Apple(AAPL) - Get Report shares declined slightly by 0.8% Tuesday, closing at $106, after the European Commission ruled Ireland gave the Cupertino, Calif.-based technology giant illegal tax benefits dating back to 2003.
After a two-year investigation, the European Commission said in a release that as a result of the unfair tax treatment Apple was able "to pay an effective corporate tax rate of 1% on its European profits in 2003 down to 0.005% in 2014." The commission ordered Apple to pay $14.5 billion in back taxes.
In response to the ruling, Apple CEO Tim Cook on Tuesday published an open letter to the "Apple community in Europe."
"The European Commission has launched an effort to rewrite Apple's history in Europe, ignore Ireland's tax laws and upend the international tax system in the process," Cook wrote. "The opinion issued on August 30th alleges that Ireland gave Apple a special deal on our taxes. This claim has no basis in fact or in law.
"We never asked for, nor did we receive, any special deals. We now find ourselves in the unusual position of being ordered to retroactively pay additional taxes to a government that says we don't owe them any more than we've already paid."
Cook noted in his letter that Apple opened its first European factory in Cork, Ireland in 1980. He said Apple will appeal the decision.
TheStreet's reportersprovided comprehensive coverage of the ruling today.
Read this report by Jaewon Kang to learn more about the decision and analysts' reactions. Renee Cordes analyzed what the ruling means for other U.S. companies in Ireland. And Eric Jhonsa wrote in his report that several factors "are leading markets to treat the decision as a modest negative, rather than any kind of a cataclysmic event."
Finally, check out this report by Tony Owusu to find out what TheStreet's Jim Cramer and Real Money Pro contributor Doug Kass think about the ruling and its impact on Apple.
Shares of Micron Technology(MU) - Get Report dropped by 1% Tuesday, closing at $16.74, even after Morgan Stanley analysts raised their price target on the Boise, Idaho, chip manufacturer to $20 from $18.
On Monday two other investment firms -- Deutsche Bank and Stifel -- also raised their price targets on Micron.
Morgan Stanley analyst Joseph Moore said he expects to see improved company execution at Micron, as well as continued improvement in costs.
Read this report from TheStreet's Kaya Yurieff to learn more about Micron's financial performance.
On Monday, Cramer toldTheStreet's Rhonda Schaffler that he likes Micron stock.
Micron has jumped by more than $2 per share since the beginning of the year, when the company's stock traded at $14.33.
Fitbit(FIT) - Get Report jumped by 2.9% Tuesday, closing at $15.37, after Morgan Stanley analysts said they like the San Francisco-based company's financial prospects, especially its two new products released on Monday -- the Charge 2 and the Flex 2.
Read the report by TheStreet's Annie Palmer to learn more about those products and Fitbit's business outlook.
Even with its stock's jump on Tuesday, Fitbit has lost significant ground since the beginning of 2016, when its shares traded at $24.30.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.