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Shares of chip maker Cirrus Logic (CRUS) are down $2.55, or almost 12%, at $19.34, reversing a 7% jump in late trading last night, after the company yesterday afternoon reported fiscal Q2 revenue and earnings per share that topped analysts’ expectations, and a substantially better-than-expected Q3 revenue view.
The company’s results were boosted both by the acquisition of audio technology maker Wolfson back in August, and by the its inclusion in product from Apple (AAPL) — Cirrus provides an audio codec, for example, for the iPhone 6.
The bullish view today is offered by folks such as Brian Blair with Rosenblatt Securities, who sees promise ahead for Cirrus as Apple’s successes continue into the March quarter of next year:
We remain positive on Cirrus fundamentals, as we expect to see a stronger than seasonal March quarter amid a minimal drop-off in iPhone units as the calendar turns. We expect iPhone 6 global channel fill (through the end of the year) will require follow on units through the opening months of 2015 to meet demand, benefitting Cirrus as well as key suppliers like Broadcom (BRCM), Qualcomm (QCOM), Skyworks (SWKS) and Avago [Technologies] (AVGO). We currently estimate Apple could sell approximately 58 million units for the March quarter, which would represent a roughly 15% drop off from our December quarter unit estimate. We believe street expectations currently sit in the 45–47 million range.
But numerous bears are sounding the alarm about the direction of profits.
Pacific Crest’s John Vinh reiterates an Underperform rating, writing that it is clear Cirrus has maintained its share in Apple devices:
Despite headwinds from Wolfson and weak Samsung demand, results from Cirrus suggests that the company’s position at Apple remains largely intact, despite some share loss on the audio amplifier in the iPad to Maxim (MXIM, $28.87, Outperform). Additionally, strong guidance into December is consistent with strong demand trends from the launch of the iPhone 6/6 Plus.
However, Vinh questions the logic of the company purchasing Wolfson:
As Wolfson occupies a less favorable position at Samsung, as it is only attached to non-QUALCOMM-based platforms and continues to struggle alongside its largest customer, it remains unclear to us what benefits this acquisition will bring to Cirrus other than tax. We anticipate that as Cirrus is able to drive revenue through its U.K.-based entity, the former Wolfson, the company’s 30% tax rate is likely to come down in F2016.
Jeffrey Schreiner with Feltl & Co. reiterates a Hold rating, writing that the $210 million in revenue was actually below his own estimate because Wolfson didn’t perform as he expected, and he thinks the products there face tough competition from Qualcomm (QCOM):
Our 2QFY15 $218.5m estimate included $26m in WLF contribution compared with the $13m recognized during September, as we expected better WLF performance and slightly higher contribution based on the closing of the acquisition. CRUS stated WLF did $28.8m in total September quarter revenue, which compared negatively with the roughly $44m in 3Q13 […] According to CRUS WLF is currently facing headwinds in leading customer Samsung due to the “QCOM bundle” which negatively impacts WLF as QCOM is the preferred LTE modem provider and bundles additional chips such as audio codecs. CRUS acknowledged WLF is much weaker than it believed 3-6 months prior. We believe opportunities from WLF could be more long-term, until the “QCOM bundle” is broken or other LTE vendors see increasing share gains.
Also, the company’s revenue from Apple is under pressure from lower prices: “AAPL revenue of $153.5m was slightly higher than our prior estimate of $150.5m, up 38% sequentially, but just 1% y-y as ASP headwinds continue to negatively impact CRUS’s AAPL revenue.”
Likewise, Oppenheimer & Co.’s Rick Schafer is worried about pressure on margins from both Wolfson and Apple, and also higher taxes:
GMs are declining ~370bp to 45% in December as lower margin WLF folds into the mix and GMs at AAPL continue to compress. Additionally, CRUS will exhaust its US NOLs by March and is expected to become a 30% tax payer (vs 3% today) in CY15. Despite the strong top-line results and guidance, we continue to see valuation extended at these levels [...] In our opinion, CRUS’ acquisition of WLF does little to diversify its customer base, and we believe the acquisition results in a largely redundant revenue stream. We see MEMS microphones as an attractive growth/content expansion opportunity longer-term; however, we estimate them at ~1% of sales today.
In a brief note to clients a short while ago, J.P. Morgan‘s Tien-tsin Huang, who follows computer services, noted that CurrentC, an electronic payment system competing with Apple‘s (AAPL) Apple Pay, has been hacked.
“We just received notification from CurrentC, the merchant coalition’s (MCX) branded wallet, that within the last 36 hours unauthorized third parties obtained some e-mail addresses of pilot users or those requesting invites to try CurrentC,” wrote Huang.
Wire services reported the breach shortly after noon today, though details were sketchy.
Apple Pay is a system of contactless payments built into Apple’s iPhone 6 that can replace physical debit and credit cards. CurrentC includes retailers such as CVS (CVS), Rite Aid (RAD), and Wal-Mart (WMT) who have formed a coalition or consortium, dubbed MCX.
The consortium members such as CVS and RAD over the weekend abruptly stopped accepting Apple Pay at their retail locations, citing a need to further evaluate payment technologies.
A report by The New York Times‘s Mike Isaac yesterday related that MCX members are bound by a legal agreement not to accept Apple Pay.
Huang notes that “no other information beyond e-mail addresses was obtained.”
“The breach itself seems fairly benign,” writes Huang, “but the timing is unfortunate as CurrentC is looking to build brand equity ahead of its launch in 2015 as a safe alternative to other mobile payment offerings like Apple Pay.”
Huang, noting that the CEO of the consortium will be presenting a the “Money20/20” conference next week, writes that there is still a lot to be explained about how CurrentC will work:
MCX says CurrentC will work across multiple technologies including QR-codes and BLE, but we continue to believe NFC will be left out. Finally, how consumers fund the wallet will be key, as the app says it will accommodate checking account, select merchant gift cards, credit and debit account funding, but given merchant angst towards the high cost of credit card acceptance, we are unclear on how bankcards can eventually play a role.
Here are some things going on today in your world of tech:
Facebook (FB) hit a new all-time high today of $80.59, now up $2.12, or 2.7%, at $80.49. News reports noted founder and CEO Mark Zuckerberg held a Q&A session in China to practice his Chinese language skills.
Facebook reports Q3 results next Tuesday, after the closing bell.
Shares of Comcast (CMCSA) are higher after the company beat Q3 profit expectations and expressed hope about its proposed merger with Time Warner Telecom (TWC). EVP Steve Burke, in charge of NBC-Universal, questioned whether Time Warner’s (TWX) HBO and CBS (CBS) would offer true “over the top” video services next year.
Shares of Check Point Software Technology (CHKP) are up $2.87, or 4.3%, at $70.25, after the company beat Q3 revenue and earnings expectations, reporting $370 million in revenue and 93 cents in profit per share against consensus of $367 million and 91 cents. The company forecast revenue this quarter of $395 million to $430 million, and EPS of 99 cents to $1.09, topping consensus of $410 million and $1.03. Analysts raised their price targets.
Shares of Avnet (AVT), the global electronics distributor, are up $2.06, or 5%, at $42.13, after the company beat Q3 expectations with $6.84 billion in revenue, up 8%, at $1.02 per share in net income, against consensus of $6.71 billion and 97 cents.
Shares of online food delivery service GrubHub (GRUB) are up 83 cents, or 2.3%, at $38, after easily topping consensus estimates with $61.9 million in revenue and 8 cents profit versus a projected $57.4 million and 4 cents, and forecast $68.5 million to $70.5 million in revenue this quarter, against a consensus of $66.7 million.
Shares of NXP Semiconductors (NXPI) are down $1.81, or almost 3%, after the company yesterday reported Q3 revenue just a hair above consensus and beat on the bottom line, and forecast this quarter’s revenue and earnings higher as well, at $1.49 billion to $1.54 billion, and $1.26 to $1.36 in EPS, versus consensus of $1.49 billion and $1.29 per share.
The stock has plenty of defenders today: FBR & Co.’s Christopher Rolland reiterates an Outperform rating and a $76 price target, writing that the company “shines in an otherwise difficult quarter for peers,” and that “at first blush, NXP posted better-than-feared results and guidance in an otherwise challenging quarter for most semiconductor companies; thus far this season, we have witnessed a marked difference between quality businesses such as NXPI, INTC, BRCM, and TXN and ‘the rest’.”
Rolland wasn’t the only one drawing a line in the sand for chip makers.
Raymond James‘s Doug Freedman writes that “The case is building that Microchip Technology’s (MCHP) pre-announcement projecting a cycle rollover at the beginning of the earnings season might have been partially driven by company-specific issues.”
In other earnings news, the stars from last night continue to climb higher today, with 8×8 (EGHT) up 94 cents, or 14%, at $7.64; Fortinet (FTNT) up 17 cents, or 0.7%, at $25.34; Polycom (PLCM) up $1.12, or 10%, at $12.54; ServiceNow (NOW) up $6.51, over 11%, at $64.58; and Infinera (INFN) up $2.78, or 26%, at $13.39.
Losers on the session include AT&T (T), following its Q3 miss, down 95 cents, or 3%, at $33.55, and local listings and reviews provider Yelp (YELP), following its weaker-than-expected Q4 forecast, down $10.63, or 15%, at $59.60.
Yelp has received one downgrade, and one upgrade. Stifel Nicolaus‘s Scott Devitt cut his rating to Hold from Buy, and stripped away his $85 price target, writing that “Yelp’s slowdown in active local business accounts in 2Q:14 may have been a sign of growing pains in its core business, as Yelp missed our estimate for the second consecutive quarter, adding just 6.3K accounts in 3Q:14 vs. our +6.5K forecast.”
But B. Riley & Co.’s Sameet Sinha raised his rating to Buy from Neutral, writing that “the company delivered a solid quarter, but guided down for 4Q14, in what we deem a one-time event.”
Shares of Alibaba Group Holding (BABA) are higher by $2.33, or 2.5%, t $93.96, after Barclays’s Alicia Yap initiated coverage with an Overweight rating and a $107 price target, arguing the company has room to improve its monetization of shopping on mobile devices.
Shares of Apple (AAPL) are higher as by $2.01, or 2%, at $105, following a DigiTimes article this morning by Ninelu Tu and Joseph Tsai claiming the company is considering increasing how much it pays assembler Hon Hai Precision’s Foxconn unit to boost production of the iPhone 6.
The article, citing multiple unnamed sources, claims Foxconn charges $20 per phone and Apple might raise that to $25.
On tap for earnings tonight is a pretty big cast of characters:
Microsoft (MSFT), Amazon.com (AMZN), Altera (ALTR), Freescale Semiconductor (FSL), Informatica (INFA), Ingram Micro (IM), Lattice Semiconductor (LSCC), KLA-Tencor (KLAC), Maxim Integrated (MXIM), Micrel (MCRL), Netgear (NTGR), NetSuite (N), Qlik Tech (QLIK), Juniper Networks (JNPR), Riverbed Technology (RVBD), Shoretel (SHOR), and VeriSign (VRSN).
Correction: As one sharp-eyed reader noted, the prior version of this posted incorrectly stated NXP’s forecast. The company forecast this quarter’s results ahead of consensus. I was drawing upon a Thomson Reuters report on the forecast, which was in error, without properly checking the actual company statement. My apologies to NXP, and to any readers confused by the error.
Two weeks after filing for bankruptcy, former Apple (AAPL) supplier GT Advanced Technologies (GTATQ), the company this morning announced that it has reached an agreement with Apple to “wind down” the sapphire production it had been operating for Apple in Mesa, Arizona and Salem, Massachusetts, and will give some proceeds of sales of “ASF” equipment for sapphire production to Apple to pay the $439 million debt if owes the company, over four years.
GT Advanced plans to exit the sapphire production market while remaining a vendor of tools.
Aside from money, one might ask what Apple gets. GT indicated it and Apple still have some sort of working relationship: “GT and Apple will continue their technical exchange involving the development of processes for growing next generation sapphire boules as GT continues to build on its successfully deployed ASF115Kg technology and expand its range above 165Kg.”
That vague statement leaves unclear what Apple’s prospects are of getting large amounts of sapphire material. It was believed this summer that GT Advanced was helping Apple to develop cover glass for the iPhone 6, which ended up not using the material. Some models of the forthcoming Apple Watch use sapphire, and so obtaining amounts of material suitable to those smaller displays is still important for Apple.
GT CEO Tom Gutierrez said he realized the company had caused “hardship for many of our important stakeholders,” and that the settlement was meant to “position GT for long-term success.” The company has laid off 650 employees in Mesa, it said, while some remain to help wind down operations. “”We recognize and regret the impact that these actions have on our valued employees and their families and we are committed to supporting them through this transition,” said Gutierrez.
GT Advanced shares are up 11 cents, or 21%, at 64 cents. Apple stock is up $1.07, or 1%, at $104.09.
Update: Re/Code’s John Paczkowski adds to the story this afternoon, quoting an Apple spokesperson as saying Apple is going to work with Mesa “to help the GT Advanced employees who will be impacted by this find new jobs,” and that Apple is “going to continue evaluating GTAT’s progress on larger sapphire boule development, as well as consider other options for the facility.”
That little bit has helped to push up GT shares by 26 cents, or almost 50%, to 79 cents, in afternoon trading.
Shares of chip maker Broadcom (BRCM) are up $2.67, or 7.2%, at $40, after the company yesterday afternoon reported Q3 revenue of $2.26 billion and 91 cents, topping the consensus for $2.2 billion and 84 cents.
The company forecast revenue of $2 billion to $2.2 billion, slightly under the Street’s average estimate for $2.11 billion.
The quarter was marked by upside in the “broadband business,” including Broadcom’s chips for mobile “connectivity,” such as Bluetooth and WiFi connections in smartphones, while revenue from “infrastructure and networking,” such as chips that go into routers, was flat with the prior quarter, held back, to some extent, by slowing in purchases of networking equipment by service providers.
Analysts noted as well that Broadcom is benefitting from participating in Apple’s (AAPL) iPhone 6.
CEO Scott McGregor was on CNBC a short while ago. He was asked about recent concerns of a slowdown in the chip industry, prompted by a warning from Microchip Technology (MCHP) two weeks ago.
Said McGregor, “We saw a number of smaller companies report some cautionary reports, but as we saw, and Intel and TI, there’s really broad strength in the industry.”
Bernstein Research’s Stacy Rasgon , reiterating an Outperform rating, and a $46 price target, calls the results “solid,” adding that “forward revenue guidance was slightly below consensus, but likely not unexpectedly (we note that the company also likes to leave room to guide up at their Dec analyst day).”
“Gross margins showed upside, and opex was again guided down substantially, as the company anticipates completing the cellular cost reduction faster than originally forecasted.”
“Overall we believe the company provided what they needed to, namely a ‘path’ to the December analyst day, without the core business falling off a cliff in the meantime. We anticipate that the investor meeting can act as a positive catalyst for the shares.”
Oppenheimer & Co.’s Rick Schafer reiterates an Outperform rating, and a $48 price target, observing that “Connectivity drove 3Q strength on the back of iPhone 6 content gains, while BRCM’s cash-cow Broadband business benefited from EM standards upgrades.”
Schafer sees the prospect of higher cash return come the analyst day: “With $2.7B in domestic cash and improving GM/OM/FCF profiles, a material improvement in BRCM’s capital allocation outlook appears obvious. BRCM’s December Analyst Day should provide greater color on targets for the new model.”
Jonathan Pitzer with Credit Suisse reiterates a Neutral rating, and a $40 price target, even though he raises his EPS estimate for this year on signs of better profitability:
Analyst Day on Dec 9th should be a positive catalyst and focus on new target margins (30-35% OpM) and more specific cash return goals ($8.93 cash/share, $4.45 US cash/share). We maintain our $40 TP and Neutral rating – while shares look attractive based on a 30-35% OpM – 10.3-12.4x versus 14.8x for peers; stock looks more fairly valued at 14.5x based on CY15 EPS (w/SBC) of $2.70. While ING clearly deserves a premium multiple to peers, Connectivity likely sees growth and profit erosion (a bit surprised ASP leverage in C3Q was not better), and Broadband is a solid business but probably under-grows the overall Semi Industry.
Fortune columnist Philip Elmer-DeWitt a short while ago tweeted from the courtroom in Springfield, Massachusetts that one-time Apple (AAPL) supplier GT Advanced Technologies (GTAT) has agreed to pay off its debts to Apple by selling the furnaces it had been using to try and supply Apple with sapphire.
You’ll recall that GT Advanced filed for Chapter 11 bankruptcy on October 6th, citing a need to restructure “on a stronger footing.” The company had already received hundreds of millions of dollars from Apple over the course of this year. Those were prepayments that apparently contingent on the company delivering sapphire material to Apple for use in new iPhone models. The iPhone 6 models released last month turned out not to have sapphire screens.
That prompted speculation GT had failed to meet its obligations and that Apple asked for its money back. Some speculated Apple might seek to take possession of the furnaces. Although the case has been sealed by the court, GT has reportedly said it was “burdened” by the Apple contract, and has suggested it might consider suing Apple at some point, according to media reports last week
Tonight, Elmer-DeWitt reports GT Advanced and Apple have reached an agreement:
— Philip Elmer-DeWitt (@philiped) October 21, 2014
GT shares ended today’s session at 60 cents, still down 95% from where it was before the bankruptcy filing.
Shares of Apple (AAPL) suppliers such as NXP Semiconductors (NXPI), Skyworks Solutions (SWKS) and others are rising after Apple yesterday afternoon beat fiscal Q4 expectations, and forecast this quarter’s revenue higher as well, citing what CEO Tim Cook called “staggering” demand for the recently introduced iPhone 6 — a phone many of these vendors sell into.
Skyworks shares are higher by $2, or or almost 4%, at $53.86, NXP is up $2.73, or 4.4%, at $64.23, Qualcomm (QCOM) is up $1.72, or 2.3%, at $74.99, Avago Technologies (AVGO) is up $3.41, or 4.4%, at $81.40, and RF Micro Devices (RFMD) is up 19 cents, or 1.8%, at $10.63. It’s a far cry from worries about the chip industry that dominated trading at the start of last week, following a warning from Microchip Technology (MCHP). Even Microchip is rising today, up $1.18, or 3%, at $40.30.
NXP’s rise, it should be noted, comes despite the fact that headlines a short while ago mentioned a negative article in trade pub NFC Times today, by Dan Balaban, stating that NXP has lost the stock to provide NFC capability in phones from Samsung Electronics (005930KS).
Rick Schafer of Oppenheimer & Co. likes the prospects for both Skyworks and Avago, less so for Cirrus Logic (CRUS):
AAPL revenue guidance of $65B (+63% Q/Q) exceeded consensus $63.7B. For suppliers, we believe the focus turns to company-specific content and associated production ramps for holiday builds and product refreshes. We have a directionally positive bias on SWKS (PAD, analog, WiFi), BRCM (802.11ac WiFi, Touch IC) and AVGO (PAD, FBAR filter) content and a directionally negative bias on CRUS. We believe QRVO (RFMD/TQNT) lost content in iPhone 6/6+ refreshes [...] C3Q iPhone units of 39.3M were above consensus 37.4M. Our two favorite RF vendors AVGO/SWKS both saw increased content in iPhone 6, and each likely benefits from strong demand moving into C4Q. CRUS likely trades up on the news, but we believe CRUS likely sees incremental GM pressure.
Regarding softer iPad sales, he writes, ” Despite the miss, we believe the better than expected iPhone unit sales likely offset any near-term concerns for those leveraged to the iPad, including SWKS, BRCM and CRUS.
John Vinh of Pacific Crest, who has an Outperform rating, and an $80 price target, writes that the iPhone will boost Q3 results above what the Street is modeling, though there are “headwinds” for NXP:
We anticipate NXP will post slightly better Q3 results, with momentum associated with strong demand for the new iPhones and increased Apple content (NFC +secure element) to be partially offset by cyclical softness. These headwinds include: (1) slightly weak automotive demand in Europe, China and Japan due to macro softness and (2) cyclical weakness in standard products given our concerns in China. Additionally, we view the company’s Q3 guidance as conservative, as a 50% q/q increase in its emerging ID segment didn’t reflect the iPhone design win with both NFC radio and secure element (SE), in our opinion.
Shares of Apple (AAPL) are up $2.47, or 2.5%, at $102.23, after the company last night beat fiscal Q4 expectations and forecast this quarter’s revenue higher as well, boosted by what CEO Tim Cook called “staggering” demand for its new iPhone 6 models.
