Twitter is up 5% (TWTR) | ||
| | ||
Twitter's stock rallied as much as 5% in premarket trading on Friday following news that CEO Dick Costolo is stepping down. In a regulatory filing with the SEC on Thursday, the company said Costolo will step down on July 1, and Jack Dorsey, a co-founder, will become the interim CEO. The stock is flat year-to-date, and up 7% over the past 12 months. Twitter's stock tanked by more than 20% on April 28 when the company's quarterly earnings leaked. It's been a rough year for the company. First quarter revenues came in at $436 million, missing analysts' expectations for $456 million. Adjusted earnings per share of $0.07 beat the forecast for $0.04. Like the broader stock market, Twitter closed little changed on Thursday. Here's a chart showing the pop in premarket trading.
SEE ALSO: We interviewed Jack Dorsey and Dick Costolo. Here's what they had to say ... SEE ALSO: Here's what one former Twitter insider thinks could happen with the CEO search Join the conversation about this story » NOW WATCH: What It Was Like On The Trading Floor During Twitter's IPO  | ||
| |
The most innovative company in the world – as ranked by patents – isn't actually Apple | ||
| | ||
It is frequently said that Apple is the most innovative company on earth because its staff file more patents than any other company. Some years, that is actually true. But not any more. This year, there are 10 companies that have filed more patents than Apple. Sqoop indexes new patent applications and grants as they are published by the United States Patent Office. It has pulled together a list of the companies that have applied for the most patents, and received the most grants, from the USPTO so far this year. What is surprising is that while Apple is often lauded for its innovation, it isn't applying for, or being granted, the most patents. IBM has been granted the most patents this year, having won 3,059 at the end of May. (Yes, that IBM, the big, old, enterprise tech company that everyone thought was being left in the dust by the newcomers of Silcon valley.) Samsung comes second, with 3,052 patents granted. That will help the company fight the myth that it merely copies Apple. Canon is third with 1,782. Apple is at No.11, having been granted 780 patents this year, and Google is at No.5, followed by Sony and Microsoft. Here are the top 40 companies by number of patents granted in 2015: 1. International Business Machines Corporation (IBM) – 3059 2. Samsung – 3052 3. Canon Kabushiki Kaisha – 1782 4. LG – 1263 5. Google – 1083 6. Sony Corporation – 1074 7. Microsoft – 1037 8. Qualcomm Incorporated – 1034 9. Kabushiki Kaisha Toshiba – 1022 10. Panasonic – 896 11. Apple – 780 12. General Electric Company – 730 13. Intel Corporation – 711 14. Ricoh Company – 695 15. Seiko Epson Corporation – 625 16. Taiwan Semiconductor Manufacturing Company – 620 17. Toyota Jidosha Kabushiki Kaisha – 613 18 Fujitsu Limited — 570 19. GM Global Technology Operations – 542 20 Hewlett-Packard Development Company – 531 21. Telefonaktiebolaget L.M. Ericsson – 509 22. Brother Kogyo Kabushiki Kaisha – 486 23. BlackBerry – 461 24. Broadcom Corporation – 454 25. Semiconductor Energy Laboratory – 451 26 Robert Bosch GmbH – 436 27. Honda Motor Co. – 417 28. Sharp Kabushiki Kaisha – 410 29 Hon Hai Precision Industry Co. – 408 30. Amazon Technologies – 391 31. The Boeing Company – 391 32 Siemens Aktiengesellschaft – 388 33 –Micron Technology, Inc. 371 34. Covidien LP – 370 35. Ford Global Technologies – 359 36 Cisco Technology – 353 37 AT&T Intellectual Property – 351 38. Nec Corporation – 336 39. Electronics and Telecommunications Research Institute – 327 4o. SK Hynix Inc. – 323 But Samsung has actually applied for the most patents in 2015, coming in at No.1 on Sqoop's list with 2,487. IBM is at No.2, having applied for 1,764, and Toshiba is at No.3 with 989. On this list, Apple is all the way down at No.23, having only applied for 279 patents up until the end of May 2015. Here are the top 40 companies by number of patents applied for in 2015: 1. Samsung – 2487 2. International Business Machines