A downdraft in foreign markets is tugging at U.S. stocks this morning, and for now Wall Street looks set to open lower. US Airways is making headlines with a new bid for Delta Airlines and the big themes from yesterday in technology and jittery emerging markets will again dominate. Focus also shifts to Washington as President Bush unveils his Iraq strategy tonight and the new Congress takes on minimum wage.
Apple Computer CEO Steve Jobs announced at the company's Macworld conference that it will ship a new product called iPhone with phone capabilities, touch controls and widescreen video.
Apple's report that "cleared" CEO Steve Jobs of any irregularities in the stock options backdating issue--is not sitting well with some stockholders. A lawsuit has been filed against Apple and Jobs as a result. Mark Molumphy is a partner in the law firm of Cotchett, Pitre, Simon & McCarthy. They're the lead firm filing the suit. Molumphy appeared on "Squawk Box" to discuss the action.
Just a day before Apple files its delayed annual report, some blockbuster news is being digested, courtesy of the Financial Times: Steve Jobs receives 7.5 million options without board approval. And even worse, documents were forged, the article says -- courtesy of sources close to the investigation -- by Apple execs to cover up the misappropriated options. If the news is true, it's stunning. It taints Steve Jobs, possibly beyond repair. And it would taint a company so totally driven my "image" and good PR. That is, if the the news is true.