Swell, described as "Pandora for talk radio," takes various podcasts and shows and delivers personalized recommendations to users. Swell raised $7.2 million from investors. The app will be shut down as part of the deal, but much of Swell's team will join Apple. The site reports Swell's UI lends itself to in-car listening and could engage fans, but the app could not reach many users.
This marks the latest Apple acquisition after Beats for $3 billion and the book recommendation service BookLamp for between $10 million and $15 million.
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The stock was up 0.74% to $98.39 at 1:03 p.m.
Separately, TheStreet Ratings team rates APPLE INC as a "buy" with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and solid stock price performance. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."