On the conference call, the company noted it is “not nearly close” in terms of getting enough supply of the iPhones to balance out that surging demand, making it hard to know what the ultimate level of demand may be. The company also said it will change its reporting in the current quarter, to report revenue from Apple Pay payments service in a special “services” line item on its income statement.
It also said that that when it does ship the Apple Watch next year, it plans to stuff the numbers into the category of “other” revenue, a move that was reported this morning by Daisuke Wakayabayashi of The Wall Street Journal as meaning the company “would not report watch sales as it does for iPhones and iPads.” (In fact, what Cook said, when pressed on the matter, was that ” In the future, we might decide something different. But for now, in Q1 we’re not shipping any Apple Watches. And so it seems appropriate to start it that way.”)
The shares got a lift today from noted hedgie David Einhorn, who appeared on CNBC, saying that the company is “pretty much working on all cylinders.”
Price targets are rising today, as the bulls anticipate the major iPhone upgrade cycle has legs, especially given Apple is tracking below its targeted inventory levels, suggesting there will be shipments well into March to build channel supplies.
Brian White, Cantor Fitzgerald: Reiterates a Buy rating, and raises his price target to $143 from $123. “In our view, innovation is alive and well in Cupertino and we believe this “super cycle” is just getting started [...] With Apple trading at just 10.3x our CY:15 EPS estimate (ex- cash), we believe the market needs to start thinking more boldly about Apple and appreciate the company’s opportunity to reinvent new product categories for years to come [...] We believe the partnership with IBM will open up new opportunities for the iPad in the enterprise market and ultimately we expect Apple to launch a larger-sized iPad (i.e., 12.9-inch iPad) that we have discussed as the ‘iPad Pro’.”
Bill Shope, Goldman Sachs: Reiterates a Buy rating, and raises his price target to $124 from $115. “This was a strong set of results as Apple delivered a clean beat both for the September quarter and December guidance. Importantly, gross margins were in-line to modestly better than expected, which we think should serve to offset a key bear concern on margin pressure from the new product ramp.”
Mike Walkley, Canaccord Genuity: Reiterates a Buy rating, and raises his price target to $120 from $115. “We believe Apple’s Q1/’15 sales guidance in the range of $63.5-66.5B was adversely impacted by F/X from the stronger dollar and iPhone demand well above Apple’s ability to supply throughout the December quarter. Our updated estimates are at the high-end of Apple’s guidance due to our surveys indicating an increasing sales mix of higher-ASP 64GB (versus 16GB) iPhone 6/6 Plus SKUs combined with a growing demand for the higher-ASP iPhone 6 Plus, particularly in China. We anticipate materially higher iPhone ASPs during Q1/F’15 and maintain above-consensus iPhone ASP of $680 adjusting for deferred revenue. Given the strong results and guidance, we maintain our bullish F2015 product cycle thesis.” Walkley trimmed his 2015 estimates to $215.9 billion in revenue form $217.2 billion, given lower iPad sales, but raised his EPS estimates to $8 from $7.77.
Tim Arcuri, Cowen & Co.: Reiterates an Outperform rating, and raises his price target to $113 from $110. “Better iPhone units/ASP so early in the launch plus a desire to build more channel inventory should add nice revenue ballast for a 1H:15 that we have always felt is under-modeled by the Street. iPad #s are likely to remain weak until 12.9″ launch, but Pay and Watch create new angles to the narrative and allow investors to “dream” again on where iPhone (and maybe Apple Watch) units can go as consumers buy more hardware because of these new use cases. Finally, we didn’t get anything new on capital return on this call, but in-line w/prior years, this should come in the Spring and we would expect another meaningful step-up in capital return.” Arcuri raised his 2015 estimates to $219.85 billion and $8.35 per share in earnings, up from $214.52 billion and $7.83.
Toni Sacconaghi, Bernstein Research: Reiterates an Outperform rating, and raises his price target to $110 from $108. “Overall, Apple projected a very bullish tone – it dramatically accelerated its share repurchases, spoke of very strong YoY growth in iPhone in all 39 launched countries to date, and were enthusiastic about its overall business looking into 2015 [...] Apple repurchased $17B in stock during the quarter ($9B through an ASR and $8B through open-market purchases), and paid out $2.8B in dividends. This represents an acceleration of its buyback programs, as the company had $39B in authorization remaining at the end of Q3, which would have suggested ~$8B in buybacks per quarter given Apple’s intention to complete its $90B in buybacks by the end of CQ415. Apple attributed the more aggressive buyback to confidence in the company’s upcoming product roadmap and strong demand for the iPhone 6/6+, and stated that it expects to update its capital return program at a similar time of the year as occurred during FY14, which would suggest April (FQ2) earnings.
Gene Munster, Piper Jaffray: Reiterates an Overweight rating, and a $120 price target. “During the Sep-14 earnings call, Apple management noted that starting in FY15 (the December quarter) the company will begin to target 5-7 weeks of channel inventory for iPhone and iPad. Based on our sales expectations for Mar-15 for each segment, the new channel inventory target would seem to imply an additional 3-4 million iPhone units and 1-1.5 million iPad units to be recognized in the Mar-15 quarter. Overall we believe this could add about $2.8 billion in revenue to March or about 5% excluding our estimate for the channel benefit [...] Beyond the March quarter, we believe buy side thinking will gradually shift away from the widely held product cycle trade approach and begin to value Apple more as a hardware/software platform that is unique in its ability to benefit from a world of increasing device usage.”
Katy Huberty, Morgan Stanley: Reiterates an Overweight rating, and a $115 price target. “Apple characterized iPhone 6 demand as “staggering” and “markedly higher in every single country.” Our checks suggest early supply constraints have been addressed, but with Apple expanding from 32 countries today to more than 115 by December quarter- end, we see the potential for meaningful channel inventory build in March, which could drive better than normal seasonality. What’s more, consensus estimates only assume half of the 250M iPhone 4s and older devices still in use will be upgraded this year, leaving considerable pent-up demand in FY16. If Apple Pay or Apple Watch gain traction, we see further iPhone upgrade potential in FY15 and FY16.”
Tavis McCourt, Raymond James: Reiterates an Outperform rating, and a $110 price target. “Supply/demand imbalance bodes well for March seasonality: “Not on the same planet” is how Tim Cook described today’s iPhone supply/demand balance. At this point, the company is selling everything it can make, and it is unlikely it will be able to fill channel inventories to optimal levels by the end of the quarter. This should make for a less seasonal March quarter than typical.” McCourt raised his 2015 estimates to $212.83 billion and $7.48 per share from a prior $207.95 billion and $7.28.
Adnaan Ahmad, Berenberg: Reiterates a Sell Rating, and a $60 price target. “Our take here is that Apple has costs under better control in this cycle relative to previous ones and this shows as the cost per GB essentially doubled as Apple took away the 32GB option. In addition, we think that CEO Tim Cook has paid a lot of attention to gross margin development as he knows that this is critical for investors. In other words, the iPhone 6 versus other iPhones (in an extreme) has probably been designed with the share price in mind [...] Given the euphoria around upgrading to the 6 (among new and existing users), the concern we have is that future demand may have been pulled forward. What will the iPhone 7 have to differentiate it, a six-inch screen? A curved/flexi screen? In other words, this is the “once in a lifetime” upgrade/catch-up cycle. Beyond that, as with Samsung, what is the hardware innovation that differentiates? Foldable? If this thought process plays out as we think it may, 2015 is going to be an amazing year for Apple earnings, but there is a risk that 2016 will see a deceleration. And earnings deceleration for a well-loved/well-owned/heavily-hyped stock is never a good thing in our view.
Sherri Scriberner, Deutsche Bank: Reiterates a Hold rating, and a $102 price target. “We have tweaked our FY-15 GMs higher, driving a modest $0.10 increase in our FY-15E EPS, but have left the majority of our model unchanged. With strong near-term growth largely factored into AAPL’s current valuation and limited catalysts ahead of the Apple Watch, we expect shares to remain range bound and maintain our Hold rating.”
Stuart Jeffrey, Nomura Equity Research: Reiterates a Neutral rating and a $104 price target. “We continue to believe that demand for $450 and higher smartphones is finite and already close to saturation. Current strength in iPhone 6 sales are thus likely caused by an accelerated replacement cycle (both deferred and brought forward purchases) driven by the devices’ bigger screens. With 5s launch sales just 7% higher than those of the 5, innovation likely to prove limited with the ‘s’ release cycle and the impact of a premium device launch (6plus) factored into year-on-year numbers, the scope for material growth in 12 months time appears limited to us. Despite this, management’s target to boost channel inventory levels provides some support for FY15 growth. The iPhone 6 plus share of sales may yet surprise (boosting ASPs), and management also has the flexibility to announce a bigger-than-expected extension to the share buy-back plan should growth in net-income disappoint.”
Brian Blair, Rosenblatt Securities: No formal rating. “We are intrigued by Apple’s introduction of a new reporting segment, where it will wrap iPod, Beats headphones and other accessories as well as Apple Watch into a new “Other” category [...] We believe this will serve to mask critical metrics and ultimately allow the iPod category to quietly die (no new upgrades for 2 years) and allow the Apple Watch to hold some anonymity as it gets off the ground [...] We have been consistent in our view of iPad units in decline along with the overall tablet market softness. While Apple management is hopeful that a bright opportunity remains for the category, Tim Cook made comments on the conference call addressing the potential for cannibalization of iPad given the larger iPhone screens. The company recognizes that some buyers may opt for just an iPhone now, and they are content that selling that once device. (We think it’s critical to note the higher ASP of the iPhone 6+ relative to the iPad Mini models.).”
Kulbinder Garch, Credit Suisse: Reiterates a Neutral rating, and a 110 price target. ” We believe there is significant [iPhone] backlog and the real issue is supply. We now project volumes of 61mn/193mn /194mn units in the December quarter, FY15, and FY16, respectively [...] We continue to scope EPS momentum [...] We continue to believe that the stock will perform well near-term. However, with only 10% upside, we maintain our Neutral rating.
Andy Hargreaves, Pacific Crest: Reiterates a Sector Perform rating. “Despite the strong revenue numbers, FQ4 gross margin of 38.0% was below our estimate of 39.3%, and FQ1 gross-margin guidance of 37.5% to 38.5% failed to produce the upside that many investors anticipated from a strong mix of iPhone 6 Plus and 64 GB and 128 GB SKUs. This is likely to lower the high end of investor expectations for gross margin and earnings power through the iPhone 6 cycle [...] Both iPhone units and margins are relatively well understood for the current product cycle, so we believe a sustainable reversal in iPad unit sales or better expectations for Apple Watch may be needed to drive AAPL higher.”
Apple (AAPL) CEO Tim Cook tonight kicked off the company’s fiscal Q4 conference call with analysts following a report that topped Street expectations, and a higher forecast for this quarter as well.
Cook led with remarks about iPhone, saying the company’s supply chain had ramped up production. He called demand “staggering,” adding it was “markedly higher in every single country where we launched the iPhone 5S a year ago. 115 countries by end of December.
Regarding Apple Watch, he said “we can’t wait to get Apple Watch to customers in early 2015. We’ll provide more details as we get close to the launch date.”
He said the revenue growth rate of 12% was the highest in 7 quarters.
The company’s Mac sales — 5.52 million units and $6.63 billion revenue — was an all-time quarterly record.
He said App Store revenue rose 36%.
The company sold 243 million iOS-based devices in the fiscal year, and 19 million Macs.
Revenue from developing markets was approaching $50 billion in the fiscal year, said Cook.
Cook said the company was “off to a great start” with respect to the July acquisition of music service Beats Music, and promised to disclose plans “soon.”
CFO Luca Maestri noted $13.3 billion in cash flow from operations, a record for a fiscal quarter.
iPhone sell-through growth was 26%, indicating “underlying demand” stronger than actual shipment growth. Sales more than
Apple increased channel inventory for the iPhone by “just under 1 million units,” less than the prior-year’s 3.3 million unit inventory build, said Maestri. That left the company with inventory below its target of 4 to 6 weeks.
Mac sales rose 21% in unit terms. Maestri said MacBook Pro and MacBook Air showed particular popularity. Channel inventory was also below target at quarter’s end.
iPad channel inventory was reduced by half a million, bringing the product within its targeted inventory levels. He said iPad sales in Japan rose 46%.
Turning to retail store operations, Maestri noted the stores had total revenue of $5.1 billion, up 15% from a year earlier and a new Q4 record.
The company opened 10 new stores in 2014, for a total of 437 stores, the company expects 25 new store openings this year, three quarters of them outside the U.S.
With an average of 432 stores in the quarter, the company had average store revenue of $11.9 million, up from $10.9 million a year earlier. The company hosted 102 million visitors, over 18,000 visitors per store per week.
Cash at quarter’s end was $155.2 billion, a decline of $9.3 billion from Q3.
Apple spent over $20 billion in the September quarter on its capital returns program. Maestri said Apple began its 4th programmatic share repurchase program at the end August, at over $9 billion, spent $8 billion on open-market purchases of stock, and paid $2.8 billion in dividends.
So far, said Maestri, Apple has spent $94 billion of its intended $130 billion capital returns program, including $68 billion in buybacks, with 5 quarters remaining in the current plan.
Turning to the outlook, Meastri reiterated the published view of Q1 revenue in a range of $63.5 billion to $66.5 billion, which he noted was “double digit revenue increase despite foreign exchange headwinds.”
Gross margin is expected to be 37.5% to 38.5%, with operating expenses of $5.4 billion to $5.5 billion. Maestri said foreign exchange impact was becoming a “significant” headwind.
The company said it will introduce some income statement reporting changes in Q1′s report in January.
First, it will “to better serve customers,” Apple has been “collaborating across channels” and will breakout retail results in each region, “consistent with way we measure the business internally.”
Those regions are: Americas, Europe, Greater China, Japan, Asia-Pac.
Second, the company will make changes to product sales details.
Apple will continue to report, iPhone, iPad, and Mac as separate categories. It will now introduce a new category of “services” which will include iTunes content, apps, licensing revenue, and also revenue from Apple Pay
And then there will be a new reporting category for “Other” products, including Beats headphones, Apple TV, peripherals, accessories. And, “we will begin to include iPod in the Other products category, and Apple Watch as well.”
Cook was asked about when the company would be able to balance its iPhone supply with demand. He said the company is not certain of the total ultimate demand, and is “not even close” to being in balance:
The [production] ramp is going great. That said, today demand is far outstripping supply. It’s unclear when supply will catch up with demand. I don’t want to leave you with a view that we know we’re going to get to a supply-demand balance. We don’t know that at this point. It’s very difficult to gauge demand without first achieving a balance. It’s very clear we’re not nearly in balance, we’re not close, we’re not on the same planet. But it’s clear that demand is great, that’s why we’re giving the very strong gudiacne we are giving. It’s very unusual to see every country having a marketd oimprovement over last year. And that’s what we’re seeing. We do not envision as of today to be able to achieve the extra inventory int he channel we believe is needed, when you think about the long food chanins in some of the emerging markets where the distribution channels are not as efficient. We’re selling everything that we make. From everything we can tell we’ve done a pretty good job on that. But I stop short of saying there’s not an issue. But, it’s a good problem to have.
Pressed on the mix of iPhone sales between the iPhone 6 and the larger iPhone 6 Plus, Cook said he couldn’t provide reliable information because the company is “selling everything we make,” and so, “we’re basically selling out our supply. It is clear we will see a difference by geography in terms of preference. That’s about all I can say at this point.”
Asked about sales of the iPad, which missed Street estimates, Cook defended the long view of the product:
Instead of looking at this every 90 days, we’ve sold 237 million in the first four years, about twice the number of iPhone in that time. And so, to me, I view it as a speed bump, not a huge issue.That said, we want to grow, we don’t like negative numbers on these things. I know there’s a popular view that the market is saturated. We don’t see that. I do look at our data deeply. The last data we have was in the June quarter. If you look at the top six revenue countries, in the country that’s sold the lowest percentage of iPads to people had never bought an iPad before, that number is 50%. And the range goes from 50 to over 70. So when I look at first time buyer rate, that’s not a saturated market. What you do see is people hold onto their iPad longer than they do a phone. And because we’ve only been in this business four years, we don’t really know what the upgrade cycle is for people. What we do know is we feel really great about what we introduce last week. And the more apps, the more it opens up opportunity in the enterprise. That’s what the IBM partnership is about. So, I see catalysts going forward. There are obvious cannibalization things going forward. I’m sure people looked at a mac and an iPad and decided on a Mac. I’m sure some people will look at an iPad and an iPhone and decide to get an iPhone. And I’m fine with that as ell. But my own view is the iPad has a great future. I’m very bullish about where we can take iPad over time. We are continuing to invest in the product pipeline, in distribution — if you look at how we did in emerging markets, we were up 20% for the full year of 2014. Obviously the brick countries are developing as a percentage of our total. It looks a bit different geography to geography.
Asked about China, Cook said that despite the iPhone not officially going on sale in the quarter, nevertheless, sell-through of the iPhone had risen 32%, year over year.
Asked about cuts to subsidies imposed on China’s telecom operators, Cook said that in past, only 20% had been sold with subsidy. And so “it’s not clear yet what kind of impact it will have.” Cook called China an “incredible market” that is hungry for the latest technology, with lots of young people graduating from school.
Revenue in the three months ended in September rose 12%, year over year, to $42.1 billion, yielding EPS of $1.42.
The Street, on average, was modeling $40 billion and $1.31 per share in net income.
The company’s own forecast was for $37 billion to $38 billion in revenue.
Gross margin was 38%, it said.
Apple sold 39.3 million iPhones, it said, topping consensus estimates.
The company sold 12.32 million iPads, a little light of some estimates for 13 million. Apple sold 5.52 million of its Mac computers, and 2.64 million iPods.
CEO Tim Cook said the quarter was “one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus,” adding that the company is “heading into the holidays with Apple’s strongest product lineup ever.”
Added Cook, “We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015.”
The company spent $20 billion on its capital return program, and ended the quarter with over $155 billion in cash, cash equivalents, short- and long-term marketable securities. Apple had $28.99 billion in long-term debt.
For the current quarter, the company sees revenue in a range of $63.5 billion to $66.5 billion, topping consensus of $63.67 billion.
Gross margin is expected in a range f 37.5% to 38.5%.
Apple will host a conference call with analysts at 5 pm, Eastern time, this evening, and you can catch a webcast of it on the company’s Web site.
Apple shares are up 89 cents, or 0.9%, at $100.52.
Tech Trader Daily is a blog on technology investing written by Barron’s veteran Tiernan Ray. The blog provides news, analysis and original reporting on events important to investors in software, hardware, the Internet, telecommunications and related fields. Comments and tips can be sent to: email@example.com.


