Two major developments this week in separate, high profile Apple lawsuits. It's like going back in time to tell the court "my bad." Step into our DeLorean today and we'll travel back in time to revisit some courtroom drama that is back in the news again.
Hearings began this week in David Einhorn's lawsuit against Apple, and right away the rockstar hedge-fund manager got the court to lean a little in his favor. This case is going to be fast and furious, particularly with an Apple event just a few days away that Einhorn would like to see postponed. Is Einhorn just playing the role of greedy investor, trying to puppet-string the stock market with a slick PR campaign? Or does this lawsuit actually have some legitimate legs?
A few weeks ago, we mentioned the growing discontent from some Apple investors, and the lurking potential for legal action. Well, last Thursday one of Cupertino's high-profile investors did just that, and launched a lawsuit against Apple in Federal District Court in Manhattan. A few days ago, Tim Cook responded like a parent answering a child who won't stop asking for a pony. Nobody likes to get swept into a high-profile lawsuit, do they?
Shortly before the stock markets closed this evening, news broke that Steve Jobs would be stepping down as CEO of Apple. This news came as a shock to many in the Apple community, and that shock seems to have also affected Apple stock price in after-hours trading.
While no one can deny Nintendo had a huge hit on its hands with the Wii, outside of the living room a very different tale has unfolded. As the iPhone, iPod touch and iPad have risen in popularity, it’s coming at the expense of Nintendo’s own portable game systems.
As most of you have no doubt seen by now, it has been a wild ride in the stock markets across the globe this week. Despite the volatility, Apple did have a bright spot in that it was able to close today as the world's most valuable company, overtaking Exxon Mobil.