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Apple's Drive Into Services
Yesterday, Apple (AAPL) - Get Report unveiled a raft of new businesses, spanning from online streaming to credit cards as it moves to become less reliant on iPhone sales and focus on subscription and services revenues.
Apple will push into four new categories -- news, television streaming, video gaming and credit cards -- in a move that could take overall services revenue to around $60 billion next year, according to some analysts's forecasts, and transform the iconic iPhone maker's business model going forward.
Apple Card, the group's first foray into the credit card business, is likely to be the most profitable of the four new services revealed Monday in Cupertino, analysts have said, although there are questions as to whether the competition it will bring to other bank card provides, such as JP Morgan (JPM) - Get Report or Citigroup (C) - Get Report , will impede growth prospects for its Apple Pay division.
Apple News is another service that could create competition concerns, given that the single-app subscription offering will aggregate content that would cost around $8,000 a year individually for just a $120 annual fee, but it nonetheless has the power to attract a significant subscription base.
Bed Bath & Beyond's Getting Activist Action
The Wall Street Journal identified the activist funds as Legion Partners Asset Management LLC, Macellum Advisors GP LLC and Ancora Advisors LLC.
The funds control about 5% of the retailer, The Wall Street Journal reported.
The funds have been preparing an effort to replace all 12 members of the retailer's board, according to the report, which cited people familiar with the matter. The group also wants the company to replace CEO Steven Temares, who has led the company since 2003, and better align compensation with performance, the Journal reported.
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