For Immediate Release
Chicago, IL – November 20, 2009 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Apple Inc. (AAPL), KT Corp. (KTC), SK Telecom (SKM), China Unicom (CHU) and American Express Company (AXP).
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Here are highlights from Thursday’s Analyst Blog:
South Korea Welcomes iPhone
Apple Inc.’s (AAPL) iPhone is finally reaching the hands of South Korean mobile users. The country’s telecom regulator Korea Communications Commission (“KCC") has granted Apple the license to sell the iconic handset in the domestic cell phone market. KCC has also lifted the restrictions that prohibited location-based services on smartphone devices such as the Google Maps application on iPhone.
South Korea’s second-largest wireless carrier KT Corp. (KTC) will start booking Internet order for iPhone (3G & 3GS) soon and begin selling it from Nov 28, 2009. The company targets to initially sell 150,000 units priced between KRW250,000 and KRW300,000 (US$216 and US$260). KT’s peer SK Telecom (SKM), the largest mobile operator in the country, is still negotiating with Apple for securing distribution rights.
South Korean wireless market is technologically advanced and relatively mature with roughly 47 million total subscribers, representing 96% penetration of the country’s population. Currently, the country’s cellular handset market is dominated by local companies such as Samsung and LG Electronics, two of the world’s leading handset manufacturers.
With KCC’s approval, South Korea is set to become one of the last major Asian countries to get the iPhone. The device has been already launched by China Unicom (CHU) in China in October 2009. Additionally, iPhone is also being sold in other major markets such as India, Japan and Australia.
KCC’s approval to allow foreign handset vendors to enter the domestic market is aimed at increasing the options for brand-conscious cell phone users rather than just limiting their choice to indigenously manufactured devices. In April 2009, the Korean government cleared the path for foreign handset vendors by abolishing a mandate requiring all mobile handsets sold locally to use a home-grown software platform.
AmEx to Buy Revolution Money
American Express Company (AXP) said on Wednesday that it will acquire Internet payment platform Revolution Money for about $300 million.
The deal is expected to close in early 2010. Following the closure of the deal, Revolution Money would operate as a subsidiary of AmEx. The founder and chief executive of Revolution Money, Jason Hogg, will continue as president and chief executive.
St. Petersburg-based Revolution Money was founded by AOL co-founder Steve Case’s Revolution LLC in 2007. Revolution Money provides payments through an internet-based platform and issues prepaid cards that can be used for offline payments or to withdraw cash from ATMs in the U.S. Additionally, Revolution Money offers MoneyExchange, a service to remit money by people using social and instant messaging networks.
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