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The first 100% Liberian rubber manufacturing plant has started work in the country, according to Liberian press.
The Cooper Rubber Processing Plant (CRPP), which started work 4 June, will manufacture natural rubber materials for retreaded tires, roofing, electrical insulators as well as rubber gloves, told newsmen.
Located in Blagai, Bomi Highway, the plant is headed by James Cooper.
CRPP, told newsmen, “purchases rubber from local farmers across the country and process them into crepe technically specified rubber (TSR 10).”
The opening of the factory offers a glittering of hope to small and medium Liberian rubber farmers who have long been struggling to stand on their own. This does not encourage the export of raw rubber by small producers but yet allow Firestone and other large rubber companies from doing so. According to them.

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Expectations that Pacific Container Trade Will Remain Down till Q2'23
Recent trends for softer cargo volumes at the Southern California ports continued in November. Both the ports of Los Angeles and Long Beach, however, believe that it is a temporary slowdown partially due to market conditions and in part operational uncertainties largely related to the unresolved labor issues. Their forecast however is for a soft start to 2023 which was confirmed by the shipping industry.
“Clearly it is a weaker second half than many would have predicted,” said Gene Seroka, Executive Director of the Port of Los Angeles reporting November results. While the port remains on track for its second-best year ever at nearly 10 million TEU, Seroka said that between August and November they had experienced a 21 percent decline in cargo volume at the Port of Los Angeles. He pointed to an overall slowing of U.S. trade and specifically a 12 percent decline year-over-year in imports as retailers eased factory orders.
The Port of Los Angeles experienced a 21 percent over-over-year decline in container volume to 639,344 TEU which they also highlighted was 24 percent below the port’s five-year average. Imports were off by 24 percent, but exports were up by 9 percent. That, however, is still 34 percent below the port’s five-year average for export volumes.
Long Beach reported a similar level of decline for November. Imports were also off 21 percent at the neighboring port while overall volume was also down 21 percent. Unlike Los Angeles, Long Beach also had a nearly 14 percent decline in exports.
The two ports cited similar reasons for the continued soft volumes. Executives at Long Beach highlighted reduced orders from retailers, full warehouses, and vessel transfers between the San Pedro Bay ports and goods shifted toward seaports along the East and Gulf coasts. Los Angeles said two factors have had “big impacts,” citing the early peak season primarily for retail imports and its belief that the prolonged labor talks are causing shippers and carriers to divert to other ports. Los Angeles for example reported that it had 13 blanked sailings in November and it is forecasting carriers will blank a further 11 sailings in December.
“We have work to do moving forward,” said Seroka saying they were focused on bringing cargo back to Los Angeles. He said the first key piece was a settlement of the longshore workers' labor negotiations which he expects will happen in early 2023.
“While some import volume has shifted to other gateways, we are confident that a good portion of it will return to the San Pedro Bay,” said Port of Long Beach Executive Director Mario Cordero. “As we move toward normalization of the supply chain, it’s time to refocus our efforts on engaging in sustainable and transformative operations that will secure our place as a leader in trans-Pacific trade.”
Yet the outlook for the remainder of 2022 and possibly the first quarter of half of 2023 is weak. Jeremy Nixon, CEO of Ocean Network Express highlighted that they expect an early and prolonged impact from the Chinese New Year holiday in January 2023. He forecast that February, March, and April would be slow for volumes from Asia to California.
“We are expecting 15 to 20 percent negative growth rates compared to last year,” predicted Nixon. He noted that it would mean a leveling off based on the similar positive growth levels last year. He said ONE would continue to blank sailing to match demand saying like most carriers they might operate only 50 percent of service around the Chinese New Year, bringing capacity back only as demand builds. He, however, said that he believes that sport freight rates are likely bottoming out now which would be a longer-term positive for the market.
The expectation is that normality could return to the trans-Pacific trade and Southern California ports in the second quarter and beyond in 2023. However, it will be dependent on retailers bringing down their current inventory levels before they resume higher import levels.


