NEW YORK (TheStreet) -- Shares of Apple (AAPL) are slipping, down 1.03% to $124.51 in early market trading Wednesday, as U.S. antitrust regulators examine the iPhone maker's efforts to line up deals with record labels ahead of its newest Beats Music streaming service relaunch, according to Bloomberg.
The Federal Trade Commission is questioning whether Apple is putting rival music services at a disadvantage, Bloomberg added.
The tech giant has reportedly approached more than a dozen artists to secure exclusive rights to music for its new service, Bloomberg noted.
In addition, the company announced a seven-part U.S. dollar benchmark bond to fund the repurchase of stocks and dividends this morning, Reuters reports.
Apple designs, manufactures and markets mobile communication and media devices, personal computers, and portable digital music players, as well as a variety of related software, services, peripherals, networking solutions, and applications.
The company is based in Cupertino, Calif.
Insight from TheStreet's Research Team:
Apple is a core holding of Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. In a recent alert, here is a snippet of what Jim Cramer, Portfolio Manager & Jack Mohr, Director of Research - Action Alerts PLUS had to say about the stock:
Apple (AAPL:Nasdaq; $128.95; 820 shares; 4.05%; Sector: Technology): The shares fell this week despite reporting record fiscal second-quarter results that once again exceeded heightened expectations. In the face of continued foreign-exchange headwinds, revenue grew 27%, year over year, to $58 billion, beating consensus by $2.1 billion, while gross margins of 40.8% came in 130 basis points ahead of expectations.