Friday, December 30, 2011

Is Verizon Really Instantiating a New Fee?

Verizon Communications, the 2nd largest telecommunications provider and largest wireless provider in the United States has confirmed that it will be adding a $2 "convenience fee" to customers who pay bills online or over the phone. Is Verizon looking for the same trouble from consumers as the US banks? Earlier this year, Bank of America cancelled its proposed ideas to charge a $5 debit card fee. Customers were enraged. Verizon seems to be on the same path, adding fees to services which do not actually cost the company more money to provide. While paying bills online or over the phone is a convenience for users, it is not exactly fair for the company to charge an extra fee for this. Companies have been urging consumers to switch away from paper and move to online, for years now. Paying bills online not only saves paper, but it saves the processing time as the system is completely automated. Essentially it's probably cheaper for Verizon to process an online payment than any other method.

What will likely enrage customers the most is the fact that they were suckered in to online payments not long ago. Furthermore, Verizon is charging this fee to make a payment. Let me repeat that: A Fee To Make a Payment. This is essentially forcing customers to pay a fee, at their inconvenience. At this point, Verizon should just be happy that their customers are willing to pay them, and won't switch to other carriers that do not charge a fee for no extra benefit.

Tuesday, December 27, 2011

The SHLD is Down

Sears Holding Corporation fell an astounding 27% in today's trading as the company said it would begin closing between 100 to 200 Sears and K-Mart stores. This notice comes during the popular holiday season, which signals to investors that the holiday season has not been so hot for Sears. Sears has been losing money for the past three quarters so far, which is worrisome for investors.

Brick and Mortar retailers have been suffering lately, as Best Buy also had a sales declines as the company was offering large discounts this holiday season. Sears saw sales at existing stores drop 5.2% since the beginning of the quarter right through to the holidays. Of course it is likely that online retailer Amazon.com, which it's new price-compare app has been eating into the retailers' profits. Amazon is an experienced, tech-savvy competitor that knows what its customers want. The company is probably stealing customers left and right from the brick and mortar stores, which are down on their game.

Saturday, December 24, 2011

Expedia Parts Ways with TripAdvisor

Expedia today completed its spin off of TripAdvisor which was approved by shareholders. The deal allowed shareholders  to receive one share of Expedia and one share of TripAdvisor for every two shares of Expedia held before the stock's reverse split. The deal was received successfully and is intended to create value for shareholders and the sum of the parts is greater than the whole.

TripAdvisor includes the domestic and international operations associated with TripAdvisor Media Group. This includes 18 brands. The Expedia portion will include popular brands such as Expedia.com, Hotels.com, Hotwire.com, Carrentals.com, and more. The transaction that took place is tax free for investors, however Expedia's dual class share structure will likely remain the same for TripAdvisor as well. Companies with dual class share structures tend to trade at a discount to an equivalent firm with a single-class share structure, as most of the voting power is usually given to a single party under dual class.

Thursday, December 22, 2011

Market Inches Higher On Job And Consumer Optimisim

Stock markets were well in the green in afternoon trading December 22 as jobs numbers came out better than expected early this morning combined with talks of returning consumer optimism. The Unemployment claims came in at 364K versus the estimate of 376K which is an improvement of 4K over last month's data. Some analysts are wondering if the jobs situation has finally taken a turn for the better.

However, the unemployment claims numbers simply report on people who have filed for unemployment. This means that they are currently seeking employment. Analysts are saying that perhaps many Americans have simply given up looking for employment completely. This would remove them from that statistic and make it appear to be better when there is really no improvement.

The Dow Jones was up 72.43 points or 0.6% to 12,180.17. The S&P 500 was up 10.14 points or 0.82% to 1,253.58, and the Nasdaq was up 20.95 points or 0.81% to 2,598.92. Also, consumer optimism has led to Apple shares (NADAQ: AAPL) climbing $2.50/share to $398.94 teasing that $400 mark. Reports were out that Apple was selling higher volumes of iPhones than expected. This has been giving a boost to the stock and analysts are expecting it to blow out earnings estimates next quarter. Tim Cook said the earnings missed last quarter because consumers were holding out on iPhone purchases until the new model came out. Well, now that the new model is out, consumers are not letting up with their purchases and this combination will lead to a massive earnings spike for Apple next quarter.

