Friday's Apple Recap
Here’s what you need to know about Apple (NASDAQ: AAPL) as you end the trading week.
Apple to Hold Annual Meeting Today
Friday is Apple’s annual shareholder meeting in Cupertino. Stockholders will have a chance to ask CEO Tim Cook about everything from the company’s product strategy to its plans for its cash. But no major news is expected.
Analysts believe that Apple will not release any new information, as the company has a long history of not disclosing information regarding future product launches or any key information at its shareholder meetings.
Indeed, the best chance for financial drama already evaporated. Carl Icahn had originally promised to push for seats on Apple’s board, but abandoned those efforts when the company announced earlier this month that it had repurchased an additional $14 billion worth of stock after shares plunged following its earnings release.
Driver’s Maps Conviction Overturned
A California appeals court overturned the conviction of man that was using a mapping app while driving. In 2012, Steven Spriggs was ticketed by a California Highway Patrol officer for using his iPhone 4 while in traffic.
Spriggs challenged the $165 fine saying that he was using his mapping app to find an alternate route so he wouldn’t be stuck in construction.
The court said that the state’s distracted driving laws allowed for the use of mapping apps since it he wasn’t “listening and talking” as the law reads.
Related: Five Star Stock Watch: AT&T
OS X Upgrade has Some Users Angry
The hate-speak continues to pour in after Apple released OS X 10.9.2 earlier in the week. Users are complaining that AirPlay Mirroring no longer works. AirPlay Mirroring allows a user to duplicate their screen on another device. AppleInsider reports that many of its readers have noticed a similar issue.
The update was also supposed to address erratic behavior with Apple’s mail app, but users continue to report problems.
The update, released Monday, February 24, was pushed out rapidly to address a security issue that would allow hackers access to sensitive data. Users were told to change their passwords even after the upgrade was installed.
The stock rose sharply Thursday after threatening to break gap support around $515. This is good news for Apple longs concerned with the downtrend that started two weeks ago.
However, the bounce may be short-lived, as investors may have bought ahead of the shareholder meeting. Investors will watch the $515 level closely, as any break could signal an acceleration of the downtrend.
Disclosure: At the time of this writing, Tim Parker was long Apple.
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