The questions about the batteries in Apple’s (AAPL) new iPad were answered Tuesday by the Cupertino, CA-based company. Consumers noted that the new iPad would register as being fully charged on its display when the battery was, in fact, only 90 percent charged.
The company explained that the iOS system was designed to discharge some of the battery charge once the battery reaches full charge so that the user can leave the device plugged in.
“That circuitry is designed so you can keep your device plugged in as long as you would like,” Apple Vice President Michael Tchao told AllThingsD. “It’s a great feature that’s always been in iOS.”
In other news:
Citigroup Raises Google’s Price Target to $750
Mark Mahaney, Citigroup’s (C) research analyst covering the search company, raised his price target on the company yesterday after reiterating a Buy rating for the stock. Some of the reasons for the move was revenue growth derived from the expanding portfolio of the Google’s products. The vote of confidence, essentially, is one positive for Google (GOOG), after enduring one of the rougher quarters in recent memory. After reporting disappointing earnings for the first quarter, shares of the company have not kept up with other major tech counterparts such as Apple and IBM (IBM).
SYNNEX Earnings Up, but Stocks Falls on Lower-than-Expected Guidance
Fremont, CA-based SYNNEX Corporation (SNX) reported results from its 2012 Q1 today after market close. The computer peripherals company reported a 28 percent year over year gain in earnings on stronger margins, but revenue slipped 1.6 percent, representing the first such downward shift in two and a half years. Kevin Murai, President and CEO, though, was upbeat in his assessments.
“We are pleased with our strong profitability in the fiscal first quarter and the overall stability in our core commercial IT distribution business,” he stated. “Our distribution business mix continued to shift towards higher margin value added products and services. We also had a solid quarter for signing new contracts in our GBS division. We expect these new business wins will ramp up in the coming quarters and are then expected to contribute to margin expansion in the GBS division.”
The markets, though, were not so kind after SYNNEX offered lower guidance for Q2 than analysts had anticipated. The company projected EPS of $0.87-$0.91 on revenue of $2.45 billion to $2.55 billion while analysts polled by Reuters had anticipated an EPS of $0.95 on revenue of $2.6 billion. Shares in SYNNEX got pummeled in after hours trading as a result, falling over 9 percent.
Nektar Up on Increased Royalties
Yesterday’s biggest winner, Nektar Therapeutics, made its gain based on the FDA’s approval for an anemia drug being made by Affymax (AFFY), which also gained 4.22 percent, and its partner Takeda Pharmaceuticals. Nektar should collect considerable royalties on the drug, helping to boost its share price. The news more than made up for Monday’s revelation that a drug for acute migraines developed by MAP Pharmaceuticals (MAPP) with Allergan was rejected, which Nektar would also collect royalties on.