Apple, Amazon vie for TV viewers
Both companies are expected to announce new services making TV shows and movies available to subscribers.
Apple is expected to unveil a revamped version of its Apple TV service at a San Francisco event Wednesday. Amazon.com is working on a similar idea.
The service would include offerings of favorite TV shows and movies streamed over the Internet, The Wall Street Journal said this afternoon.
The announcement would come as part of an event expected to unveil an Internet version of Apple's iTunes and a tweaking of Apple's iPod lineup.
Apple was up 0.3% to $243.20 today and additional 0.3% to $243.82 after hours.
Not to be outdone, Amazon.com is expected to unveil a similar service in the near future, the Journal said.
In recent weeks and months, Amazon.com has proposed a Web-based subscription service to several major media companies, including General Electric's (GE) NBC Universal, Time Warner (TWX) and Viacom (VIA), among others, sources told the Journal.
Amazon's service would be viewable on the Web or through devices that play TV shows and movies that Amazon already sells.
The devices would include Internet-connected television sets and Microsoft's (MSFT) Xbox 360 video console. (Microsoft is the publisher of MSN Money.)
Amazon wants to have its service available by the holiday season with a projected price of $79 a year, the Journal said.
A big goal for both is to take business from Netflix (NFLX), which has been developing an online presence as well.
Netflix was up 2% in regular trading to $125.52 and an additional 2% after hours to $128.
The company was cited as a possible takeover target by The Street.Com.
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[BRIEFING.COM] The S&P 500 (-0.4%) remains near its low and is facing a bit of a challenge as five sectors display relative weakness, leaving the energy sector (-0.1%) as the top performer. The sector has received a measure of support from crude oil, which is higher by 0.9% at $91.73/bbl.
Elsewhere among commodities, gold futures ended the pit session with a gain of 0.3% at $1222.10/ozt, while silver and copper settled little changed at $17.78/ozt and $3.04/lb, respectively. ... More
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