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Apple has now released a second set of developer betas for iOS 10.1, watchOS 3.1, and tvOS 10.0.1 to registered iOS developers. The documentation accompanying the new betas lists few significant changes, suggesting the new versions are primarily focused on fixing bugs and improving performance. Registered iOS developers can download the new betas from Apple’s Developer site.
Apple has rescheduled the earnings call for its Q4 financial results to Tuesday, October 25. The call was originally scheduled for October 27, but the company moved the event up two days citing a “scheduling conflict.” As usual, the company will conduct its conference call at 5 p.m. Eastern time that day. Apple previously provided guidance for Q4 of revenue between $45.5 billion and $47.5 billion, and gross margin between 37.5 percent and 38 percent. As always, iLounge will provide coverage of the results.
Apple has patented scanning technology that would allow a fingerprint sensor to function through an iPhone’s display, lending new credibility to rumors that the company will be doing away with the home button in next year’s iPhone. The new technology uses a series of electrostatic lenses to focus fingerprint scans that would otherwise become too blurred to use for identification purposes. While the new system would allow the sensor to be placed behind the display, Apple notes a “drive ring” is still needed to supply voltage to a user’s finger for the scan, presenting a quandary for the company if it wants to entirely eliminate the stationary home button in favor of expanding the usable surface area of the screen.
After a quick test last month, Apple has officially launched its new Spoken Editions section under the podcasts heading in iTunes. Users can now get a spoken-word version of news updates from media companies like Time, Reuters, Slate, Wired, Mic, Bustle, Jezebel, and the Huffington Post. Apple’s simple pitch for the section targets people too busy to read their favorite websites each morning, offering narrated versions of the stories for those on the go. Providers are divided into categories that cover breaking news, politics, LGBT and racial issues, pop culture, lifestyle, business, and technology.
The Phoneys sticker app for iMessage has landed its creator in a serious conundrum after Apple called him with demands that he change it or face its removal from the iMessage app store. In a post on Medium, Adam Howell explains he built the sticker pack—which allows users to paste a convincing-looking iMessage bubble over a friend’s message to make it look like they said something they didn’t—with every expectation that it wouldn’t make it through the approval process. Once it did, people took notice, and with a little publicity, it shot to the top of the Top Paid list on the iMessage store.
Apple has been ordered to pay $302.4 million in damages after losing another round in its years-long legal fight with patent holder VirnetX, Reuters reports. In 2012, a jury awarded VirnetX $368.2 million in damages over Apple’s use of its patented security technology in the company’s FaceTime app, but an appeals court overturned the verdict over issues with how the damages were calculated. A second trial upped those damages to $625.6 million, but another judge threw out that verdict as well, after expressing concerns that jurors may have been confused by repeated references to the earlier trial. Apple declined to comment on the case, but the company faces yet another court proceeding to determine if it willfully infringed on the patents, which could lead to higher damages.
Apple has announced the exclusive publication of interactive digital editions of Game of Thrones to commemorate the 20th anniversary of the popular George R.R. Martin best-seller. The new interactive iBooks will allow readers to go deeper into the history of some of the great houses of Westeros, via interactive character maps, detailed annotations, and more, along with glossary terms that will provide insight into character connections and the lineage of the various houses. An appendix of all 92 house sigils is also included, with comprehensive information about symbolism, house seats, regions, and allegiances.
Apple has sent out an email to registered developers announcing the debut of search ads in the App Store. Apple SVP Phil Schiller announced earlier this year that search ads would be coming to the App Store, however provided few additional details at the time beyond saying that Apple was giving careful consideration on the best way to implement ads in a customer-friendly manner. Search Ads will allow developers to easily create tailored ads to promote their apps at the top of App Store search results, with basic ads created automatically using metadata and imagery from the developer’s app and automatic matching of ads to relevant searches in the App Store. Advanced features will allow developers to target their ads to iPhone or iPad users, adds their own keywords, specify a target demographic for ads, and schedule campaigns to appear only during certain time periods. Apple has published a new set of pages at searchads.apple.com where developers can find out more information on the new service and sign up to receive a $100 credit toward their first campaign.
Apple has announced a new partnership with Deloitte aimed at promoting business solutions on the iOS platform. As part of the new initiative, Deloitte will be creating a first-of-its-kind Apple consulting practice that will include over 5,000 strategic advisors focused on helping enterprise organizations develop and implement solutions in over 20 different industries, including retail, field services, recruiting, R&D, inventory management and back-office systems. EnterpriseNext, a new service from Deloitte Consulting, will help clients properly implement and leverage iOS hardware, software, and services, discovering new possibilities, prioritizing digital resources, and developing custom solutions with rapid prototyping. Apple also has enterprise relationships with IBM and SAP.
A new report from The Intercept reveals a caveat to Apple’s privacy policies surrounding text and iMessage communications. According to the report, while Apple’s end-to-end iMessage encryption precludes the company from being able to disclose the content of messages between iOS device users, the company does maintain a server-based log of phone numbers that users have attempted to communicate with via the Messages app. Numbers are added to these logs whenever an iMessage user enters a new phone number into the Messages app and Apple’s servers need to determine whether the message should be delivered to the recipient via its own iMessage service or using the carrier’s SMS text messaging services.
Apple is reportedly briefing a select group of hackers on its plans to launch a bug bounty program for those discovering iOS and Mac vulnerabilities, Forbes reports. One source said the group attending the meeting “is not too big at all,” limited to an invite-only list focused more on quality than quantity of hacking talent. Apple is said to be rewarding hackers with up to $200,000 for providing the company with information about security flaws in its devices. Apple first announced the program during August’s Black Hat security conference, joining companies like Google and Microsoft who have long offered similar programs for hackers.
Apple is moving its 1,400 London employees into a new headquarters inside the once-derelict Battersea Power Station, the Evening Standard reports. The London employees are currently scattered across eight sites, but when the new six-floor office space opens in 2021, the entire operation will finally be under one roof. “This is a great opportunity to have our entire team working and collaborating in one location while supporting the renovation of a neighborhood rich with history,” Apple said in a statement. Apple’s facility in Cork, Ireland will remain its main European headquarters, but the new London office will be one of the company’s largest worldwide.
Apple has announced that it will release its Q4 financial results on Thursday, October 27. As usual, the company will conduct its conference call at 5 p.m. Eastern time that day. Apple previously provided guidance for Q4 of revenue between $45.5 billion and $47.5 billion, and gross margin between 37.5 percent and 38 percent. As always, iLounge will provide coverage of the results.
Apple is fighting with the European Union over $14.5 billion in taxes without the usual lobbying force of a major company, The Wall Street Journal reports. The company spent just over $1 million in 2015 lobbying the EU, when Google parent company Alphabet dropped $4.5 million and employs more than 10 full-time lobbyists. American companies lack direct national representation within EU institutions, leaving them at a disadvantage when competing against European countries who can have their national representatives lobby on their behalf. Other companies have built a strong European lobbying presence to sway investigations and potential legislation, but while CEO Tim Cook has personally made the trip to Brussels to clarify the company’s positions directly with the EU’s antitrust chief, Apple is far behind in employing locals charged with keeping a constant eye on developing situations.
Apple has acknowledged claims that iOS 10 has weaker password security for local backups and promised it is looking into a fix, Forbes reports. Russian forensics company Elcomsoft discovered that the new iOS uses weaker password protection than previous versions when it comes to manual backups via iTunes. “We discovered an alternative password verification mechanism added to iOS 10 backups,” Elcomsoft’s Oleg Afonin wrote in a blog post. “We looked into it and found out that the new mechanism skips certain security checks, allowing us to try passwords approximately 2500 times faster compared to the old mechanism used in iOS 9 and older.”
Apple’s rumored standalone Siri home control hub may be getting closer to a reality, according to a new report from Bloomberg. Rumors earlier this year suggested that Apple was working on a standalone “Siri home speaker” that would rival Amazon’s Echo, with subsequent reports suggesting that it might go farther than merely being an Echo-like speaker, integrating a camera and possibly other technology. Citing people familiar with the project, the latest Bloomberg report reveals that it’s been in the works for more than two years, and has now reached the prototype testing stage where key Apple employees are now using prototypes of the device in their own homes.
Apple has acquired machine learning company Tuplejump, TechCrunch reports. According to the report, Apple had specific interest in the company’s “FiloDB”, an opensource project designed to “efficiently apply machine learning concepts and analytics to massive amounts of complex data right as it streamed in.” Apple gave its typical response to the reported acquisition, saying that it “buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”
Following yesterday’s release of the iOS 10.1 developer beta, Apple has now released a public beta version of iOS 10.1 through its Apple Software Beta Program. The iOS 10.1 public beta notably adds the “Portrait Camera” depth of field effect for iPhone 7 Plus, which Apple demonstrated at its event earlier this month — an enhancement that may encourage iPhone 7 Plus users to sign up for the public beta program to take an early peek at the feature. Users who have already signed up for the Apple Software Beta Program should be able to log in and download the new versions now; users who haven’t signed up can do so at the same site.
Only a little more than a week following the general release of iOS 10.0.1, watchOS 3, and tvOS 10, Apple has now seeded the first developer betas for all three platforms — iOS 10.1, watchOS 3.1, and tvOS 10.0.1 — to registered iOS developers. The documentation accompanying the new betas lists no significant changes, suggesting the new versions are primarily focused on fixing bugs, improving performance, and polishing up the major iOS 10, watchOS 3, and tvOS 10 releases. Registered iOS developers can download the new betas from Apple’s Developer site.
Report: Apple considering acquisition of high-performance car maker McLaren (Update: and Lit Motors)
Apple is in talks to acquire British supercar maker McLaren, the Financial Times reports. Three people briefed on the negotiations said the talks began months ago, with Apple exploring options that could include a full takeover or a strategic investment in the auto maker. McLaren would bring automotive engineering skills, on-board computer expertise, and experience using materials like carbon fiber and aluminum in chassis manufacturing to Apple’s rumored car project. The company currently produces luxury sports cars that can cost as much as $1 million each, but operates at a loss despite being valued somewhere between $1.3 billion and $1.95 billion. McLaren also operates an F1 racing team, the fate of which would be unclear if Apple were to buy the company. [via 9to5Mac]
Update: Apple is also in talks with Lit Motors about a possible acquisition, according to The New York Times. Lit Motors is a startup that develops two-wheeled vehicles, including a electric motorcycle which self-stabilizes with the use of gyroscopes.