Teva Pharma Poised To Capitalize on Competitor Patent Cliff

Teva Pharmaceutical gave its business outlook conference call today. The company is beginning to listen to investor needs and is looking for ways to generate value for its shareholders and to be more upfront and transparent. In the past the company seems to have kept quiet and its ideas under wraps; however with the patent cliff occurring for other major drug companies in which Teva will benefit from, Teva likely feel more bullish going forward. For one, the company is being more transparent with investors, providing early guidance and more details about the firm. Teva stock sold off this morning, down over 3%, however rebounded during the day and was only down just over 1%.

Teva is a leading global generic drug company and is preparing to capitalize on the expiration of billion dollar patents from Pfizer and other large competitors within the industry. Teva boats the largest product offering in the industry, has wide economies of scale finally bolstered by its acquisitions, and is essentially a marketing company ready to take advantage of the new playing field.

The company estimates that it will have $22 billion of sales in 2012 and $5.48-$5.68 in earnings per share for next year. To put this into perspective, the firm has TTM sales of just over $17 billion. Current EPS on the company is just $3.36. Although the company's forecasts were slightly below analyst estimates, it is clear that this miss was expected and largely baked into the stock price which has been in bear mode for quite some time. Teva has been rising significantly over recent weeks and is up over $6 from its lows just 3 months ago, as investors are preparing for the enormous boost in sales and earnings. The company is also aiming to purchase 8% of the outstanding shares in a buyback program, financed by free cash flow. Teva also has the financial capabilities to increase the dividend, however this is speculation as there has been no word on this yet.

Finally, Teva highlighted Europe as a continued success story. It seems that the fear over Europe has not affected the generic drug company. Furthermore, Teva stated that it will not be making any large acquisitions in 2012 - this is positive news for investors as multiple acquisitions in 2011 have had negative effects on quarterly earnings. While Teva has had an excellent track record for integration of acquired companies, the market has not shown any mercy in 2011. However with all the new patent expirations and Teva's now much larger global reach, the strategy is in tact and the company seems poised to capitalize on the long term trend for generic drugs.

Tuesday, December 20, 2011

Google and KKR Heat Up the Solar Industry

Tech giant Google is teaming up with KKR & Co to invest a total of $189 million into US solar projects. Google is investing $94 million into California solar farms by buying a large equity stake in Recurrent Energy. The facilities will have a large 88 MW capacity and long term contracts have been signed to sell the electricity back to the grid.

However, this is a time where the solar industry is under pressure. First Solar, one of the largest companies in the business has been struggling lately. Investors seem to be valuing solar assets for most companies to be almost worthless, which has sent stock prices crashing. Although solar cells are not very efficient in converting the sun's rays into electricity, they still offer the cleanest and greenest ways to harness energy. Google and KKR believe that the solar industry will bounce back eventually, and when it does, their decision will likely prove to have been wise.

Oracle Q2 EPS $0.54 vs $0.57 Est., Revenues $8.8B vs $9.23B Est. Shares Plunge (NASDAQ: ORCL)

Oracle Corp. (NASDAQ: ORCL): fell by 7.99% or $-2.33/share in after hours trading to $26.84 on Q2 earnings miss . In today's trading session, ORCL traded higher by 1.94% or $0.56/share to $29.17. In the past year, the shares have traded as low as $24.72 and as high as $36.50. On average, 31147700 shares of ORCL exchange hands on a given day and today's volume is recorded at 33236078. The shares are currently trading below the 200-day moving average which indicates that the shares have been suffering from downward momentum lately. The stock may bounce higher to test the 200-day moving average, so look for a move up to the $30.39 area where the stock may encounter resistance.

