apple shares neared a record $400, a day after the world's most valuable technology company posted blockbuster results and triggered a spate of brokerage upgrades. Apple's climb brought the maker of the iPhone and iPad within shouting distance of Exxon Mobil's market value of more than $400 billion despite the oil and gas producer raking in more than four times Apple's annual revenue.
"We expect Apple will become the largest market cap company on the planet when the stock hits approximately $445, which is only about 13 percent away from aftermarket levels," said Gleacher & Co analyst Brian Marshall, based on the assumption that Exxon shares remain flat. Apple shares rose to a high of $405 in after-hours trading on Tuesday.
Apple updated its MacBook Air and Mac mini with next-generation processors and operating systems. The new MacBook Air went on sale starting at $999, with the latest generation of Intel Core i5 and i7 processors, the operating system Lion, and a backlit keyboard. The Mac mini was priced at $599, delivering up to twice the processor and graphics performance of the previous generation, the company said.
Samsung launched a thinner and lighter version of its Galaxy tablet. The Galaxy Tab 10.1 inch is an upgraded version of the 7-inch introduced in October. Priced from $500 onwards in the U.S. market, the same as Apple's 9.7-inch iPad, it faces tough me-too competition from more than 100 devices, mostly running Google's Android operating system.
Samsung poached a second employee from Research In Motion in a month, setting back the BlackBerry maker as it struggles to regain its stride. Ryan Bidan, senior product manager for RIM's PlayBook tablet computer, left for a job as director of product marketing for Samsung Telecommunications America, according to his profile on professional networking site LinkedIn.
Amazon.com said that it had licensed thousands of television shows from CBS, adding content to help the largest Internet retailer compete with giant video streaming company Netflix. The nonexclusive deal adds TV series that include "Frasier" and "Cheers," along with the "Star Trek" franchise, to Amazon's video streaming service.
New software for screening travelers at U.S. airports will do away with naked images, addressing a major public concern, the Transportation Security Administration said. Software upgrades to the 241 millimeter wave body-scanning machines, made by L-3 Communications, will be deployed over the next several months in the 40 airports where they are used, the TSA said. | | | Exclusive: Google offers credit card to advertisers | | July 20, 2011 04:42 PM ET | | SAN FRANCISCO (Reuters) - Google Inc is introducing a credit card for some of its advertising customers, offering its clients a credit line to try and drum up business as competition in the online advertising market heats up. | Full Article | | EBay quarterly results top analyst estimates | | July 20, 2011 04:33 PM ET | | SAN FRANCISCO (Reuters) - EBay Inc reported better-than-expected quarterly results on Wednesday as the company's main online Marketplace business showed signs of a turnaround and its PayPal unit continued to grow quickly. | Full Article | | Competition pushing rates down for cyberinsurance | | July 20, 2011 04:35 PM ET | | NEW YORK (Reuters) - Rates for cybersecurity insurance edged lower in the last few months despite surging demand, as heavy competition brewed among insurers rushing into the market in search of the next profitable product, insurance brokers Marsh said on Wednesday. | Full Article | | | BUSINESS NEWS
| | EU warns of economic damage if Greece summit fails | | July 20, 2011 12:42 PM ET | | BRUSSELS/FRANKFURT (Reuters) - EU leaders must find a convincing solution to Greece's debt crisis at a summit on Thursday or the global economy will pay the price, the head of the European Commission said in an unusually somber warning. | Full Article | | High cancellations depress homes sales | | July 20, 2011 04:23 PM ET | | WASHINGTON (Reuters) - Sales of previously owned U.S. homes hit a seven-month low in June as demand for condominiums fell and contract cancellations surged, dampening hopes the distressed housing market was starting to improve. | Full Article | | White House open to short-term debt extension | | July 20, 2011 03:37 PM ET | | WASHINGTON (Reuters) - The White House shifted gears on Wednesday and signaled that President Barack Obama could support a short-term extension of the U.S. borrowing limits as long as it was part of a broader long-term deficit reduction deal. | Full Article | | | | U.S. TOP NEWS | | | | | RELATED VIDEO | | |  |  | | A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today. |  | | Your daily briefing on the latest tech developments from around the world from Reuters expert tech correspondents. Register Today. |  | | The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day.. Register Today. | | | » MORE NEWSLETTERS | | | ODDLY ENOUGH | | | | | | |
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