Apple has had a tough week after reporting that its quarterly revenue fell for the first time since 2003. Things got worse Thursday when billionaire investor Carl Icahn announced that he had sold his shares in the company.
The news sent Apple stock, already depressed by the disappointing earnings report earlier this week, down another 3 percent. Apple's stock, one of the most widely held in the world, is now down about 10 percent this week, erasing about $56 billion from its market value.
Icahn has been one of Apple's most prominent — and vocal — investors. In 2014, he suggested that Apple was undervalued and was worth more than $1 trillion. Icahn has also repeatedly tussled with the firm about a program for buying back its stock, which could raise its value. The company eventually relented.
But, Icahn said on CNBC Thursday afternoon, he has now sold all of his shares in the company and made a $2 billion profit.
"We obviously made a great deal of money," Icahn said.
Apple did not immediately respond to a request for comment.
Apple is a "great company," Icahn said. Icahn said he called Tim Cook, Apple's chief executive, to alert him to the news. "He seemed sort of sad to hear that," Icahn said.
Apple reported its earnings earlier this week, revealing that its revenue dropped from the previous year for the first time in 13 years. It also reported its first ever decline in iPhone sales from year to year — Apple sold 51.2 million phones in its latest quarter, down from 61.2 million the previous year.
The report ended a remarkable run that helped the tech firm become the world's most valuable company.
In Apple's latest earnings call, Cook called the current situation a "pause" in Apple's growth. Yet with a majority of its revenue wrapped up in the slowing smartphone market, any perception that the iPhone is weakening has enormous repercussions.
Apple, like every other smartphone vendor, has watched consumer appetites for smartphones shrink during the past several quarters. That slowing growth seems to have caught up with the company this quarter, particularly in the critical market of China. Apple reported that revenue was down 26 percent from the same period last year, making it the region of the world where the firm saw the greatest downturn.
That appears to be behind Icahn's decision to sell his shares in the company, which were once valued at more than $5 billion. "China could be a shadow for [the company], and we have to look at that," he told CNBC.
Thursday, April 28, 2016
White House Fence Height To Double Under Plan
The US Secret Service is proposing a "taller and stronger" White House fence that would almost double its current height from 6ft to 11ft 7in.
A PowerPoint slide presented as part of the proposal shows pictures of the tall iron fence outside Buckingham Palace in London.
"Intrusion detection technology" and "anti-climb features" are built into the Secret Service-backed new design for the new White House barrier.
It is not clear how much the upgraded fence would cost, but the plan is for it to go ahead by 2018.
The Secret Service is awaiting the approval of the National Planning Commission.
The plan is being put forward because of an increasing number of people trying to breach security round the presidential mansion.
Only on Tuesday afternoon, a man was arrested after jumping over a fence at the White House complex.
The suspect, Steven Cox, 30, had earlier groped a female student and robbed others of a mobile phone and purse.
Bomb Hoaxer In Panda Onesie Shot At Fox News
A man wearing an animal onesie has been shot by police after threatening to blow up a Fox News affiliate in Baltimore.
The 25-year-old suspect entered the WBFF-TV offices on Thursday afternoon demanding the news station broadcast a story about a purported government conspiracy, according to Fox 45.
Police said the Maryland white male was wearing a surgical mask, sunglasses and a panda onesie.
But the so-called device turned out to be chocolate bars wrapped around tin foil with wires hanging out, police said.
Fox 45 reporter Shelley Orman reported earlier there was a "man inside the lobby saying he has a bomb strapped to him".
Baltimore police spokesman TJ Smith told reporters at the scene they shot the suspect after he walked out of the station and refused to follow their orders.
He said snipers pulled the trigger because the man had ignored commands to take his hands out of his pockets.
The man was seen lying wounded in the street after up to seven shots rang out.
Authorities sent a robot to get closer and communicate with the suspect.
Video posted online showed police removed the man's outfit before loading him into a police van.
He was taken to hospital where he is being treated for his injuries.
The suspect's vehicle was found set on fire in the TV station's car park.
WBFF-TV was evacuated during the incident.
All employees were said to be safe and accounted for.
UK: Labour suspends Ken Livingstone in 'Zionism' row
Britain's opposition Labour Party has suspended Ken Livingstone, the former mayor of London, after he argued that Adolf Hitler was a supporter of Zionism.
Amid an escalating row over alleged anti-Semitic rhetoric among its members, the Labour Party said on Thursday that it had suspended Livingstone "pending an investigation, for bringing the party into disrepute."