Oracle Corporation (NASDAQ: ORCL) today announced fiscal 2012 Q2 GAAP and non- GAAP total revenues were up 2% to $8.8 billion . Both GAAP and non-GAAP new software license revenues were up 2% to $2.0 billion . Both GAAP and non-GAAP software license updates and product support revenues were up 9% to $4.0 billion . Both GAAP and non-GAAP hardware systems products revenues were down 14% to $953 million . GAAP operating income was up 12% to $3.1 billion , and GAAP operating margin was 35%. Non-GAAP operating income was up 3% to $3.9 billion , and non-GAAP operating margin was 45%. GAAP net income was up 17% to $2.2 billion , while non-GAAP net income was up 6% to $2.8 billion . GAAP earnings per share were $0.43 , up 17% compared to last year while non-GAAP earnings per share were up 6% to $0.54 . GAAP operating cash flow on a trailing twelve-month basis was $13.1 billion .

Apple Stock Up 3% on Legal Victory (NASDAQ: AAPL)

Shares of Apple Inc (NASDAQ: AAPL) were up 11.52$/share or 3% to $393.72 on Tuesday as the company is victorious in its legal battle against HTC. The Federal agency ruled against the Taiwan HTC Corp stating that some of its HTC smart phones using Google Android's software platform infringe on an Apple patent. The company is still in disputes with Samsung over patent infringements on the Nexus phone.

Apple's invention allowed users to see e-mail addresses and phone numbers as hyperlinks. HTC said in a response that it will alter its design to avoid infringing on Apple's patents. If that doesn't happen, the ITC said it will place an import ban on HTC Android phones beginning on April 19, 2012.

Investors were very excited about this news today and pushed the stock significantly higher. Buying pressure also came from the fact that the entire market was up a whopping 2.6% today on better than expected German consumer sentiment out of Europe and higher than anticipated housing numbers in the U.S.

Markets Rally Sharply Higher on Positive Economic Data

The S&P futures started rallying overnight as German consumer sentiment numbers came in higher than expected. The GfK German Consumer Climate was 5.6 versus forecast of 5.5. Also, the German Ifo Business Climate number came in at 107.2 versus estimates of 106.2. This sparked European markets to trend higher all night and into the North American market open.

In the United States, both building permits and housing starts numbers came in higher than expected. Building Permits came in at 0.68M versus 0.63M on the estimate. Furthermore, Housing Starts were 0.69M versus the 0.64M forecast.

The S&P 500 futures are up 25.50 points or 2.11% to 1224.50. The Dow Jones Industrial index soared near the 12,000 level up 234 points or 2%. Many big name stocks were moving the market including Apple, Amazon, Netflix, Bank of America, Deckers, etc. These names were all trading in the green. Among the most notable losers was Red Hat, Inc. which reported disappointing earnings after the close yesterday. The shares traded lower by 5.43%.

Investors Punish Eldorado Gold, Down 13.62% After Announcing Purchase Agreement for European Gold Fields

Shares of Eldorado Gold (NYSE: EGO) fell 13.62% or $2.04 today closing at $12.94 per share. The drop was caused by the purchase announcement made by Eldorado that they would acquire European Goldfields (TSE: EGU) in a cash and share deal worth $2.5B. European Goldfields will receive 0.85 Eldorado shares and C$0.0001 in cash for each one of their shares. When the annoucement was made, this represented a purchase price valued at $12.73 for European Goldfields. However, since Eldorado dropped so significantly, the deal is worth much less now.

On average, 3649290 shares of EGO exchange hands on a given day and today's volume is recorded at 10484923. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $17.42 area but be careful because the stock may face selling pressure at this level. Eldorado Gold Corporation (Eldorado) owns and operates gold mines around the world.

Monday, December 19, 2011

Hats off to Red Hat? Probably Not ThisTime.

Red Hat, the cloud company whose logo looks like a T-Rex together with a rabbit, reported earnings after the bell today. The company adjusted earnings for Q4 was $0.26 to $0.27 per share versus the consensus of $0.26 per share. The company sees sales of $289 to $292 million versus the consensus of $292.5 million, which is slightly below analyst expectations.

Red Hat raised its 2012 adjusted earnings per share forecast from $1.03-$1.05 per share to $1.07-$1.08 per share. Analysts were expecting $1.05. Red Hat however was down 3.34% in today's trading, and is currently down an additional 8.66% after hours. The stock is trading near the $42 range.

Accenture Earnings Results. Delivered.