Corporation – 1764 3. Kabushiki Kaisha Toshiba – 989 4. LG – 856 5. General Electric Company – 664 6. Qualcomm Incorporated – 617 7. Taiwan Semiconductor Manufacturing Company – 561 8. Sony Corporation – 528 9. Hyundai Motor Company – 514 10. Toyota Jidosha Kabushiki Kaisha – 462 11. Google – 439 12. Ford Global Technologies – 437 13. Mitsubishi Electric Corporation – 436 14. Microsoft – 383 15. Fujitsu Limited – 373 16. SK Hynix – 333 17. Ricoh Company – 330 18. Telefonaktiebolaget L M Ericsson – 330 19. Hon Hai Precision Industry – 323 20. GM Global Technology Operations – 296 21. Electronics and Telecommunications Research Institute – 293 22. FUJIFILM – 282 23. Apple – 279 24. Broadcom Corporation – 252 5. Cisco – 254 26. Xerox Corporation – 254 27. The Boeing Company – 253 28. Siemens Aktiengesellschaft – 243 29. AT&T Intellectual Property – 242 30. Robert Bosch GmbH – 236 31. Sharp Kabushiki Kaisha – 234 32. Honda Motor Co. – 214 33. Fuji Xerox Co. – 213 34. NEC Corporation – 195 35. Oracle International Corporation – 194 36. Wistron Corporation – 193 37. Baker Hughes Incorporated – 193 38. Verizon Patent and Licensing – 161 39. Nvidia Corporation – 161 40. Bank Of America Corporation – 160 Join the conversation about this story » NOW WATCH: 5 cool tricks your iPhone can do with the latest iOS update  | ||
| |
How oil flows in and out of every major region around the world | ||
| | ||
Every major economy around the world is fueled by oil. But most of them don't produce the oil they use. In its new "Statistical Review of World Energy" report, BP included a map tracking oil trade flows around the world. The Middle East leads the board in crude exports with 850.1 million tonnes shipped out in 2014. It's followed by Russia (294.8), West Africa (213.9) and Canada (148.6). In terms of product exports, like gasoline and diesel, the US is number one with 179.9 million tonnes, closely trailed by, again, Russia and the Middle East. On the flip side, Europe is the biggest importer of both crude (446.9) and product imports (173.5). The US, China, India, Japan, and Australasia are also major consumers of both crude and refined product. This map also serves as a pretty good tool for seeing who benefitted from the lower oil prices, and who suffered from them.
SEE ALSO: This is what GDP growth looks like around the world right now Join the conversation about this story » NOW WATCH: Forget the Apple Watch — here's the new watch everyone on Wall Street wants  | ||
| |
The gas pipeline ISIS just blew up shows its extraordinary leverage on the Syrian regime | ||
| | ||
The Islamic State militant group is gaining energy leverage on the Syrian regime. On Tuesday, Islamic State (known as ISIS, ISIL, or Daesh) blew up a gas pipeline near the T-4 military airport in east of central Homs province after midnight, according to 9 News. "This pipeline was used to carry gas into the suburbs of Damascus and Homs to generate electricity and provide heating in individual homes," the head of the Syrian Observatory for Human Rights, Rami Abdel Rahman, said. The incident is the latest ISIS-induced pain on Assad's energy resources as the terror army has taken control of numerous oil and gas fields in the Homs province. The group's recent takeover of Palmyra gave them control of key gas fields that serve as the "hub between the extraction of transfer of virtually all of Syria's gas production and the processing and power plants further west that supply electricity and gas for domestic and industrial use to those parts of the country where most of the population lives," according to Yezid Sayigh, a Senior Associate at the Carnegie Middle East Center in Beirut. By taking Palmyra, ISIS is "depriving the [Assad] regime of 45% of its gas and electricity resources, according to Syrian opposition estimates." Gas, unlike oil, requires sophisticated equipment and special pipelines to be transferred. Sayigh writes that, "most of Syria's gas infrastructure is oriented to delivering gas westward, where most of the specialized processing and electricity generation plants lie — under Assad's control."
