Tech Business Review: Nokia’s Roller Coaster Day, Facebook’s German INQUIRY
These were yesterday’s top stories:
Liberty Media Corp. (NASDAQ:LMCA) closes in on taking control of Sirius XM Radio Inc. (NASDAQ:SIRI), as its grows its investment from 46.2 percent to 48 percent. Chief Executive Greg Maffei of Liberty last week commented that he wants to get a portion of the cash his company has spent on buying Sirius shares back, remarking that the latter needs to borrow money to buy back shares or to pay dividends.
Don’t Miss: Apple’s GIFT to Shareholders is NEAR.
Shares of Nokia Corporation (NYSE:NOK) moved up premarket following remarks made by company Chief Executive Stephen Elop, which indicated that a Windows 8 smartphone would be ready in a “relatively near term,” and hinted that it might occur at the Nokia’s trade show in Helsinki on Sept. 5th through the 6th. If the firms pulls that off, it would predate the launch of Apple’s new iPhone by at least a week. However (as anyone who follows Nokia’s fortunes would expect to hear right about now), S&P downgraded the company’s debt rating from BB+ to BB+, with a negative outlook, pointing out lower revenue, earnings, and cash flow predictions to due Nokia’s market share losses.
Facebook’s (NASDAQ:FB) facial recognition technology is the subject of a reopened inquiry conducted by German data protection officials, who allege that the firm is illegally collecting a huge database of users’ photos without their consent. In response, Facebook says that its European Union operations are headquartered in Ireland, where such policies are legal. In any case, the maximum penalty would be €25,000, but such a finding couldn’t help the company’s PR efforts.
Sprint Nextel Corporation (NYSE:S) now offers its new customers a $100 AmEx gift card when they buy any smartphone, which includes iPhone 4S, for which the firm has made large purchase commitments, but it recently felt pressured to cut its prices by $50. Apple’s retail stores subsequently equaled the reduction.
Don’t Miss: Judge to Apple, Samsung: It’s Time For Peace!
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