Apple bumped AT&T off the Dow, and Etsy announced its intent to go public -- this is your tech rewind of the week.
Continue Reading Below
In an announcement Friday morning, S&P Dow Jones indices said Apple (NASDAQ:AAPL) will replace telecom giant AT&T (NYSE:T) on the Dow Jones Industrial Average at the start of trade March 18. Because of its high value, Apple, the world's biggest publicly traded company with a market cap of $736 billion, compared to AT&T's $176 billion, had been noticeably absent from the price-weighted index. But a seven-for-one stock split last June helped bring the tech titan's share price back down to earth, making the move to the Dow widely expected.
Good -- and bad -- news for gadget lovers: Starting with the not so hot, Apple is reportedly delaying production of its larger screen iPad. Fans might be bummed, but analysts say the move could be good for long-term growth. Meanwhile, Samsung unveiled its Galaxy S6 smartphone and a new mobile payment system, Samsung Pay, joining the growing number of players in the alternative payment space.
E-commerce giant and online hipster hub Etsy filed for an IPO on Wednesday, with plans to list on the Nasdaq under the ticker symbol “ETSY.” The Brooklyn-based digital commerce platform reported over 19 million active buyers and 1.4 million active sellers among the handmade goods space, and brought in $196 million in revenue last year. The listing is a win for the Nasdaq, which has struggled to remain top dog in tech offerings since big players like Twitter (NYSE:TWTR) broke tradition to list on the NYSE.
In other Nasdaq news, the tech-heavy exchange broke 5,000 this week for the first time in 15 years. CEO Bob Greifeld told FOX Business he credits the economy with helping the Nasdaq climb back up.
On the heels of mixed fiscal-first quarter earnings and a weaker-than-expected revision of full-year forecast, Hewlett-Packard (NYSE:HPQ) revealed plans to purchase wireless networking company Aruba Networks in a deal valued at $2.7 billion. The move is expected to help expand H-P’s mobile capabilities and comes months after the company said it would separate its computer and printer business from its corporate hardware and services arm.
And a brand new wearable technology fashion startup, Leoht (pronounced ‘lay-oat’ from the Latin word for light), launched its first Kickstarter campaign Friday to raise funds for production of the Leoht Tote. The luxury “smart” bag is outfitted with built-in interior lighting and two USB ports for charging multiple devices on-the-go.
Leoht Founder Carnise McIntosh said the long-term vision is “to integrate technology into fashion from the core … continuously pushing the evolution of the bag forward, making Leoht a premiere wearable technology company.”
The young company publicly debuted the smart tote in January at Refinery29’s “Apartment for the Millennial Woman -- Presented by Refinery29xCES2015” Consumer Electronics Show in Las Vegas. The target funding goal for the Kickstarter campaign is $100,000.