Apple Inc. (NASDAQ:AAPL) plans to acquire a social e-commerce company called Fancy and Pinterest. The acquisition would be a way for Apple to drive more purchases of music and videos through its iTunes store.
According to Yankee Group analyst Carl Howe, in his research note, that social e-commerce site Fancy could be a license to print money for Apple.
The two-year old New York-based company Fancy got a valuation of $100 million all through a fundraising before the fall, according to Business Insider. Its website permits users to make lists of things they find interesting.
One analyst stated that enmity between Apple and Google (NASDAQ:GOOG) seemed to worsen when the iPhone maker declared on Monday that it would not include a pre-loaded app for YouTube in the new version of its iPhone and iPad software.
Financial Review; Apple Inc. (NASDAQ:AAPL) showed downhill movement -0.26% or -$1.64 to close at $620.91 following its intraday high of $625 with last month’s stock price volatility of 1.72%.
The total traded volume in the current trading session was 10.37 million shares as evaluated with average 14.00 million shares and its total market capitalization reached $582.05 billion.
A short look at other major stocks associated with AAPL: Sprint Nextel Corporation (NYSE:S) plunged -0.69, Verizon Communications Inc. (NYSE:VZ) tumbled -0.49% with beta 0.51 and AT&T Inc. (NYSE:T) dropped -0.45% as it hit cautious labor contracts with the union in the southeast zone surrounding billing and utility processes.
Other tech stocks contenders are Agilent Technologies Inc.(NYSE:A) which rose 2.60% after the firm hosted two successful workshops on Potable Molecular, Accenture Plc (NYSE:ACN) which edged 0.53% to post its fourth-quarter earnings on Sep. 27, Adobe Systems Incorporated (NASDAQ:ADBE) showed positive movement 0.72% its schedule to declare its Q3 results on Sep 19, Acme Packet, Inc. (NASDAQ:APKT) shares rose 4.73% and plans a conference on Aug. 14, while America Movil SAB de CV (NYSE:AMX) plunged -0.23%.