Market Minute: Tim Cook Tries to Show Apple's Still Innovative


The bulls try to reassert control on Wall Street, and Apple needs to show that it's still on top.

After a volatile week of trading, with the market taking big swings from day to day, investors are trying to figure out whether the heavy selling has run its course, or if it was just a taste of what's to come over the next few weeks.

A rally on Friday lifted the major averages into the plus column for the week. The Dow Industrials (^DJI) gained 0.9 of a percent, the S&P 500 (^GSPC) rose 0.8 and the Nasdaq (COMPX) added 0.4.

Apple CEO Tim Cook arrives to testify before the Senate Homeland Security and Governmental Affairs Permanent subcommittee on Investigations on Capitol Hill in Washington, District of Columbia, U.S., on Tuesday, May 21, 2013. Photographer: Pete Marovich/Bloomberg
Bloomberg / Getty Images
Apple (AAPL) chief Tim Cook is expected to unveil a new music streaming service today to compete with Spotify and Pandora (P), as well as new versions of the operating systems that power iPhones, iPads and Macs. The company is under the gun to prove that it can still be an innovation leader without Steve Jobs. There are also rumors that Apple will make some sort of surprise announcement at its World Wide Developers Conference.

Google (GOOG) is reportedly near a deal to acquire popular app start-up Waze, which makes traffic and mapping software. News reports say Google is set to pay at least $1 billion dollars. Apple and Facebook (FB) were also said to be interested in buying Waze.

Warren Buffett's Berkshire Hathaway (BRK-A, BRK-B) is reportedly looking to expand its already huge insurance holdings. An Italian paper says Berkshire is interested in buying the assets that Italian insurer Unipol must sell in order to complete a big buyout it has agreed to make. Berkshire's insurance businesses already account for about a quarter of the company's revenue.

Business information provider IHS (IHS) has agreed to acquire R.L. Polk, which owns Carfax, the popular provider of information about used cars. The deal is valued at $1.4 billion.

And Exide Technologies (XIDE) has filed for bankruptcy protection, for the second time in a decade. The company makes batteries for BMW (BAMXF), Nissan and others.

-Produced by Drew Trachtenberg

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They are very innovative, particularly when it comes to legal gimmicks to avoid taxes.

June 10 2013 at 11:47 AM Report abuse rate up rate down Reply

How much more electronic crap do humans need to distance themselves from their own kind. I see people so captivated by this hand held device that they're oblivious to their surroundings.

June 10 2013 at 10:16 AM Report abuse +1 rate up rate down Reply

>"Wall Street Tries to Make Sense of Volatile Week"<

Volatile because those with money want to make more, the media wishes to convince Americans that obama is "saving the world," and the economy is getting better, but the American working class - what's left of it - is finally wising up and realizing with nearly half the country depending on support from the other half, the worker bees are getting fed up.

Or as Jefferson said, "We are quickly reaching the point where 7/8 of the people expect to live off the other 1/8 of the people."

June 10 2013 at 9:53 AM Report abuse +3 rate up rate down Reply
1 reply to posthuf's comment

You are right. But these are the people who Obama wants. Stupid, uneducated and willing to take something for their vote. The American dream is quickly fading away. Working hard, paying for your children's education, paying your home off and saving for retirement is a thing of the past. Some people would rather settle for SS disability (even though they can work), public housing, a free Obama phone, food stamps and anything else they can somehow qualify for because it"s FREE. Well It's NOT free, hard working Americans are paying for it.

June 10 2013 at 10:30 AM Report abuse +1 rate up rate down Reply