Reuters - Video

Edition: US | UK | IN | CN | JP

Tech Videos

Techquity: Apple stock falls on iTunes Radio, Pandora jumps

Monday, June 10, 2013 - 03:45

Jun 10 - Apple holds its world-wide developers conference and announces a new updated operating system, new Mac models and iTunes Radio, but the news failed to wow investors. Facebook gets a boost from Stifel.

▲ Hide Transcript

View Transcript

The wait is over. Apple announcing a highly anticipated aren't radio or rather iTunes radio and it's worldwide developers conference today but investors. I'm not impressed. Apple shares falling Q percent immediately after the announcement hitting a session low of 436 dollars and eighty cents a share erasing slight gains earlier in the day. I -- radio was part of Apple's new mobile operating softer IOS seven which CEO Tim Cook called the biggest change to Iowa since the iPhone. The new music service will be free to users but will come at no ads for subscribers iTunes match digital content featured. Apple dominates the US market for -- music downloads but streaming services and cut into that segment of the market. So market racers anticipate the papers on business might become obsolete. In the next five years. ITunes radio -- apple in this fast growing streaming business and it takes on the likes of market leaders pandora and Spotify. Endorsers which to hit early last week on speculation that apple would announces streaming service jumping roughly 2% today. Facebook's stock heading higher today. FaceBook shares popping 5% after steeple upgraded the stock from hold to buy. And its price target at 29 dollars implying roughly 20% potential upside. The annals as FaceBook represents one of the most compelling investments in the Internet sector right now and -- fort near term catalyst for the stock first. Stocks inclusion S&P 500 is expected next year. He's he's investors embracing back to school traders desktop revenue C a seasonal spike. Monetization from FaceBook exchange video ads and potentially in mr. grant. Is expected to improve and finally you know pictures of so badly underperformed the sector year to date the stock price is due to catch up. Tomorrow FaceBook will also host its first annual shareholder meetings since going public. With Facebook's stocks still well below its offering price investors will be looking for updates on user activity. Google's finalizing a one point three billion dollar deal for mapping -- ways. Sources say the deal expected to be announced sometime this week. Now Facebook's buyout talks with weight fell apart last month. What is breaking news columnist rob -- says FaceBook may get another stat that require a user base maps service. Let's who want -- well two reasons first off to make its maps better the more data the better the second as defensive. Other companies like apple and FaceBook are also -- maps and try to catch up with Google are buying way to keep this company out of the hands of its rivals. The other important thing to look out for his index this company's -- his biggest rival. It's gonna have -- IPO in several months we don't quite know yet but wait -- acquisition for over a billion dollars is -- for index. Shares of Google today trading up slightly at around 889 dollars apple and its rivals nursing a further shift in demand from domestic. Overseas. Next year more Smartphones tablets and PCs we'll -- be shifting emerging markets and develop markets. Research firm IDC forecasts -- emerging markets or account for more than 60% of the one point seven billion units that will be shipped worldwide. And amid shrinking demand for PCs. Smartphones and tablets will account for. 86% of shipments of Smart devices to emerging markets driving sales there falling prices and growth of acts. And that's equity this Monday remembering can falls on Twitter at RT RS -- I'm Fred Katayama and this is --

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Techquity: Apple stock falls on iTunes Radio, Pandora jumps

Monday, June 10, 2013 - 03:45