DoJ to Sue Apple (AAPL) Over e-Book Price Fixing
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NEUTRAL (= Flat)
Dividend Yield: 0.5%
Revenue Growth %: -4.3%
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Following settlement with smaller publishers, the U.S. Department of Justice may be considering suing Apple (Nasdaq: AAPL) as early as Wednesday.
The DoJ is looking into an alleged price fixing on electronic books (e-Books). Others targeted by the DoJ include: CBS Corp's (NYSE: CBS) Simon & Schuster Inc., HarperCollins Publishers Inc., Lagardere SCA's Hachette Book Group, and Pearson and Macmillan, a unit of Verlagsgruppe Georg von Holtzbrinck GmbH.
Upon the launch of the iPad in 2010, Apple is said to have been in cahoots with the publishers over propping up prices of e-Books, with Apple negotiating getting a straight 30 percent cut from all sales of the items. The move also prevented publishers from selling e-Books at a discount to retailers like Amazon.com (Nasdaq: AMZN) and Barnes & Noble (NYSE: BKS).
Settlements with publishers may be announced later in the week.
Apple shares are notably higher Wednesday morning.
The DoJ is looking into an alleged price fixing on electronic books (e-Books). Others targeted by the DoJ include: CBS Corp's (NYSE: CBS) Simon & Schuster Inc., HarperCollins Publishers Inc., Lagardere SCA's Hachette Book Group, and Pearson and Macmillan, a unit of Verlagsgruppe Georg von Holtzbrinck GmbH.
Upon the launch of the iPad in 2010, Apple is said to have been in cahoots with the publishers over propping up prices of e-Books, with Apple negotiating getting a straight 30 percent cut from all sales of the items. The move also prevented publishers from selling e-Books at a discount to retailers like Amazon.com (Nasdaq: AMZN) and Barnes & Noble (NYSE: BKS).
Settlements with publishers may be announced later in the week.
Apple shares are notably higher Wednesday morning.
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