Accenture (NYSE: ACN) reported its results for the first quarter. The consulting company earned net income $712 million or 96 cents per share versus the $606 million or 81 cents per share in the same quarter last year. This is a rise of 18% from the year-ago quarter. Furthermore, revenue rose 17.1% to $7.1 billion from last year’s quarter. Accenture beat the consensus analyst estimate of $0.94 per share as well as the average revenue estimate of $6.85 billion.

The company has been doing quite well lately. It is even in premarket trading. However consulting and management services have been red hot. Just looking at companies like IBM and Oracle who are beginning to recognize the importance of customization and close customer relationships. They are all building strong momentum and are quickly tapping in to the new customer need for reliable technology services.

Tuesday, December 13, 2011

Intel Drops Unexpectedly

Intel dropped 4% as the firm cut revenue citing lower PC production and hard drive shortages due to the floods in Thailand. While Intel fell to the $24 range, the stock is still up over 14% year to date. The chip maker has been breaking out over the recent months, but the dismal revenue forecast will likely put an end to the momentum.

While Intel raised its dividend earlier this year, the company now sports a 3.5% yield at current levels. This will likely act as a cushion for the stock, which is now one of the Dow Jones Industrial Average's top yielders.

Friday, December 9, 2011

Facebook IPO, Employees Looking Forward to Being Rich


Facebook.com is the world's number 1 social media website with over 700 million subscribers. The IPO is going to be the biggest internet IPO ever valuing the company at as much as $100B. Some are shocked that an internet company with nothing but software code can be worth so much. The truth is that this company can make insane revenues from advertising and targeted marketing. The Facebook platform is not just a medium for you to interact with your friends. In fact, it is a marketer's dream as it allows advertisers to target exactly who they want down to their favorite sports, music, hobbies, etc.

The Facebook IPO is said to generate over 1000 millionaires if it were to occur. Employees have been already planning how they will spend their money. Facebook has to now wonder if its employees will stay with the company once they all become very wealthy. This is an ongoing problems with startup companies that make it big. It was those employees that made the company what it is, and now that they are rich, will they want to continue working such long hours for a little extra cash?

Thursday, December 8, 2011

Key Economic Indicators to Watch for On Thursday Dec 8th

There are some key economic indicators that are likely to move the market sharply tomorrow morning, so you may want to pay attention to their results while you analyze the pre-market news.

8:15am:

Canadian housing starts. Previous month's came in at 208K and forecasts for this month are at 203K.

8:30am:

Canadian New House Pricing Index (NHPI) month over month growth is forecasted at 0.3% compared to 0.2% last month.

European Central Bank (ECB) is holding a press conference.

United States unemployment claims are forecasted at 397K versus 402K last week.

10:00am:

United States wholesale inventories expected to increase 0.4% month over month compared to a decline of 0.1% the prior month.

10:30am:

United States natural gas storage is expected to have declined by 10B versus declining 1B prior to that.

Wednesday, December 7, 2011

Carrizo Oil & Gas Highlighted by Jim Cramer and EPSWire

Mad Money's Jim Cramer highlighted EPSWire's Twitter question on Carrizo Oil & Gas.

Carrizo Oil & Gas Inc. (NASDAQ: CRZO) traded higher by 1.32% or $0.38/share to $29.08. In the past year, the shares have traded as low as $18.02 and as high as $44.17. On average, 1243830 shares of CRZO exchange hands on a given day and today's volume is recorded at 889952. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $30.93 represents resistance and the 50-day moving average of $27.13 would be an area of support.

Tuesday, December 6, 2011

Quadra FNX Agrees to $15 Per Share All-Cash Takeover by KGHM (TSE: QUX)

Quadra FNX Mining soared nearly 40% to $15.88 on Tuesday as the company announced it has accepted a takeover offer from KGHM Polska Miedz SA, a polish company. The polish company said they had made so much money from copper this year that they have a large amount of excess cash to be put to use. They figured acquiring a Canadian copper mining company would be a solid investment. Moreover, Quadra FNX's share price has been hammered as of late dropping below 9$ in recent months.