In an interview with BBC radio, Livingstone had defended Labour member of parliament Naz Shah, who was suspended on Wednesday for sharing allegedly anti-Semitic posts on social media.
During the course of the interview he made controversial comments about Israel, and made an obscure reference to Adolf Hitler "supporting Zionism before he went mad."
"When Hitler won his election in 1932 his policy then was that Jews should be moved to Israel. He was supporting Zionism before he went mad and ended up killing six million Jews."
Naz Shah, was suspended on Wednesday after she was caught having shared a graphic with a map of Israel superimposed on a map of the US, bearing the caption "Solution for Israeli-Palestine conflict: Relocate Israel into United States." She added the comment "Problem solved."
She was also found to have used the hashtag #IsraelApartheid above a quote saying "Never forget that everything Hitler did in Germany was legal".
Labour member of parliament John Mann, who was later filmed chasing Livingstone and calling him a "Nazi apologist," was also reprimanded by party officials for his "completely inappropriate" public confrontation.
Labour leader Jeremy Corbyn said later on Thursday that his party "won't tolerate racism."
More than 20 Labour MPs had earlier called on Corbyn to suspend Livingstone following his BBC interview.
Sadiq Khan, Labour's candidate to become the next London mayor, condemned Livingstone's remarks, saying they were "appalling and inexcusable."
"There must be no place for this in our party," said Khan, who looks set in the polls to become the British capital's first Muslim mayor.
Amid an escalating row over alleged anti-Semitic rhetoric among its members, the Labour Party said on Thursday that it had suspended Livingstone "pending an investigation, for bringing the party into disrepute."
In an interview with BBC radio, Livingstone had defended Labour member of parliament Naz Shah, who was suspended on Wednesday for sharing allegedly anti-Semitic posts on social media.
During the course of the interview he made controversial comments about Israel, and made an obscure reference to Adolf Hitler "supporting Zionism before he went mad."
"When Hitler won his election in 1932 his policy then was that Jews should be moved to Israel. He was supporting Zionism before he went mad and ended up killing six million Jews."
Naz Shah, was suspended on Wednesday after she was caught having shared a graphic with a map of Israel superimposed on a map of the US, bearing the caption "Solution for Israeli-Palestine conflict: Relocate Israel into United States." She added the comment "Problem solved."
She was also found to have used the hashtag #IsraelApartheid above a quote saying "Never forget that everything Hitler did in Germany was legal".
Labour member of parliament John Mann, who was later filmed chasing Livingstone and calling him a "Nazi apologist," was also reprimanded by party officials for his "completely inappropriate" public confrontation.
Labour leader Jeremy Corbyn said later on Thursday that his party "won't tolerate racism."
More than 20 Labour MPs had earlier called on Corbyn to suspend Livingstone following his BBC interview.
Sadiq Khan, Labour's candidate to become the next London mayor, condemned Livingstone's remarks, saying they were "appalling and inexcusable."
"There must be no place for this in our party," said Khan, who looks set in the polls to become the British capital's first Muslim mayor.
Corbyn: Labour Will Not Tolerate Anti-Semitism
Jeremy Corbyn has said Labour will not tolerate anti-Semitism following the row over comments made by former London Mayor Ken Livingstone.
The Labour leader said the remarks were being investigated and would be dealt with by the General Secretary and the National Executive.
Backbencher John Mann had also been given a dressing down after launching a face-to-face attack on Mr Livingstone in which he accused him of being a "Nazi apologist".
Speaking during a visit to Hull, Mr Corbyn denied Labour has a problem with anti-Semitism as some have claimed.
"No, there is not a problem," he said. "We are totally opposed to anti-Semitism in any form within the party.
"The very small number of cases that have been brought to our attention will be dealt with swiftly and immediately, and they will be."
Mr Livingstone was suspended for "bringing the party into disrepute" after he took to the airwaves for a series of interviews in an attempt to defend Bradford West MP Naz Shah from allegations of anti-Semitism.
Ms Shah was suspended on Wednesday pending an investigation into controversial social media posts about Israel which she made before becoming an MP.
Mr Livingstone insisted that while her remarks were "over the top", she was not anti-Semitic and that he had never encountered anti-Semitism in 40 years in the Labour Party.
He sparked fury among colleagues by going on to claim that Hitler had supported Zionism "before he went mad and ended up killing six million Jews".
Within minutes of his BBC London interview, Labour MPs - including several members of the shadow cabinet - were demanding his suspension or removal from the party.
Labour's London mayoral candidate Sadiq Khan described his comments as "appalling and inexcusable", while shadow cabinet member Chris Bryant told MPs he was "sick and tired" of people trying to explain away anti-Semitism, adding: "Yes, I'm talking to you, Ken Livingstone."
