NEW YORK (
late last week awarded new CEO Tim Cook a million shares, half of which will vest in five years, the company revealed in an SEC filing. The remaining half will vest in 2021.
Cook took over the CEO role from Steve Jobs, who
Apple shares climbed 1.3% to $388.44 in pre-market trading on Monday.
In other Apple-related news, the company pulled the plug on its TV rental services through its iTunes store after discovering consumers prefer buying shows rather than renting them for short periods of time. The option allowed users to rent shows for 99 cents with 48 hours to complete watching them.
said Friday it is
after launching the business in April to compete with market leaders
. The company,
, said, however, it is still committed to working with local businesses.
Half of Americans are using social networks, according to a new study by Pew Research. Sites like Facebook and
are most popular with younger users, with 89% of adults from 18-29 saying they use the sites, in contrast to 51% of people who are 50-64 years old.
said Friday it is selling the majority of its 4% stake in
to pay off a $1.1 billion loan. The deal comes as
complications have risen in the past few months
between Softbank, Yahoo!, Yahoo!'s Japan unit -- which is jointly owned by the two units -- and Chinese Internet giant
. Investors are closely watching Yahoo!'s relationship with Softbank, as its Asian assets are frequently considered its most valuable.
Yahoo! shares rose 0.5% to $12.80 in pre-market trading on Monday.
--Written by Olivia Oran in New York.
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