Tag Archives: twtr

Tech Rivals Unite To Support Apple In iPhone Privacy Case Vs. FBI

A who’s who of Internet and technology companies on Thursday filed legal briefs in support of Apple ( AAPL ) in its fight to keep iPhone data private. The companies expressed concern that a federal court order forcing Apple to unlock an iPhone in a criminal case could have far-reaching negative implications for the privacy and security of consumer data. The law firm of Hogan Lovells represented 15 companies, including Amazon.com ( AMZN ), Cisco Systems ( CSCO ), Facebook ( FB ), Google and Microsoft ( MSFT ), in its brief backing Apple. Munger, Tolles & Olson represented 18 Internet companies, including  eBay ( EBAY ), LinkedIn ( LNKD ),  Twitter ( TWTR ) and privately held Automattic in its supporting brief. The Hogan Lovells filing argues that the federal government is misusing the All Writs Act to try to force Apple to write software to bypass its own security features. It notes that the companies filing the amicus brief often compete vigorously with Apple and each other, but “here speak with one voice because of the singular importance of this case to them and their customers.” The Munger, Tolles & Olson filing hammers home similar points. “This extraordinary and unprecedented effort to compel a private company to become the government’s investigative arm not only has no legal basis under the All Writs Act or any other law, but threatens the core principles of privacy, security, and transparency that underlie the fabric of the Internet,” the law firm wrote. On Feb. 16, U.S. Magistrate Sheri Pym ordered Apple to provide “reasonable technical assistance” to the FBI to help unlock an iPhone belonging to Syed Farook, one of the killers in the San Bernardino, Calif., terrorist attack on Dec. 2. Apple has protested the ruling, saying that it would create a “back door” to bypass its security protections and thus threaten the personal data of millions of iPhone users. Once available, the vulnerability could be exploited by cybercriminals, hackers and both foreign and domestic spies. Other parties filing briefs in support of Apple in the case include AT&T ( T ), Intel ( INTC ) and trade groups like the Consumer Technology Association and Business Software Alliance. Apple also has gained the backing of privacy advocacy groups including the American Civil Liberties Union, Electronic Frontier Foundation and Electronic Privacy Information Center. Apple has posted on its public relations website a list of parties filing amicus briefs in support of its case . But the FBI has garnered its own set of supporters filing amicus briefs in the case. Parties backing the FBI’s position include the Federal Law Enforcement Officers Association, the Association of Prosecuting Attorneys, the National Sheriffs’ Association, the California State Sheriffs’ Association, California Police Chiefs’ Association, California Peace Officers’ Association and San Bernardino District Attorney Michael Ramos, as well as the families of several victims of the Dec. 2 shootings.

Will Tesla Suffer Same Fate As Other Citron Shorts GPRO, AMBA, MBLY?

Loading the player… Tesla Motors ( TSLA ) took a hit after short seller Citron Research sent out a tweet Tuesday that it’s shorting the stock. And with other notable Citron shorts trading well off of their highs, including GoPro ( GPRO ), Ambarella ( AMBA ) and Mobileye ( MBLY ), the call could potentially be a bad sign for the electric-car maker. Citron said on Twitter ( TWTR ) that Tesla has “supply AND demand problems” and that the “news flow all around does not look good” for the stock. The short seller sees the stock hitting as low as 100 by the end of the year. It’s currently trading around 185. Tesla stock reversed lower Tuesday on the news, falling 2.9% after hitting resistance at its downward-sloping 50-day line for a second straight session. Tesla dipped 0.3% on the stock market today  in quick turnover. The stock is trading 35% below its July high, reached in a now-failed breakout attempt from a cup-with-handle base. The stock has trended lower since then as analysts have voiced concerns about the production of Tesla’s new models and their demand. Meanwhile, GoPro is trading 79% below its 52-week high. Shares were briefly able to hold above their 50-day and 200-day moving averages last summer, but the stock entered a steep decline soon after. GoPro shot up 11% Wednesday after announcing it’s buying two video editing mobile apps. GoPro chip supplier Ambarella has moved somewhat in tandem with the action camera maker. It’s trading 65% below its all-time high, which it reached last July after initial commentary from Citron hit the stock about a month earlier. Shares are currently trying to find support at their 50-day line as they fell 2.4% Wednesday. And Mobileye, a Tesla partner, is also trying to hold above its downward-sloping 50-day line, trading down a fraction after losing as much as 4% intraday. It’s trading about 48% below its August high. In December, Citron called Mobileye its 2016 short of the year.

Square Ups Ante In Payments Battle Against PayPal

Hot off the heals of its November initial public offering, Square ( SQ ) has added a feature that will up the stakes in its battle against payments rival  PayPal ( PYPL ): Square customers can now store cash in the Square Cash service. Square Cash is a peer-to-peer payments service that lets customers send money to anyone in the U.S. with an email address. It’s designed for things such as paying a friend back for a cab ride, or sharing a restaurant bill. The new feature Square announced  Monday is called Cash Drawer, and allows anyone who has the Square Cash app — sending or receiving money doesn’t require the app, just email — to store money and use it to pay people back at a later date. Square stock was up more than 3%, near 11, in afternoon trading on the stock market today . The San Francisco-based firm had a strong first day after making its IPO, with its stock rising 45% that day and touching its still-record high of 14.78, after prices shares at 9. But the stock has mostly fallen since as many bigger companies compete in payments. The new feature makes Square Cash look a lot more like rival PayPal and its peer-to-peer payments subsidiary Venmo, which is popular among millennials . Both PayPal and Venmo already have the capability that Square added Monday. Square Cash is outside the company’s core business, which is a set of digital cash registers and transaction processing, marketing and financial services, which it sells mostly to small businesses. Square CEO Jack Dorsey is also the top boss at microblog  Twitter ( TWTR ). Visa ( V ) has a sizeable investment in Square.