Apple Recap: Ditched Proposal, Target Cut, iPhone Victory

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Another week, another bad start. Apple (NASDAQ:AAPL) clearly had the Monday blues, as it fell almost 1.8 percent to $442.80 to start another week on a bad note. Most watchers were trying to analyze how the court decision from Friday that stopped the company’s preferred share proposal from going to vote would affect Apple. Here were the top stories around the stock on the day:

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Apple Changes Proxy

Apple has withdrawn the preferred stock proposal from its annual shareholders meeting proxy after being on the losing end of a court decision regarding it on Friday. A Manhattan district court ordered an injunction on the proposal at the request of the hedge fund Greenlight Capital. “We are disappointed with the court’s ruling,” Apple said in a statement. “Proposal #2 is part of our efforts to further enhance corporate governance and serve our shareholders’ best interests. Unfortunately, due to today’s decision, shareholders will not be able to vote on Proposal #2 at our annual meeting next week.”

Federal judge Richard Sullivan ruled in favor of Greenlight after ascertaining the proposal improperly bundled unrelated terms together… (Read more)

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