Briefcase

Apple stores closing in honor of Jobs service

SAN FRANCISCO – Apple will close its retail stores for several hours today so employees can watch a webcast of a companywide memorial service to celebrate the life of co-founder Steve Jobs, according to a person familiar with the matter.

The memorial will be at 10 a.m. at Apple’s Cupertino, Calif., headquarters. It was announced last week by CEO Tim Cook. Apple said it is a private event.

A private memorial for Jobs was held Sunday at Stanford University’s Memorial Church. Jobs, who died Oct. 5 at age 56 after a battle with pancreatic cancer, was buried in Palo Alto, Calif., on Oct. 7. Apple isn’t holding any public services for him.

Apple’s financial results came in below expectations on Tuesday – a rare miss for the company.

After several record quarters, the July-to-September period saw Apple biding its time, with no new iPhone or iPad releases.

Net income in the fiscal fourth quarter was $6.62 billion, or $7.05 per share. That was up 54 percent from $4.31 billion, or $4.64 per share, a year ago. Analysts polled by FactSet were expecting $7.28 per share.

Revenue was $28.3 billion, up 39 percent. Analysts were expecting $29.4 billion.

Associated Press

Motorola will market updated ‘Razr’ cellphone

NEW YORK – Seeking an edge in the world of high-end smartphones, Motorola is bringing back the “Razr” name, once attached to the best-selling phone in the world.

The phone revealed Tuesday is thin, like the old Razr. Otherwise, the new Razr is a different breed from the folding phone that made Motorola the second-largest phone maker in the world, before Apple Inc. shook up the industry with its iPhone in 2007.

The new phone, called the Droid Razr, has a big touchscreen and runs Google Inc.’s Android operating system. Verizon Wireless will start taking pre-orders on Oct. 27 and sell it for $300 with a two-year contract.

Motorola Mobility’s stock rose 10 cents to close Tuesday at $38.92.

Associated Press

Paper clips

• Bank of America earned $6.2 billion in the third quarter on accounting gains and the sale of a stake in a Chinese bank, which offset lower revenue and income in its credit card, real estate and investment banking businesses.

• Overseas buyers of U.S. Treasury debt stepped up their purchases in August after two months of declines. The Treasury Department reported Tuesday that total holdings rose 2 percent, to $4.57 trillion, following the first decreases since April 2009.

• Ford Motor Co.’s U.S. factory workers have approved a new four-year labor contract. The contract covers 41,000 Ford workers in the U.S. The automaker and the UAW reached the agreement Oct. 4, but it needed worker ratification.

Associated Press