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Ski’s Meat Market founder tells about experience
In last week’s column, Stephanie and Jeff Zusy talked about the process of opening a Ski’s Meat Market in Green Bay.
As lengthy and detailed as that process was, the founders of the Ski’s franchise, Dave and Sandy Tuskowski, had a similarly interesting journey after deciding to franchise the business.
The Tuskowskis had founded other businesses and worked in professional positions where they had gained vast business experience. Then, the recession hit.
At the time, they were operating Exclusive Millwork, a distributor of custom cabinets. As the construction industry faltered and business dropped off, they began to look at other business options including the possibility of a traditional, high-quality meat market.
“I wasn’t a butcher and had no direct experience with a meat market, but the idea popped into my mind,” Dave said. “My thought process was that I had the background to run a business, and could hire meat-cutters. The value of ownership isn’t being in the back room as much as it is in being with customers.”
With this in mind, the couple spent a year visiting 15 to 20 similar businesses, talking to owners, researching business models, and coming up with a concept that they believed in. Their daughter, a custom home builder, and son-in-law spent six months helping to create a unique store design.
It was May 2010 when the inaugural Ski’s Meat Market opened in Stevens Point.
Despite being warned by a lender that the demographics in Stevens Point didn’t support a high-quality meat market, the business was an immediate success. It was so successful that the Tuskowskis began to think about opening a second store in Wausau.
Dave recalled, “When we were looking for a second location, I got prompted into considering the franchising option. I did as much research as I could, and contacted iFranchise Group to review our current business.”
An evaluation was positive, and their franchise representative saw the potential and recommended they proceed. The iFranchise Group helped create the franchising disclosure documents, legal franchise agreement, and marketing materials. They also connected the couple with a franchise attorney in Manitowoc for a final review.
“She’s the one who sifted through the materials and made sure all of the i’s were dotted and t’s crossed. It took almost a year to get the materials ready from the time we got the paperwork started and were legally approved by the state of Wisconsin,” Dave said.
Since a franchise must be legally approved on a state-by-state basis, he is currently in the process of registering in Illinois and Iowa, and plans to register next in Michigan and Indiana. The first Ski’s Meat Market franchise was opened in Wausau, followed by Oshkosh and Green Bay.
As he looks back on the decision to franchise, Dave said that a major advantage is that it allows the company to grow at a faster pace. He is the director of development, and once the potential franchisee is ready to take it to the next level, Sandy steps in and helps with ordering, designing, and opening the new market.
He hopes to have about 25 locations in the Midwest over the next five years. But, he doesn’t want to rush growth in order to ensure that each store is solid and viable. He credits the initial success to finding qualified people who know the franchising world.
“Be prepared for a huge undertaking,” he said. “I would say it’s about five times more complicated of a process that we anticipated. It can be a dark world, and you need to be careful who you select for assistance.”
Tina Dettman-Bielefeldt is co-owner of DB Commercial Real Estate in Green Bay and district director for SCORE, Wisconsin.


