technology
Apple may stream music
Apple is considering introducing an online service to stream music based on users' tastes, two people with knowledge of the plans said, potentially competing with Pandora Media Inc.
Apple has held talks with record companies about acquiring the necessary music rights, said the people, who declined to be identified because the talks are private. The discussions are in early stages and haven't addressed issues such as terms, one person said. The service won't be part of Apple's expected new iPhone introduction next week, they said.
Pandora, based in Oakland, fell 17 percent to $10.47 at the close of the market Friday, marking the biggest drop since March. Apple, in Cupertino, gained 0.6 percent to $680.44.
Apple is already the dominant company in music, with its iTunes media store having more than 400 million accounts.
earnings
Intel cuts sales forecast
Intel, the world's largest semiconductor maker, slashed its third-quarter sales forecast, citing declining demand for personal computers from corporate customers in a weakening economy.
Sales will be $12.9 billion to $13.5 billion, down from a prior projection of $13.8 billion to $14.8 billion, the Santa Clara company said Friday. Analysts on average had estimated sales of $14.2 billion, according to data compiled by Bloomberg.
PC makers are reducing orders for Intel's chips at a time of year when they normally buy more to build products for the holiday shopping season. Intel said demand for chips used in business machines and orders in emerging markets are worse than expected.
Intel declined 3.6 percent to $24.19 at the close in New York, leaving the stock little changed this year.
real estate
Loan-seizure plan to grow
Mortgage Resolution Partners, the San Francisco firm pushing municipalities to seize loans for borrowers owing more than their homes' values, said it would expand its proposed program to include delinquent and defaulted debt.
The company made the pledge Friday in a comment letter to the overseer of Fannie Mae, Freddie Mac and the Federal Home Loan Banks, after previously saying only performing mortgages should be targeted. The firm is seeking to profit by providing services to local governments that use their eminent domain powers to force sales of home loans packaged into securities without federal backing.
The Federal Housing Finance Agency, which also heard Friday from trade groups opposed to the plan, last month sought comments on the idea, saying it may need to take action against it. The agency said it was concerned that the plan would damage lending markets and the finances of the companies that it oversees by reducing the worth of their bond investments.
energy
Solyndra can seek creditors' input
Solyndra, the failed solar-panel maker that received a $535 million Energy Department loan guarantee before going bankrupt, won approval to seek creditors' votes on its reorganization plan.
U.S. Bankruptcy Judge Mary Walrath is to consider approving the plan at a hearing scheduled for Oct. 17 in Wilmington, Del. Creditors have until Oct. 10 to both vote for as well as object to approval of the recovery proposal.
The Fremont company remedied objections from the government and the U.S. Trustee by adding information to the disclosure statement regarding potential tax breaks of as much as $341 million for investors in Solyndra's parent, 360 Degree Solar Holdings.
Chronicle News Services
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