Netflix raises its subscription rate for new subscribers by $1, and the new iPhones are coming in August. More news for the busy investor.
The New iPhones Are Coming
The next incarnation of Apple’s iPhone series will come in August, one month earlier than expected, according to a report from a Taiwanese newspaper. The information reportedly came from supply-chain stores who were given a heads-up on the upcoming release. A 4.7 inch screen version of the iPhone6 is expected in stores by August, while a 5.5-inch or 5.6-inch model will come in September, according to the Economic Daily News. The report says 80 million iPhone 6s will be produced in 2014.
Netflix Raises Prices for New Subscribers
The previously announced plan for higher Netflix prices is now in effect, as new subscribers will pay $9 a month, a $1 rise in subscription rates. The 35 million Americans who already pay for the service will have the same monthly rate for the next two years before seeing an increase. Similar subscription rate hikes are taking place in Europe. “To continue adding more movies and TV shows and delivering a great streaming experience, we previously announced that we planned to increase our price slightly for new members. That increase is happening today,’’ a public relations statement said.
Snapchat Settles Charges About Disappearing Messages
For some users, the selling point of the mobile messaging service Snapchat was that messages disappear forever after just a very short period. But the Federal Trade Commission charged that the messages can indeed be saved in several different ways. As a result, Snapchat has settled on the charges and will change its information to users. The complaint said the “snaps’ can be saved in several ways, including a third-party app, or using simple workarounds that allow users to take a screenshot of messages without detection. The complaint also said Snapchat transmitted users' location information and collected sensitive data like address book contacts, despite its saying that it did not collect such information. The terms of the settlement say Snapchat will be prohibited from misrepresenting how it maintains the privacy and confidentially of user information.
Ralph Lauren Revenues Rise
Ralph Lauren Corporation reported Friday it expected global revenues to jump 6 to 8 percent in fiscal 2015, but also issued a warning that its operating margin will decline because it is building on its network of stores. The company said revenue in the fiscal fourth quarter ended March 29 rose 13.6% to $1.87 billion. That topped the average Wall Street estimate from Reuters of $1.83 billion. Net income rose 20.5% to $153 million, or $1.68 per share.
Apache Sells Deepwater Assets
The Houston-based energy giant Apache has agreed to sell some of its deepwater assets in the Gulf of Mexico to Freeport-McMoRan Copper & Gold for $1.4 billion. Apache announced it is selling the assets to focus on shallower-water assets on the shelf that have quicker cycle times, require less capital, and provide more options to bring oil and gas to market. "We have combined our deepwater and shelf technical teams to focus on subsalt and other deeper exploration opportunities in water depths less than 1,000 feet, which have been relatively untested by industry," Apache chief operating officer Thomas Voytovich said in a statement. Earlier this week, Freeport sold its entire portfolio of Eagle Ford Shale assets for $3.1 billion to free up cash for the deepwater acquisition.