Investing in Tech: Apple and Verizon Entering New Territory, Hulu Extends Deadline for Bids
Apple (NASDAQ:AAPL) co-founder Steve Jobs announced late Wednesday that he would be stepping down from his position as chief executive. Longtime number two, CEO Tim Cook, will be taking over. Jobs will be staying on as chairman of the board. Hot Feature: What Does Steve Jobs Resignation Mean for the Future of Apple?
Verizon Wireless (NYSE:VZ) is acquiring CloudSwitch, a developer of software that allows companies to more easily move applications to cloud platforms like Amazon Web Services (NASDAQ:AMZN) and Microsoft’s (NASDAQ:MSFT) Azure.
The FCC is asking AT&T (NYSE:T) for more information on the carrier’s proposed $39 billion acquisition of T-Mobile, particularly on how the acquisition would allow AT&T to expand high-speed wireless service in the U.S. The request follows an earlier AT&T filing to the FCC that showed the carrier could deploy high-speed Long-Term Evolution, or LTE, coverage to 97% of the U.S. population for only $3.8 billion, a fraction of the purchase price for T-Mobile.
Investing Insights: Steve Jobs Prepares to Deliver a New Catalyst for Apple’s Stock.
Research in Motion (NASDAQ:RIMM) has confirmed rumors that it is launching a subscription music service for users of its BlackBerry smartphones. However, RIM is already being criticized for the service, which costs users $5 each month.
Amazon (NASDAQ:AMZN) is launching its local deals site in New York City after launching in Boise Idaho and a few dozen other cities. The site hopes to capitalize on Groupon’s business model.
ACI Worldwide (NASDAQ:ACIW) has raised the cash portion of its hostile bid for banking software firm S1 (NASDAQ:SONE) from $5.70 a share to $6.20 a share (on top of 0.1064 ACI shares). S1 rejected ACI’s previous bid earlier this month, reaffirming plans to acquire Fundtech (NASDAQ:FNDT).
Renaissance Learning (NASDAQ:RLRN) has received an unsolicited $455 million cash offer from educational software company Plato Learning. The offer exceeds that of private equity firm Permira Funds, which Renaissance accepted earlier this month.
Hulu’s owners — Comcast (NASDAQ:CMCSA), News Corp. (NASDAQ:NWSA), Disney (NYSE:DIS), and Providence Equity Partners – have delayed the deadline for initial bids in the auction for the streaming-video service until the end of the week in order to allow interested parties to review the site’s financial information. Yahoo! (NASDAQ:YHOO), Google (NASDAQ:GOOG), DirecTV (NASDAQ:DTV), and Amazon (NASDAQ:AMZN) are among the parties expected to bid on the site. Hulu’s owners hope to raise $2 billion from the sale.
Jive Software has announced plans to raise $100 million in its initial public offering, under the ticker JIVE. The company offers cloud-based services for business collaborations. Jive lost $31 million in the first half of 2011 on $34 million in revenue.