The chairman of the left-wing Momentum group of Corbyn supporters, Jon Lansman, said it was time Mr Livingstone "left politics altogether", adding: "All political lives end in failure and he should now depart voluntarily."
Mr Livingstone was harangued by Mr Mann when the pair arrived to give separate interviews at broadcast studios in Westminster.
As the former London mayor attempted to give a radio interview, the Bassetlaw MP jabbed his finger at him and accused him of being a "Nazi apologist" and attempting to "rewrite history".
The party later said in a statement the chief whip had "made it absolutely clear to John Mann that it is completely inappropriate for Labour Members of Parliament to be involved in very public rows on the television".
A number of Jewish groups have also called for Mr Livingstone's immediate expulsion from Labour.
Gideon Falter, chairman of the Campaign Against Antisemitism, said: "He is a hardened politician who has spent his political career accommodating anti-Semitic extremists and making anti-Semitic gaffes."
Jonathan Arkush, president of the Board of Deputies of British Jews, said: "Ken Livingstone's comments were abhorrent and beyond disgraceful. He denies anti-Semitism in Labour when the evidence is there for all to see."
Baroness Neuberger, crossbench peer and senior rabbi to the West London Synagogue, has called on Mr Corbyn to set up a crossparty commission to investigate anti-Semitism in the Labour party.
She told Sky News: "I think he has to set up a serious commission to look at this within the Labour party more broadly. I think he has to bring in more people, not Labour, into that Commission or it can be accused of being a whitewash."
Syria civil war: 150 US soldiers enter Kurdish region
At least 150 US soldiers have entered Kurdish-controlled territory in northeastern Syria, the government's official news agency has reported.
The state news outlet SANA on Thursday said officials at the country's foreign ministry rejected the presence of the soldiers at the Rmelan area calling it "illegitimate".
"This intervention is rejected and illegitimate, and it happened without the Syrian government’s approval," the source said, according to SANA.
The government said the move by the US was a "blatant act of aggression that constitutes a dangerous intervention and a gross violation of the Syrian sovereignty", further calling for international action to prevent it.
US troops have been stationed in neighbouring Iraq since 2014 where they are training Iraqi soldiers and Peshmerga to battle ISIL (also known as ISIS).
Special forces soldiers from the US have also carried out a number of raids against ISIL targets in Syria and Iraq.
The state news outlet SANA on Thursday said officials at the country's foreign ministry rejected the presence of the soldiers at the Rmelan area calling it "illegitimate".
"This intervention is rejected and illegitimate, and it happened without the Syrian government’s approval," the source said, according to SANA.
The government said the move by the US was a "blatant act of aggression that constitutes a dangerous intervention and a gross violation of the Syrian sovereignty", further calling for international action to prevent it.
US troops have been stationed in neighbouring Iraq since 2014 where they are training Iraqi soldiers and Peshmerga to battle ISIL (also known as ISIS).
Special forces soldiers from the US have also carried out a number of raids against ISIL targets in Syria and Iraq.
Beyonce Dedicates Song To Jay Z During Show
Beyonce dedicated a song to her husband Jay Z during the first concert for her world tour, telling him: "I love you so much."
The message to the rapper comes as the couple's relationship is hit by infidelity rumours following the release of the singer's new album, Lemonade.
The 34-year-old paid the tribute to Jay Z and their daughter Blue Ivy when she sang her hit Halo during her Formation show in Miami on Wednesday.
"I want to dedicate this song to my family,” she told the audience.
"Thank you guys for supporting me. I wanna dedicate this song to my beautiful husband. I love you so much. Blue, I love you so much."
Jay Z was reportedly in the audience at the Marlins Park Stadium.
The release of Lemonade on Saturday night on Tidal and its subsequent release on iTunes has prompted a deluge of speculation about whether Beyonce is accusing her husband of having been unfaithful.
There have been questions over who the lyric "Becky with the good hair" is about.
Earlier this week, British singer Rita Ora was forced to deny that she had been involved with Jay Z after confusion arose over a picture she posted of her wearing underwear with a lemon pattern.
She tweeted: "I never usually address tabloid gossip but let me be clear, these rumours are false.
"I have nothing but the utmost respect for Beyonce. Let's continue enjoying Lemonade."
Beyonce, 34, also honoured Prince during the Florida show, playing his hit Purple Rain before saying: "Thank you Prince for your beautiful music."
The pair performed together at the Grammys in 2004.
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