Not so perfect 10 for Apple
Apple shares fell 10.7% on Wednesday after the company’s guidance Tuesday for its fiscal second quarter disappointed investors. The stock closed at $139.07 after going as low as $126.14 intraday. During the past year, it has traded between $82.86 and $202.96. In a regulatory filing, Apple said CEO Steve Jobs’ compensation again consisted only of his traditional $1 salary. But it reiterated a previous statement that it was considering “additional compensation arrangements” for him.
Sales woes a drag for EM
COLOGNE, Germany — Shares of German rights group EM.Sport Media fell more than 10% on Wednesday after the company said that it was having problems selling off its kids entertainment division. EM has slashed the unit’s price tag, revaluing its children’s television rights library at 40 million euros ($58 million). EM originally pegged the value of the unit, which owns rights to such German kids classics “Vicky the Viking” and “Tabaluga,” at 90 million euros ($131 million). EM blamed difficulties in offloading the division on the ongoing international financial crisis and a buyers’ market for children and youth productions. Initially, EM expected to sell its kids division late last year. Children’s entertainment used to be the core business of EM, formerly EM.TV, but under CEO Werner E. Klatten, the company has shifted its focus to sports rights.
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