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As topspeed said, Autocar a British Magazine this 2012 Toyota FT86 will bring back the name of Celica to the Europe and Japanese markets. This 2012 Toyota FT86 coming as Scion at USA which bring new experience for impressive sport cars. Like Toyota said 86 is likely to be retained in its name somewhere, however, as the car has been conceived as a tribute to Toyota’s classic AE86 Corolla. 2012 Toyota FT86 is the second-coming of Toyota’s iconic Celica line and Subaru version which coming in Japanese version.
The brand new 2013 Nissan GTR was get its new engine which powered 560 Horse Power. As like oldest one, this 2013 Nissan GTR gets better and better every year and will no exception fot this one. As we know the first version of GTR was launched in 2007 at the Tokyo Motor Show delivered a total of 473 HP. The 2012 models was got impressive 530 HP and things aren’t slowing down for the Japanese automaker which prepare the next model year (2012 in Japan, 2013 in USA) will deliver an impressive 2013 Nissan GTR 560 HP.
Behind Audi completely new ideology behind this electric R8 and the normal gasoline version, they serious about bringing this Audi R8 E-Tron to the market. And after the E-tron Detroit Show car, Audi has brought us the e-tron technology platform based on the 2013 Audi R8 E-Tron. The supercar form of R8 was made an easier job for the Audi engineers to develop an electric version of this Audi R8 E-Tron. Mid-engine design of the 2013 Audi R8 with E-Tron technologies provides the perfect location to store heavy batteries without distorting the weight balance that Audi wanted to achieve.
2013 Chevrolet Malibu the first global version of the popular mid-size Chevy, has finally been revealed in 2011 New York Auto Show. 2013 Chevrolet Malibu was revealed one day before at 2011 Shanghai Auto Show. The 2013 Chevrolet Malibu concept will take all of modernism of car design include exterior and interior of the car. Like 2012 Dodge Avenger R/T in New York 2011 Auto Show, the Chevy got many eyes look on its beautiful modern design style. The new Malibu is 4.5 inches smaller in wheelbase at 107.8 inches, and it’s 191.3 inches long–but an inch wider.
The new sequel of The Fast & The Furious movie began featuring all brand new 2011 cars but we will show you what kind of cars that used before this movie. There is the top 10 The Fast & Furious movie cars we will show on you. The top 10 the fast & the furious movie cars is based on few world branded cars, such as nissan, volkswagen, honda, mazda and more. Top 10 the fast and the furious movie cars is most intresting things must we know before watching the latest sequel fast five. And if you think that we’re talking about resident leading men, Vin Diesel and Paul Walker, guess again. This list has very little to do with them, or their other co-stars for that matter, but more so about what they were driving during the first four movies. Yes, dear friends.
Related Auto Show & Car Showoff for new shape of toyota corolla in pakistan 2013 at AutoCarShowOff.com
Minagi compact crossover concept was released for new 2012 Mazda CX5 since 2011 Geneva Motor Show. But in that time is only the concept of this awesome 2012 Mazda CX5 which has been hinting at production of its attractive. At New York 2011 Auto Show Mazda was finally released the true car named 2012 Mazda [...]
Facelifted the XF range at this New York 2011 come to the new 2012 Jaguar XK with convertible body styles. The new 2012 Jaguar XK range, which consists of both Coupe and Convertible bodystyles, has evolved to take on an elegant new look, elements of which are shared with the XKR-S, first revealed last month [...]
Fiat was made 2011 fiat 500 cabrio to re-enter the united states market with the adorable little hatchback. This 2011 fiat 500 cabrio was officially debuting its Cabrio version at the 2011 New York Auto Show in about a week’s time by the Italian automaker. There is no show is completed without this 2011 fiat [...]
Most people searching the official pricing of 2012 Audi TT RS in U.S. And now it finally come with official price from Audi which finally released U.S. pricing on the company’s 2012 TT RS. This 2012 Audi TT RS which powered by 360-horsepower coupe engine has planning on handing over $56,850*(*plus any applicable destination charges). [...]
2012 Subaru Impreza was release the first debut at New York 2011 Auto Show with despite initial fears the design of the new small car. 2012 Subaru Impreza is also 30 percent more fuel efficient than the model it replaces, making the new 2012 range the most fuel efficient all-wheel drive car on the market. [...]
From trio of Transportation Design students at the Politecnico di Milano in italy, Jaime Cervantes, Andrea Coccia, and Chetan Rajput has bring their maserati concept to the internet which fit to wear the maserati crown. Based on GranTurismo, they designed a future vehicle which would look like in 2020 with a throwback to the Maserati [...]
The limited edition of Mercedes SLR Stirling Moss which only produced 75 units was actually showed up at Cannes Film Festval which drives by Kanye West. Improving the views of see one actually outside of an air conditioned and secured garage is a spectacular treat for the eye is the real unique feature of this [...]
Awesome design show of a mans car, truly gentleman car its a landrover range range rover RS300 with limited edition type was tuned by British based tuner, Project Kahn. The landrover range company was released the new range rover with the limited edition RS300 Afzal Kahn. The landrover range tune based on the landrover range [...]
After unveiled the first 2012 Maserati GranTurismo MC Stradale at the 2010 Paris Auto Show, Maserati unveiled their new GranTurismo MC for American type at the 2011 New York Auto Show. This 2012 Maserati GranTurismo MC is not exactly the street legal machine found with the Stradale nameplate, though. The 2012 Maserati GranTurismo MC American [...]
The future volkswagen beetle was revealed on New York 2011 auto show which become another icon that gone under the knife and emerged, well, only slightly differently iconic. The future volkswagen beetle was made superficially slight by its producers. This future volkswagen beetle was revealed simultaneously in New York, Berlin and Shanghai. Just like 2011 [...]