Interestingly, shares of QUX trended higher throughout the day suggesting that there may be another higher offer still to come. Why would investors continue to buy up the stock if the set transaction price was at 15$? The deal still needs to be approved by 66% of the shareholders before it is official. Call option volume soared with April 15$ calls trading as high as $1.40 on the day pricing in the fact that we are likely to see above $16 or even $17 for the ending share price. The deal is valued at $3.5B in cash.

West Face Capital announced that it has acquired 3,730,900 common shares of Quadra FNX on December 6th at an average price greater than 15$. Perhaps they know of another party that may be interested in paying higher for the company. Analysts are also suggesting that West Face Capital doesn't want to let the company go for a cheap cheap price of $15/share. West Face Capital owns approximately 6.27% of the outstanding shares

Monday, December 5, 2011

GoDaddy to Increase .COM Prices by 7% Effective January 15, 2012

GoDaddy.com announced today that it will increase prices by 7% for its .com domain names effective January 15, 2012. In order for customers to avoid paying the increased rate, they will have to renew before January 15th. Customers are encouraged to renew for multiple years at once to lock in long-term savings.

This is a brilliant move on GoDaddy.com's part as they will likely raise a large amount of cash from customers renewing early or even renewing for multiple years at a time. Analysts are questioning why GoDaddy.com is hungry for so much cash. Perhaps they will use it to increase advertising or roll out new programs. Kibbens said he doesn't believe GoDaddy.com has a cash flow problem but this is definitely raising eyebrows. He added that this could also be a defensive strategy to get people locked into GoDaddy.com instead of moving to other cheaper domain name providers which can now be purchased through Google (NASDAQ: GOOG) for only $10 versus GoDaddy.com's $11.99 price ($12.83 after the 7% hike).

AutoZone Trading Higher, Before the Bell Tomorrow (NYSE: AZO)

AutoZone Inc. (NYSE: AZO) is expected to earn $4.44 per share for quarter ended Nov 2011. Estimates from Wall Street analysts ranged from as low as $4.27 per share to as high as $4.60 per share. For the same quarter last year, the company earned $3.77 per share. Revenues are expected to come in at $1.89B. Shares of AutoZone Inc. traded higher by 2.30% or $7.59/share to $337.81. In the past year, the shares have traded as low as $246.26 and as high as $341.89. On average, 371267 shares of AZO exchange hands on a given day and today's volume is recorded at 175438. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $327.73 area where the stock will likely see buying pressure.

Last week, Jim Cramer from Mad Money on CNBC said that he expects AutoZone to beat analyst estimates. Cramer said "AutoZone will blow away numbers because it has the most aggressive buyback out there". Cramer predicts it will beat its 52-week high.

AutoZone, Inc. (AutoZone) is a retailer and a distributor of automotive replacement parts and accessories.

Sunday, December 4, 2011

S&P Futures Open Higher on Strengh in Euro and Commodities

The S&P futures pushed higher by 0.72% or 9 points to 1252.50 up to a high of 1254.75 quickly off the 6:00PM (EST) open Sunday night. The move was fueled by the rise in the Euro, up 13 pips, and a solid push from commodities such as copper, gold, silver, and oil. The USD fell against the CAD and other major currencies with the exchange rate settling at 1.0165 USD/CAD in the first few minutes of trading tonight.

Last week the USD fell sharply as the markets rallied hard. This week, investors should pay attention to big names such as McDonald's, Catepillar, Google, Amazon, Apple, Bank of America. The financial sector has been beating up hard lately and some are expecting it to turn around soon. Analysts believe that if the financials can gain strength here, it could fuel a rally on the S&P far above the 1300 mark. However, without them, the rally could die and make for a sharp turnaround to the downside.

Saturday, December 3, 2011

Royal Bank Enjoys The Show; Earns $1.6B

Royal Bank of Canada shares were up 3.70% on the TSX today or 3.22% on the NYSE after the company delivered stronger than expected results. Canada's largest bank earned $1.6 billion which was an increase of 42% from the year ago quarter.
"What a remarkable quarter," said Andy "Raw" Kibbens, co-CEO of The Markets Are Open, "Very strong on all fronts."

Scotiabank earned positive results as well, mainly because of the acquisition of DundeeWealth, but it struggled in today's market action, similar to the way TD Bank and CIBC reacted when they reported their quarters.