However, it's not just about depriving the Assad regime. Given that the Assad regime is a business partner of ISIS, the chaos makes sense in terms of making more money. "Instead of merely being a customer for [Islamic State's] oil, the regime is understood to be running some oil and gas installations jointly with the terrorist movement," The Telegraph reported last year in a report detailing a gas facility, jointly run by the regime and ISIS, that supplied government-held areas. Consequently, ISIS can gain leverage in the business relationship by destroying or capturing more of Assad's resources. In late May, ISIS also blew up gas pipeline near regime-held Furqlus, which not only contains a huge gas field, but also the Ebla treatment plant, a Russian-owned Gazprom treatment plant and distribution facility that connects the oil and gas pipelines that make up the Syria's Arab pipeline. As Sayigh writes: "The regime contains a very large, if old, production facility to immediate north of near Homs. Conversely the Islamic State does not possess enough plants to enable it to produce and market usable gas for domestic or industrial purposes, and it is unlikely to capture what it needs in working order. So [ISIS] may be seeking to compel the regime into an exchange: continued flow of gas from eastern fields to regime power plants in return for payment or electricity supply." Check out Yezid Sayigh's full analysis on Carnegie here.
SEE ALSO: REVEALED: The oil middleman between the Syrian regime and ISIS Join the conversation about this story » NOW WATCH: Why Putin is the most powerful man in the world  | ||
| |
Apple just did something that makes it look like the iPod will be killed | ||
| | ||
Apple has just pulled the iPod from its website's main menu, giving Apple Music the portable media player's spot. The main menu at the top of Apple's page used to used to advertise the company's hardware, like the Mac, iPhone, iPod and iPad, and later the Apple Watch. While the rest of Apple's products still take pride of place, the iPod has been removed, AppleInsider pointed out, and Apple Music has taken its place.
The iPod hasn't been removed from Apple's site completely. It can still be found at the bottom of the Apple Music page, or at the company's online store. In the first quarter of 2007, the iPod made up more than 48% of Apple's revenue. But thanks to the iPhone and its smartphone competitors, the device's sales have been declining for years.
If you're wondering about the iPod's recent sales, Apple won't tell. The company has decided to stop revealing the iPod's sales in quarterly filings. There also haven't been any updates to the iPod Touch since 2012, and the iPod Classic was discontinued in 2014. Tim Cook said at the time that the move had come because Apple couldn't get the parts it needed to keep making the device. Observers were doubtful that was true — this is the company that just reinvented gold, after all. Despite rumours picked up by AppleInsider that the iPod Touch might see a revamp at the end of this year, Apple has been putting all its energy into developing its higher-yielding products, and launching Apple Music. And with the launch of the Apple Watch, the company could be hoping that people who aren't happy listening to music on their phones will shell out more for music on the go. Join the conversation about this story » NOW WATCH: Here's what happens when you drop an Apple Watch face down on cement  | ||
| |
What are traders chatting about this morning? The 'Greek Circus' ... | ||
| | ||
Via Dave Lutz at JonesTrading, here's a quick look at what traders are talking about this morning. Good Morning, and Happy Friday! US Futures are in the red, led by a 30bp drop in the Nasdaq with many Biotech names loss leaders early this AM. The Greek Circus continues with a slew of headlines – all focus rolling on June 18th’s Eurogroup meeting. Athens is off 3% with Greek Banks reversing most of yesterday’s gains – but all off the lows of the overnight. The DAX is off 50bp, cutting it’s losses in half early, but Materials and Financials seem to be the biggest drag. Volumes in the continent are quiet, with most markets trading 30%+ light to normal levels. Over in Asia, Shanghai Composite rose 0.9% to its best level since January 2008 despite massive outflows as the PBOC seen cutting Reserve Ratio as early as this weekend; Hong Kong’s Hang Seng rose 1.4%, Tokyo’s Nikkei 225 inched up just 0.1% but Sydney’s S&P/ASX 200 slipped 0.2% as miners struggled following falls for many commodity prices. The KOSPI lost 25bp as MERS concerns continue. The US 