This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SEC Lifts Ban, Apple Ruling: Ahead of the Ticker

NEW YORK ( TheStreet) -- A U.S. district judge has found Apple (AAPL - Get Report) guilty of colluding with book publishers to raise e-book prices, a violation of federal antitrust law.

The U.S. Department of Justice alleged that Apple's conspiracy was intended to challenge Amazon.com's (AMZN) dominance in the e-book market. Apple and book publishers allegedly colluded on ways to raise e-book prices above the $9.99 price tag Amazon often used.

"Apple chose to join forces with the publisher defendants to raise e-book prices and equipped them with the means to do so," said U.S. District Judge Denise Cote in her decision.

Cote said a new hearing will be scheduled to determine damages. Book publishers Hachette Book Group, Macmillan, HarperCollins Publishers, Penguin Group and Simon & Schuster all settled with the Department of Justice prior to the trial.

An Apple spokesman said the company did not conspire to fix e-book pricing and will appeal the judge's decision.


In other news, the Securities and Exchange Commission has removed a ban on hedge funds using advertisements to raise money.

The SEC voted 4 to 1 in favor of changing the rule, which will allow firms to advertise publicly to anyone they want. However, only accredited investors with a minimum net worth of $1 million, excluding their primary residence, or income of at least $200,000 a year for each of the prior two years will be permitted to invest in the private offerings.

The rule was originally included in Congress' Jumpstart Our Business Startups Act last year, which aimed to help small businesses and create jobs.

Hedge funds and other firms will able to begin advertising to the public later this year.

Under the ban, hedge funds and similar companies were only allowed to market to wealthy individuals.


Lastly, Chinese investigators said executives of British drug company GlaxoSmithKline (GSK - Get Report) have confessed to acts of corruption within the company.

According to the Ministry of Public Security, GlaxoSmithKline executives admitted to bribery and tax crimes in preliminary questioning. The ministry said in a statement that the individuals committed the fraudulent acts in order to sell products or raise prices.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $121.30 0.00%
GSK $43.44 0.00%
FB $94.01 0.00%
GOOG $625.61 0.00%
TSLA $266.15 0.00%

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs