Techquity: Google gets a grilling, Amazon receives praise
Thursday, May 16, 2013 - 03:28
May 16 - UK lawmakers question a Google executive about his statements on the company's business operations and tax payments there. Plus, Lazard Capital starts coverage of Amazon with a buy rating.
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Google on the hot seat. One day after announcing new music streaming service well having a hard time striking the right note at a tax hearing in the UK. The company and its auditor called back the public accounts committee. Answer more questions about its operations there the return appearance follows a Reuters investigation. Which -- the company employed staff in sales roles in London. Even though Google executive told the committee in November that its British staff was not selling UK clients. The company pays little taxes to the UK as it says the sales are handled by its office in Ireland. Google's northern European -- denied misleading the committee and trying to stand his ground as committee members one after. At any irritation I think I get really -- ordeal being or hit your company says you do no evil and I think you can do eagle. In that in snakes in there wasn't doing -- imagine that -- I think it's tax not a matter of choice taxes amassed through. Following the rules that are that well nationally we will have a. Today it is a unit that I get funding I think -- good -- good -- -- about this lead -- that. We will -- again. From 262011. Google generated eighteen billion in revenues from the UK according to step toward violence. And -- just sixteen million in taxes. Google shares down 1% today. With global grabbing headlines apple trying to stay in the conversation the company announcing downloads from -- App Store top fifteen billion. That doesn't include updated versions of the same that the current rate is two billion a month or 802. Apple's more than 850000. Apps shares are up one and 1% today near 435. Dollars. It was on his only 60000 or so apps tailored specifically for its Kindle fire devices but that number is growing. That's one reason -- capital markets like the stock initiated coverage with a buy rating citing Amazon's Kindle. Ecosystem as well as cloud computing business Amazon Web Services. Those aren't -- the company increasing its margins with a move in -- more services. It put -- 310 dollar price target on the stock that's about 17% upside from here. Shares down fractionally today. Or downsizing for FaceBook. Evercore Partners trimming its price target the brokerage concern about international growth. -- cites a study showing that the growth of downloads of Facebook's mobile app in countries where it doesn't dominate like Japan lags competitors. But the point that is -- -- FaceBook messenger are grown strongly in many of these countries. A record dropping its price target from 28 point six spots. Shares down 1% your twenties. Story inspiring time our look at movers first soaring -- Cisco Systems the networking equipment maker posted a higher than expected quarterly profit and said current quarter revenues could increase. At least ten brokerages raising the price target on the stock. Which is trading up 12% on the day. Sputtering its Advanced Micro Devices Goldman Sachs cut its rating on the chipmaker stop -- sell from neutral. Analysts citing AMD's exposure to weakening PC market. Shares down 13%. And that's equity this Thursday -- can follow us on Twitter RT RS equity. I'm right -- ailment this is what.
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