10YY is up small after touching 2.36% overnight, while Bund Yields have been rallying after a 85bp touch as Greek paper gets hit this AM. All focus in FX however was on Merkel, as she made a rare intervention in the currency markets by commenting Euro is overvalued. The Surge in the DXY has the $/Y on peaks, and most commodities under pressure. All metals are weaker, save Copper after yesterday’s smackdown – While the softs are all starting in the red. The Oil complex was off 2% earlier as Saudi Arabia said it was ready to raise output further if needed – but has since managed to stage a rally back toward unchanged. Scheduled Catalysts include PPI in the USA at 8:30 - U of Michigan at 10 and Baker Hughes rounds us out at 1pm. CFTC “Commitment of Traders” data hits at 3:30. In DC, at 8:30 FCC Chief Information Officer David Bray speaks on cybersecurity; while the House votes on fast-track trade legislation. Join the conversation about this story » NOW WATCH: Two models in Russia just posed with a 1,400-pound bear  | ||
| |
Apple made a tiny change that could bring about the 'app Renaissance' (AAPL) | ||
| | ||
Apple has made a change to its developer software Xcode that could help customers download, share and run thousands of apps for free. Apple didn't say anything about it on stage at WWDC, its annual developer conference, but it has tweaked Xcode to allow users to "sideload" apps. 9to5Mac explains that sideloading is where people download or build an app, then put it directly on their phone. You used to have to be a fully fledged Apple developer to do that, paying $99 a year for a developer account. But the latest version of Xcode does away with the requirement that only developers can sideload apps onto their iPhone. That's hugely exciting news for developers and customers — now developers can release apps outside of the App Store, as long as they release open source versions of them. One Reddit user suggests that Apple's change could herald the start of an "app Renaissance," where users are free to download and install any app they like, outside of Apple's App Store restrictions. One user joins in the excitement, commenting "Free Open Source on iOS... here we go! This iOS 9 is a wolf in sheep's clothing..." Sideloading could mean that users will be able to play the banned game "Phone Story" on their iPhones again. The app was released in 2011 and criticised Apple's manufacturing process, but Apple booted it from its App Store shortly after release.
Join the conversation about this story » NOW WATCH: Kids settle the debate and tell us which is better: an Apple or Samsung phone  | ||
| |
10 things you need to know before the opening bell (SPY, SPX, QQQ, DIA, TWTR, DISH, TMUS, BBRY, GOOG) | ||
| | ||
Here is what you need to know. Twitter's CEO is out. Dick Costolo is stepping down as chief executive officer of Twitter. On his departure, Costolo told Business Insider's Jay Yarow, "There's never going to be a perfect time." Costolo will be replaced on an interim basis by Twitter cofounder and board member Jack Dorsey, who was ousted in 2008. Dorsey was twice asked by Yarow whether he wanted to be named full-time CEO, and he responded: "I'm not focused on that question at all. I'm focused on making sure we continue our momentum and to amplify what we're doing." Germany is planning for a Greek exit from the euro. The German tabloid Bild reports the German government is making precautionary preparations for a default by Greece after negotiations between Greece and the International Monetary Fund broke down on Thursday. The report suggests Berlin is preparing debt haircuts and capital controls. On Monday, Bank of America Merrill Lynch analyst Athanasios Vamvakidis said: "Greece and its creditors will have to finalize the deal by the end of this week, the Greek parliament will have to approve the deal the following week, and the European parliaments will have to approve it during the last week of June (assuming away problems with the summer recess)." Greece's two-year yield is up 45 basis points at 24.75%. The PBOC is expected to cut its reserve requirement ratio. China Merchants Bank believes the People's Bank of China could cut its key lending rate as soon as this weekend. Analyst Liu Dongliang thinks the PBOC will lower its reserve requirement ratio by as much as 100 basis points to 17.50%. According to Bloomberg, "That would be the third reduction this year." China's yuan slipped fractionally to 6.2084 per dollar. Dish is trying to get funding to make a bid for T-Mobile. Dish Network is reportedly in talks with banks to borrow between $10 billion