Google One ups Apple (YahooFinance)
Will Apple, Inc., have to get used to playing second fiddle, now that the innovative genius of Steve Jobs isnâ??t leading new product development at the company?Â That possibility certainly looks like the case today, after Google announced the release of its $35 Chromechast hardware. This thumb-sized adapter is Googleâ??s low-priced alternative for streaming Internet content to TV, built to compete with Appleâ??s $1,000 Apple TV product. However, the enormous price difference doesnâ??t mean the game is over for Apple. According to James McQuivey, principal analyst for Forrester research, â??It doesnâ??t make Apple suddenly shake in their bootsâ?¦ If you own an iPad, an iPhone or an Apple laptop, this isnâ??t something youâ??re going to buy.â?ť However, because Chromecast supports both Android and iOS technology, if Apple officials arenâ??t quaking in their boots, perhaps it is because theyâ??re still asleep.
Zynga Doesnâ??t Gambleâ?¦ And Loses (Bloomberg)
Shares of Zynga plunged up to 16 percent in extended trading after the company announced that it would no longer be pursuing online gambling in the United States. The fall brought Zynga shares under $3 each and negated some of the 48 percent share increase the online gamer had realized since it initially announced its foray into online gambling in the United States. The online gambling market in the United States is expected to be worth some $7.4 billion by 2017, as estimated by English gambling researcher H2 Gambling Capital. According to Bloomberg, with this admission of defeat, third-quarter losses for Zynga could triple or more, from 2 cents per share to as much as 9 cents per share. For Zynga to mount a comeback, itâ??s going to have to improve its mobile presenceâ?¦ and that wonâ??t come easily, or quickly.
USA! USA! USA!… Post-Bankruptcy GM Offers Hope for Detroit (Bloomberg)
General Motors surpassed Toyota in Q213 as the worldâ??s largest seller of automobiles. With 2.49 million vehicles sold in the period ending in June, GM narrowly eclipsed the 2.48 million vehicles sold by Toyota. Volkswagon was a not-too-distant third with 2.39 million vehicles sold. GM, along with Ford, both posted numbers that beat analystsâ?? estimates for the quarter, while Japanese maker Toyota saw its deliveries drop on a weaker domestic market and consumer backlash in China. However, investors shouldnâ??t bet the house on U.S. automakers just yet. Based on a decline in the yen, the value of Japanese exports has risen substantially this year. And when Toyota reports earnings on Aug. 2, analysts project a 48 percent surge in profits. GMâ??s post-bankruptcy recovery may become a source of hope for the companyâ??s hometown of Detroit as the Motor City begins what its emergency manager intends to make an expedited trip through bankruptcy court, too.