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According to Frank Fiskers, the Danish CEO of Scandic Hotels, the Swedish company is primed for an IPO and is waiting for the word from its owner, the Swedish capital fund EQT, Børsen reports.
Fiskers explained that the past year had been spent preparing the company.
“We’ve put the processes and structures in place,” he said. “The company is ready to be listed, and we are waiting for when the owners decide to push the button.”
Not an inevitability
The hotel chain has been owned by EQT since 2007. According to Fiskers, an IPO isn’t an inevitability.
“I don’t think EQT has locked itself into a particular track,” he said.
“But now we’ve prepared for the thing that means the most work for us – namely a listing.”
Kerstin Danasten, the head of press at EQT, told Børsen the decision of whether to go after an IPO had not been taken.
“EQT assesses on an ongoing basis what should happen with Scandic Hotels,” she said. “I can’t say what will happen.”
The Scandic chain has 230 hotels in seven countries, employing 14,000 people.


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European Commission President Jean-Claude Juncker used more than a dozen colorful cue cards with “very simple” explanations to discuss trade topics during his Wednesday meeting with President Trump, according to The Wall Street Journal.
“We knew this wasn’t an academic seminar. It had to be very simple,” a senior European Union official told The Journal.
The Hill added:
Juncker and Trump emerged from the meeting with a handshake deal to avoid a trade war between the U.S. and the EU.
The leaders announced that they would work toward zero tariffs, and the EU agreed to increase U.S. soybean imports and decrease industrial tariffs.
Trump backed off from his threat to slap hefty tariffs on automotive imports as part of the agreement.
Trump claimed on Wednesday that “basically, we opened up Europe” to U.S. imports, even though no new trade deals have been made.
“We just opened up Europe for you farmers. You’re not going to be too angry with Trump, I can tell you,” Trump told farmers in Peosta, Iowa the day after the meeting.


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Workers at Jaguar Land Rover plant given bacon sandwich as their Christmas bonus
Stunned: Workers at the Jaguar Land Rover plant in Merseyside were offered a sandwich for their Christmas bonus
Workers at one of the largest car manufacturers in the UK appear to have fallen victim to Scrooge-like bosses in their Christmas bonus offerings this year.
Staff at the plant in Halewood, Merseyside, were offered just a bacon or sausage sandwich.
The miserly 'bonus' is part of a tradition served up to employees of International Automotive Components, which fits trim to the Jaguar Land Rovers, every year.
Last year the Luxembourg firm, which employs ten staff at the plant, posted £1.9bn in profits.
However, that wasn't enough for workers to be offered a cash bonus or a Christmas party.
Workers at the Merseyside plant branded the free festive buffet 'pathetic'.
One staff member, who didn't want to be named, told The Sun: 'I feel like telling them where to stuff it. We slave all year, they are making a fortune and this is all they can manage?'
IAC, which fits trim on the vehicles, posted a massive profit last year across Europe.
A spokeswoman said the buffet was a tradition at the plant.
She added: 'There's no obligation to give a cash bonus in December.
As tasty as a bacon sarnie is, workers were expecting a bit more of a Christmas bonus for their hard graft
Jaguar Land Rover, owned by India-based Tata Motors, runs six plants, five of which are in Britain, the sixth in India.
The firm says it plans to create an additional 4,500 production and manufacturing jobs in the UK over the next five years.
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Hard-nosed computer games company Nintendo has claimed that it has sold 2.74 million Nintendo Switch consoles since the device was released at the beginning of March. The figures indicate that it will...
Government claims supercomputer will reap multi-billion pound economic benefits by offering better climate and weather forecasting
Foxconn won't be resuming production at its Shenzhen and Zhengzhou factories this week, as originally anticipated
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Huawei can 'covertly access' mobile phone networks worldwide via secret 'back doors', claim US officials
Huawei denies claims that secret 'back doors have been built-in to Huawei mobile hardware for more than a decade
First quarter plunge comes as Huawei is expected to produce only 42.5 million smartphones


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In a reflection of the growing importance of mobile loyalty to quick-serve restaurants, Dunkin’ Donuts DD Perks loyalty program has signed up 2 million members while the chain’s mobile payment and gifting application has surpassed more than 10 million downloads.
Articles Tagged ‘mobile payments’
In a reflection of how quickly marketers have embraced beacon technology, 18 percent report that they are using beacons today in tests or active deployments, according to new research from Adobe.
Target is testing mobile payments application CurrentC in several of its stores, enabling employees to pay for purchases using their smartphones.
Softcard users in Salt Lake City, UT, are three-and-a-half times more likely to engage with offers and four times more likely to use loyalty cards than the national average, according to new results from the near-field communications payments provider.
With token technology, fingerprint security and major bank partners, Apple may have finally cracked the mobile pay code.
In a bet that near-field communications mobile payments may still not be ready for prime time, Burger King has opted to power its application with PayPal’s cloud-based, PIN-driven solution.
While the launch of Apple Pay and Host Cost Emulation promise to boost near field communications-based payments, one group that is likely to see its role diminish is wireless carriers, according to a new report from Juniper Research.
With mobile payments already struggling to catch on, the recent face-off between Apple Pay and CurrentC, a payments and loyalty platform developed by a consortium of retailers, could further stall adoption and end up costing merchants customers.
Most mobile pages are not meeting users’ performance expectations, with the rush to embrace responsive Web design partially responsible, according to a new report from Radware.
The role of social media giants Twitter and Facebook in mobile payments is expanding even as Apple Pay’s launch looms.


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Sense, the Big Issue Foundation, the National Autistic Society, St John Ambulance and Whizz-Kidz shared £122,940 from last week's draw, when ticket sales fell by 13.5 per cent.
Chariot's share price has fallen from a high of 213p on 25 April to 38p last Friday.
The company would not say what changes it would make, but Craig Freeman, its managing director, blamed an unfocused advertising campaign for the poor sales.
"The problem is that people don't understand us," he said. "That's because our advertising carried different messages in different media, which meant people had to pay attention to every part of the story.
"They understand that we benefit charities, but they are not sure about who we are, why we do it or how."
He added that broadcast advertising restrictions, which prevented Chariot from making direct comparisons between its monday game and the National Lottery, had not helped.


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SEMA SHOW, Day One: TIA ready to 'go green'
Promoting environmentally friendly practices among Tire Industry Association (TIA) members will be a priority for newly installed TIA President Wayne Croswell.
Croswell recently told www.moderntiredealer.com that TIA has formed an environment advisory council, whose goal will be "to figure out what we can do to affect greenhouse gas reductions and the involvement of tire dealers on the retail side... how do you recycle batteries? How do you properly dispose of used oil? We want to bring dealers in to discuss what happens when you get involved in a Superfund site."
The association plans to hold two "green symposiums," one next year and another in 2011, that "will look at a whole series of issues."


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The next step in our ongoing expansion is the recent arrival of a new managing director for Australia. Jit Gondalia, joins Optiseller from Mastercard, where he was Director of Digital Product Management for Europe. Jit officially begins his role this month and will relocate from London to Sydney later this year.
Jit has got plenty of e-commerce experience, including 3 years at eBay (although his career started in the music business, of all places!). He’s looking forward to his move to Australia and has embraced the task of overseeing our continued growth in Australasian markets. Needless to say, we are delighted to have him on board!
At Optiseller, we currently serve over 50,000 online retailers in more than 120 countries, and we expect to see these numbers rise, supported by key hires such as Jit’s. The future is looking bright for the company, and now that Jit is on board we know that our Australian teammates are in good hands.