and $15 billion to make a bid for T-Mobile US. People familiar with the matter told The Wall Street Journal that if a deal happened, it would most likely be primarily made up of stock. According to The Journal, "A deal agreement between Dish and T-Mobile isn't imminent, and it is possible there won't be one." Blackberry might use Google's Android software. Unidentified sources told Reuters, "The move to use Android is part of BlackBerry's strategy to pivot to focus on software and device management." The smartphone maker has struggled to win back market share from Apple and other devices. The House is set to vote on President Obama's Pacific Rim trade deal. The trade deal would include 40% of the global economy, with a passage in the House putting it on the "fast track" as the Senate has already given its stamp of approval. According to Reuters, "Fast-track authority would let lawmakers set negotiating objectives for trade deals, such as the Trans Pacific Partnership, but restrict them to only a yes-or-no vote on the finished agreement." Guggenheim's CIO says the talk of a bond bubble is nonsense. Scott Minerd says talk of a bubble in bonds is overblown. "I've been looking for Sasquatch in the bond bubble, or the credit bubble," Minerd said Thursday at a Standard & Poor's conference. "And I haven’t found either one yet." Minerd believes long-term bond yields will hold steady or even fall. Dominique Strauss-Kahn was acquitted of charges of aggravated pimping. The AP reports, Strauss-Kahn, the former managing director of the IMF, told the court "he participated in 'recreational sessions' while he was busy 'saving the world' from one of its worst financial crises." The judge ruled Strauss-Kahn was a "customer" and not a pimp. Global stock markets are mixed. Britain's FTSE (-0.4%) paces the decline in Europe after Hong Kong's Hang Seng (+1.4%) led the way in Asia. S&P 500 futures are down 4.75 points at 24.75%. US economic data flows. PPI is due out at 8:30 a.m. ET, and University of Michigan Consumer Sentiment will cross the wires at 10 a.m. ET. The Baker Hughes rig count will be released at 1 p.m. ET. Join the conversation about this story » NOW WATCH: The most important thing Hugh Hefner taught me about business  | ||
| |
Former IMF chief Strauss-Kahn has been acquitted of pimping charges in French trial | ||
| | ||
Former International Monetary Fund chief Dominique Strauss-Kahn has been acquitted by a French court of aggravated pimping charges. He told the court on Thursday that he participated in sex parties reminiscent of orgies in antiquity because he needed "recreational sessions" while he was busy "saving the world" from one of its worst financial crises. A panel of French judges ruled that he was a libertine, a "customer," but not a pimp, and that there was no evidence that the 66-year-old was an instigator of the gatherings, according to Bloomberg. The women at the sex parties, however, were prostitutes — and testified that they weren't having fun at all during these "beast-like scenes." The court in Lille found Strauss-Kahn not guilty of charges of "aggravated pimping." Despite his sordid testimony, many expect him to be acquitted, citing limited evidence pointing to a punishable crime. The verdict is the last step in four years of legal drama for Strauss-Kahn that began when a New York hotel maid accused him of sexual assault in 2011, killing his presidential ambitions. That case was later settled out of court. Strauss-Kahn, 66, is among more than a dozen other defendants, including hotel managers, entrepreneurs, a lawyer, and a police chief. They are accused of participating in or organizing collective sexual encounters in Paris, Washington, and the Brussels region in 2008-2011, when Strauss-Kahn was IMF chief — and married. During the three-week trial in February, the man known in France as DSK stuck strictly to his line of defense, saying repeatedly that he did not know that the young women at the parties were prostitutes. He said he thought they were simply "libertine." The sometimes tearful testimony of two prostitutes cast a harsh light on Strauss-Kahn's sometimes brutal sexual practices. But they testified that they had never told him directly about their professions. Other defendants described how they had voluntarily built up a wall of silence around their powerful friend to protect him from any embarrassing leak. Even the prosecutor, unusually, asked for Strauss-Kahn's acquittal, saying the trial did not back up the charge of aggravated pimping, which requires proof that he promoted or profited from prostitution. The prosecutor, however, did ask for the codefendants who admitted having organized these evenings and paid the girls to be convicted and sentenced. Join the conversation about this story » NOW WATCH: This animated map shows the largest company by revenue for every state  | ||