RBC has been scaling back it's European investments, though CEO Gordon Nixon said he still sees opportunity for when the market recovers. Royal Bank has one of the strongest and most historic brands in Canada, and is currently quite comfortable with their global exposure.

Friday, December 2, 2011

Zynga, Inc. Plans to IPO for $1B, Largest In Internet Company History Since Google

Zynga Inc. is the largest maker of games for Facebook. The company makes popular titles such as Farmville, Cityville, Castleville, and MafiaWars 2. In an interview with John Deere's CEO, he showed his frustration with the fact that this online company makes more money selling virtual tractors than Deere makes selling real tangible tractors. Zynga has really taken a large leap forward in the online video game market by appealing to customers looking for simple games. Little do they know, these simple games can be quite addictive and encourage spending within the game.

Zynga Inc. plans to IPO for as much as $1 billion which would make for the biggest internet company IPO since Google. The plan is to offer 100 million shares between $8.50-$10 each. The upper end of the range would value Zynga at a whopping $7 billion. Interestingly, this prices Zynga at 6.8 times annual sales ending September 30th. This is more than 3 times the valuation as compared to Electronic arts who is trading at 2 times trailing 12 month sales.

In other news, Facebook was looking to raise $10 billion which would value the company at more than $100 billion. Wall Street is preparing for another wave of internet companies like we saw in the late 1990's. However, these companies actually have real earnings compared to the late 1990's where any dot com would IPO for massive dollars without any real earnings to show.

AT&T and Akamai Takeover Chatter, No Comment by Akamai Spokesperson


Earlier today there was chatter on The Street about a possible takeover between AT&T and Akamai. Akamai's company spokesperson responded saying the company policy is not to comment on rumors.

Akamai Technologies Inc. (NASDAQ: AKAM): traded higher by 1.95% or $0.57/share to $29.73. In the past year, the shares have traded as low as $18.25 and as high as $54.65. On average, 4714260 shares of AKAM exchange hands on a given day and today's volume is recorded at 3225671. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $27.06 area where the stock will likely see buying pressure. Akamai Technologies, Inc. (Akamai) provides services for accelerating and improving the delivery of content and applications over the Internet; ranging from live and on-demand streaming video capabilities to conventional content on Websites, to tools that help people transact business and reach out to new and existing customers.

AT&T, Inc. (NYSE: T): traded higher by 0.62% or $0.18/share to $29.02. In the past year, the shares have traded as low as $27.20 and as high as $31.94. On average, 29024900 shares of T exchange hands on a given day and today's volume is recorded at 12028838. The shares are currently trading below the 200-day moving average but above the 50-day moving average. The stock may be range bound between these two levels where the 200-day moving average of $29.46 represents resistance and the 50-day moving average of $28.88 would be an area of support. AT&T Inc. is a holding company. The Company is a provider of telecommunications services in the United States and worldwide.

Thursday, December 1, 2011

Thomson Reuters CEO Steps Down (NYSE: TRI)

Thomson Reuters announced on Thursday that its CEO Tom Glocer is stepping down at the end of the year and will be replaced by James Smith. Tom Glocer will also be giving up his seat on the board of directors.

Tom Glocer turned the company around 10 years ago and mad it into one of the top sites for news.

Thomson Reuters Corporation (NYSE: TRI): fell by 0.70% or $-0.19/share to $26.88. In the past year, the shares have traded as low as $25.58 and as high as $42.15. On average, 1319170 shares of TRI exchange hands on a given day and today's volume is recorded at 951446. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $28.36 area but be careful because the stock may face selling pressure at this level.

Disney CEO Purchases $1M of Apple Stock (NASDAQ: AAPL)

Shares of Apple, Inc. were under buying pressure today as Disney's CEO Iger buys $1M worth of Apple stock. This gave a vote of confidence to the market that Apple is still a good place to invest and more growth is yet to come from this company.

Iger is sitting on the Apple board since November 15th. He purchased 2,670
Apple shares on Tuesday at an average price of $375. He is already up over $20,000 on his investment. His wife also owns 75 shares for disclosure purposes. As part of the Apple board, Iger will receive $50,000 in annual compensation and was given 142 restricted Apple shares that will vest in February.