Icahn pushes Cook on stock buyback
Activist investor Carl Icahn is pressuring Apple (AAPL) to spend $150 billion buying back its own stock, a target that would more than double the amount that the company's board authorized in a previous attempt to placate frustrated shareholders.
Icahn took to the Internet and the TV airwaves Tuesday to make it clear that he believes Apple isn't doing nearly enough to boost its stock price, which has fallen by 30 percent from its peak reached in September 2012. The slump has turned Apple's stock into a bargain, Icahn said on the financial news channel CNBC, making it a "no-brainer" for the maker of the iPhone and iPad to pour more money into its shares.
The Apple board pledged in April to spend $60 billion buying back its stock through the end of 2015. About $18 billion of that commitment had been exhausted through June.
-- Associated Press
Online retailer plans 70,000 new hires
Amazon.com says it is hiring 70,000 full-time seasonal workers around the U.S. to fill orders during the holiday season.
The world's largest online retailer said Tuesday the hires are an increase of 40 percent over last year's 50,000 workers. Seasonal employees at Amazon.com order fulfillment centers are eligible for health care benefits and, on average, earn 94 percent of the wages of regular employees.
Amazon says it plans to convert "thousands" of the temporary jobs into full-time roles after the holiday season.
-- Associated Press
Social network seeks boost in mobile ads
Facebook, operator of the world's most popular social-networking service, unveiled a mobile-advertising tool aimed at encouraging people to use applications already installed on their smartphones.
The new service links users to other apps via promotions that appear within Facebook's main news feed, directing them to a specific product, such as a song or hotel booking.
Menlo Park-based Facebook is stepping up efforts to lure advertisers on mobile as more members access the service from smartphones and tablets.
-- Bloomberg News