| |
The most innovative company in the world – as ranked by patents – isn't actually Apple | ||
| | ||
It is frequently said that Apple is the most innovative company on earth because its staff file more patents than any other company. Some years, that is actually true. But not any more. This year, there are 10 companies that have filed more patents than Apple. Sqoop indexes new patent applications and grants as they are published by the United States Patent Office. It has pulled together a list of the companies that have applied for the most patents, and received the most grants, from the USPTO so far this year. What is surprising is that while Apple is often lauded for its innovation, it isn't applying for, or being granted, the most patents. IBM has been granted the most patents this year, having won 3,059 at the end of May. (Yes, that IBM, the big, old, enterprise tech company that everyone thought was being left in the dust by the newcomers of Silcon valley.) Samsung comes second, with 3,052 patents granted. That will help the company fight the myth that it merely copies Apple. Canon is third with 1,782. Apple is at No.11, having been granted 780 patents this year, and Google is at No.5, followed by Sony and Microsoft. Here are the top 40 companies by number of patents granted in 2015: 1. International Business Machines Corporation (IBM) – 3059 2. Samsung – 3052 3. Canon Kabushiki Kaisha – 1782 4. LG – 1263 5. Google – 1083 6. Sony Corporation – 1074 7. Microsoft – 1037 8. Qualcomm Incorporated – 1034 9. Kabushiki Kaisha Toshiba – 1022 10. Panasonic – 896 11. Apple – 780 12. General Electric Company – 730 13. Intel Corporation – 711 14. Ricoh Company – 695 15. Seiko Epson Corporation – 625 16. Taiwan Semiconductor Manufacturing Company – 620 17. Toyota Jidosha Kabushiki Kaisha – 613 18 Fujitsu Limited — 570 19. GM Global Technology Operations – 542 20 Hewlett-Packard Development Company – 531 21. Telefonaktiebolaget L.M. Ericsson – 509 22. Brother Kogyo Kabushiki Kaisha – 486 23. BlackBerry – 461 24. Broadcom Corporation – 454 25. Semiconductor Energy Laboratory – 451 26 Robert Bosch GmbH – 436 27. Honda Motor Co. – 417 28. Sharp Kabushiki Kaisha – 410 29 Hon Hai Precision Industry Co. – 408 30. Amazon Technologies – 391 31. The Boeing Company – 391 32 Siemens Aktiengesellschaft – 388 33 –Micron Technology, Inc. 371 34. Covidien LP – 370 35. Ford Global Technologies – 359 36 Cisco Technology – 353 37 AT&T Intellectual Property – 351 38. Nec Corporation – 336 39. Electronics and Telecommunications Research Institute – 327 4o. SK Hynix Inc. – 323 But Samsung has actually applied for the most patents in 2015, coming in at No.1 on Sqoop's list with 2,487. IBM is at No.2, having applied for 1,764, and Toshiba is at No.3 with 989. On this list, Apple is all the way down at No.23, having only applied for 279 patents up until the end of May 2015. Here are the top 40 companies by number of patents applied for in 2015: 1. Samsung – 2487 2. International Business Machines Corporation – 1764 3. Kabushiki Kaisha Toshiba – 989 4. LG – 856 5. General Electric Company – 664 6. Qualcomm Incorporated – 617 7. Taiwan Semiconductor Manufacturing Company – 561 8. Sony Corporation – 528 9. Hyundai Motor Company – 514 10. Toyota Jidosha Kabushiki Kaisha – 462 11. Google – 439 12. Ford Global Technologies – 437 13. Mitsubishi Electric Corporation – 436 14. Microsoft – 383 15. Fujitsu Limited – 373 16. SK Hynix – 333 17. Ricoh Company – 330 18. Telefonaktiebolaget L M Ericsson – 330 19. Hon Hai Precision Industry – 323 20. GM Global Technology Operations – 296 21. Electronics and Telecommunications Research Institute – 293 22. FUJIFILM – 282 23. Apple – 279 24. Broadcom Corporation – 252 5. Cisco – 254 26. Xerox Corporation – 254 27. The Boeing Company – 253 28. Siemens Aktiengesellschaft – 243 29. AT&T Intellectual Property – 242 30. Robert Bosch GmbH – 236 31. Sharp Kabushiki Kaisha – 234 32. Honda Motor Co. – 214 33. Fuji Xerox Co. – 213 34. NEC Corporation – 195 35. Oracle International Corporation – 194 36. Wistron Corporation – 193 37. Baker Hughes Incorporated – 193 38. Verizon Patent and Licensing – 161 39. Nvidia Corporation – 161 40. Bank Of America Corporation – 160 Join the conversation about this story » NOW WATCH: 5 cool tricks your iPhone can do with the latest iOS update  | ||
| |