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CVS and Walgreens Just Put Purchase Limits on Several OTC Pain Meds
You'll only be able to buy a certain amount, the drugstores say.
We're already in the throes of the winter cold and flu season, and demand for medication has spiked accordingly. Over-the-counter (OTC) meds are particularly important when you're not feeling well, helping to manage symptoms and reduce your fever. Unfortunately, certain OTC pain meds are in short supply this year, forcing drugstores like CVS and Walgreens to put purchase limits in place. Read on to find out which products you may have a harder time securing on your next trip to the drugstore.
READ THIS NEXT: Walgreens and CVS Are Closing Pharmacies and Cutting Back on Hours.
Multiple medications are on the FDA's shortage list.
Medication shortages are commonplace this year, largely affecting prescription drugs.
On Dec. 16, the U.S. Food and Drug Administration (FDA) added two of Eli Lilly and Co's diabetes treatments, Mounjaro and Trulicity, to the list of drugs currently in short supply, while Adderall, the drug used to treat attention-deficit/hyperactivity disorder (ADHD), has been officially facing a shortage since October.
An increase in respiratory syncytial virus (RSV) has further complicated the shortage situation, as amoxicillin oral solution is now on the FDA's drug shortage list too. As an antibiotic, it doesn't treat viruses, but amoxicillin does treat bacterial infections, which can easily develop in children who contract RSV or the flu.
To manage these viral conditions before they turn into something more serious, OTC meds are an invaluable resource. You don't need a prescription to purchase them, and they can help keep symptoms in check when you're sick and need to be resting. But certain OTC meds, particularly those for pain and fever reduction, will only be available in limited quantities at CVS and Walgreens.
Big-name brands are affected.
According to USA Today, the U.S. is currently seeing a shortage of children's acetaminophen, which you may know by the brand name Tylenol, as well as ibuprofen, sold as Motrin and Advil. Generic forms of these treatments are also harder to come by, health experts told the outlet.
As a result, CVS has put a two-product purchase limit on all children's OTC pain relief meds, both online and at brick-and-mortar pharmacies, per CNN. Walgreens, on the other hand, doesn't have a limit when you shop in-store, but online, you can only purchase six OTC products.
Grocery stores are stepping in, too: Kroger is limiting customers to two pediatric pain relievers and four cold and flu items, a spokesperson told Reuters.
"Due to increased demand and various supplier challenges, over-the-counter pediatric fever reducing products are seeing constraint across the country," Walgreens said in a statement provided to CNN. According to the retailer, the limits are intended to "help support availability and avoid excess purchases."
CVS added that it has seen increased demand as well, noting that its limit is in place to "ensure equitable access," per CNN.
More sick children means more demand for these medications.
Experts say that shortages are a direct result of a higher number of reported illnesses and an early start to flu season. "There are more sick kids at this time of year than we have seen in the past couple years," Shannon Dillon, MD, a pediatrician at Riley Children's Health in Indianapolis, told USA Today.
Illustrating this, the Consumer Healthcare Products Association (CHPA) reported that sales of kids' pain relievers are up nearly 65 percent compared to last year. The agency confirmed that these supplies are replenished as quickly as possible, and while there's no "widespread shortage in the U.S.," the issue still needs to be addressed.
"With demand for children's pain and fever medicines reaching unprecedented levels following this early and severe flu season (along with cases of RSV and COVID), we understand why some retailers have adjusted to impose limits on purchases," the group said in a statement to CNN. "While CHPA member companies are running manufacturing facilities 24-7 to meet demand, we will continue to encourage consumers to buy only what they need, so other families can find and purchase the medicines they are seeking."
Here's what to do if you can't find the OTC meds that your child needs.
Unfortunately, we might see fewer supplies continue in early 2023, USA Today reported, meaning parents will need to take a different course of action if these pain relievers aren't available. You can try natural remedies to treat different symptoms, and you can also let a fever run its course, doctors say.
"It's OK to have a fever," Summer Kerley, doctor of pharmacy and Rite Aid's vice president of clinical and market access solutions, told USA Today. "A fever is our body's way of saying, 'hey, I'm trying to fight an infection.'"
However, if your child is under two months and has a fever over 100.4 degrees, they should see a doctor, and you should be monitoring behavioral changes for children of any age with a fever.
At the end of the day, it's a good idea to reach out to a medical professional. While drugstores are seeing increased demand, the CHPA advises concerned parents "contact their pediatrician or other healthcare provider for additional guidance, especially when it comes to an appropriate amount of medicine needed to get them through this flu season," per CNN.
Best Life offers the most up-to-date information from top experts, new research, and health agencies, but our content is not meant to be a substitute for professional guidance. When it comes to the medication you're taking or any other health questions you have, always consult your healthcare provider directly.


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Plant-based fast food franchise Lord of the Fries is gearing up to open its Queenstown store next month and plans to open 12 more across New Zealand.
The Australian company, which currently has two stores, is growing its presence in New Zealand and expanding into India, targeting the country's population of approximately 370 million vegetarians.
Lord of the Fries New Zealand franchiser Bruce Craig, a long-time vegan and architect-by-trade, said the brand had been well-received by Kiwis since its launch here almost two years ago.
"We've got a huge following, not only among the vegan and vegetarian populations, but also generally among people who like good food," Craig said.
"We find that a lot of people are really excited when they find out everything is plant-based. We get religious vegetarians who don't want to purchase from places that may do a veggie burger but cook meat alongside it, and also halal and kosher [customers], so we kind of tick a bunch of boxes."
Lord of the Fries launched in New Zealand in October 2016. It has two Auckland stores on Commerce St and Karangahape Rd.
It will open its Queenstown store in July and a Ponsonby store in October. It is also eyeing stores for Wellington, Christchurch and more across Auckland.
Craig said he is aiming to have "seven or eight" stores by the end of the year.
"In five years, I'd like to have about 15 stores; some of those will be company-owned and some will be franchised," he said.
"At the moment all of our stores are company-owned but we have people knocking on the door looking to purchase franchises for places like the North Shore and New Lynn, so I imagine that'll speed up our rate of expansion quite quickly."
The company was started in Melbourne in 2004 by Mark and Amanda as a food truck selling only fries. The founders opened their first store in 2008 and now have 20 stores in Australia.
The founders have recently sold a master franchisee licence into a region of India.
"Some of people who enjoy our food, who come to our stores here and in Australia are of Indian-origin," Craig said. "India is such a huge market with over a billion people, it's got a very large proportion of religious vegetarians, so there's a ready-made market if you like for vegetarian, vegan foods there."
The UK has the highest proportion of vegans and vegetarians per capita in the Western world, and Craig said New Zealand also had a growing population.
Craig said he hoped the country would move with the times to develop plant-based protein.
"We have a strong, young population of vegetarians and vegans but the issue I see is that we're likely to hand them a land that is so degraded that it will take a while to get it up to what it needs to do to be able to grow plant proteins," Craig said.
"We have concerns about the environment and concerns about water quality. I think it's time we have a good look at how we keep up with the rest of the world who are moving incredibly quickly into plant-based protein."
The movement towards plant-based protein has attracted some heavy hitters.
Canadian film-maker James Cameron has taken the lead in supporting a plant-based future. He owns several Wairarapa farms and is in the process of converting them to produce plant-based agriculture.
He has also set up a company with Sir Peter Jackson, called PBT New Zealand, which is said to use technology to help produce plant-based protein 'meat' alternatives.
Craig said Lord of the Fries New Zealand would like to work with local plant-based manufacturers in the future, including Sunfed Meats.
Currently, it imports its frozen patties from Australia, Canada and South Africa and sources its cheese alternatives from local supplier Angel Foods.
Its burger buns and sauces are also made locally.
"I'd like to use local suppliers where we can but we need to get to a certain scale before we can do so fully," Craig said.


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Power in the West African cotton sector
On 15 March 2016 the Fair Trade Advocacy Office launched at the Cotton Forum taking place in Paris, in cooperation with the Association of African Cotton Producers a position paper on the power imbalances in West African cotton supply chains. The document includes calls to the European Union, G7 and West African governments to step up their policies in support of fairer and more sustainable textile supply chains, and to not forget about small cotton farmers.
Comprehensive study "Power in West African Supply Chains" about the power structure and challenges of the cotton sector in West Africa on a policy and governance level as well as on the role of Fairtrade certification and the challenges it faces. This study has been led by Simon Ferrigno, Daouda Traoré and Silvere Tovignang for the Fair Trade Advocacy Office


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Samsung made the concept of a phablet popular with its Galaxy Note, which had a 5.3-inch screen. After making the word 'phablet' mainstream, the South Korean manufacturer looks set to add another odd word to our dictionary - fonblet.
According to technology blog SamMobile, the company is working on a new device called Samsung Galaxy Fonblet 5.8. Citing an insider at Samsung, the blog said this smartphone will be codenamed GT-I9152, hinting at dual-sim capabilities. The report said this device may run on Android 4.1 (Jelly Bean), though Android 4.2 (Jelly Bean) was also a possibility. The report said this device will be available in white colour in the European market initially.


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Food delivery company Deliveroo has joined forces with UK fintech company, Portify, to launch a digital tool designed to offer users support with skills development, online support with personal budgeting and access to a range of perks and rewards.
With new Frollo stats showing Australians are "spending three times more on ride-sharing services than on taxis", it follows that not keeping a close eye on in-app and tap-and-go payments can cost you.
More than 65 National Australia Bank and Telstra graduate employees aged 18-34 are taking part in a two-day challenge, creating their own technology solutions they think would help them make financially sound decisions.
The USA seems to be having more of its friends suggest to it that using security issues as an excuse[…]
"“We have concerns that NBN Co’s wholesale pricing has resulted in unfair outcomes for those consumers who have no need[…]
Pleased to see that NBN Co is going to co-operate with the ACCC.Do they have a choice?If there is a[…]
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IBM sacked him to avoid paying a retainer. Typical. At least the k8s chief saw the writing on the wall.


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Welcome to iPhone Day 2018. Thanks to some cheeky leaks through an XML file, we knew ahead of time that there'd be three new models: the iPhone XS, XS Max and XR. Here's what you get and for how much.
Tagged With iphone xs
Every September, Apple invites a bunch of journalists into a dark room where it reveals the future of iPhones. That’s the beginning of the global mad dash to stand in line and secure a new Apple device with just a few modest upgrades. The time is now upon us.
Are you intrigued? Are you scared? Are you prepared to spend more money than you’ve ever spent on a phone before?