Stock Update (NASDAQ:AAPL): Apple refused China request for source code in last two years -lawyer

[Reuters] – Apple has been asked by Chinese authorities within the last two years to hand over its source code but refused to do so, the company’s top lawyer told U.S. lawmakers at a hearing on Tuesday. Apple general counsel Bruce Sewell made the statement in response to a line of attack from law enforcement officials who have attempted to portray Apple as complicit in handing over information to Chinese authorities for business reasons while refusing to cooperate with U.S. requests for access to private data in criminal investigations. Apple Inc and the FBI returned to Washington to testify before lawmakers about their heated disagreement over law enforcement access to encrypted devices, highlighted in the case of a locked iPhone linked to a gunman in last December’s Islamist militant-inspired shootings in San Bernardino, California. Read more on this. Apple Inc. (AAPL) , valued at $593.41B, opened at $107.81. A quick look at the market, the company’s stock traded between $106.24 and $107.92 with its 52-week range being $92.00 to $134.54. AAPL shares are currently priced at 11.86x this year’s forecasted earnings, which makes them relatively expensive compared to the industry’s 10.01x forward p/e ratio. The company pays shareholders $2.08 per share in dividend income per year, for a current yield of 1.89%. According to a consensus of 37 analysts, the earnings estimate of $2.00 per share would be $0.33 worse than the year-ago quarter and a $0.25 sequential decrease. The full-year EPS estimate is $9.06, which would be a $0.16 better than last year. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $52.01 Billion. If realized, that would be a 10.34% decrease over the year-ago quarter. In terms of ratings, Needham Initiated AAPL at Strong Buy (Apr 6, 2016). Previously, Cowen upgraded AAPL from Market Perform to Outperform. With the above information in mind, readers should note that the average price target is $133.92, which is 24.22% above where the stock opened this morning. See more in (NASDAQ:AAPL) Similar Articles: Stock Update (NASDAQ:AAPL): Feud Opened by Apple-FBI Case Years From Fix, FireEye Chief Says Stock Update: Apple Inc (NASDAQ:AAPL) – Will Qualcomm Lose Out on Apple’s iPhone? (QCOM, AAPL) Market Update: Apple Inc (NASDAQ:AAPL) – Apple to pay Italy 318 mln euros, sign tax deal – source