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Company News: Apple, ­ConocoPhillips, Anadarko, Altria, JPMorgan Chase, Boeing


Apple (AAPL) tried to win over skeptics with a flurry of updates and announcements at its annual developers conference. With its stock down 38 percent from last year’s peak of $702, the company unveiled a streaming-music service called iTunes Radio, a thorough redesign of its iPhone software, and a new MacBook Air laptop. Wall Street wasn’t wowed, as shares drifted lower.

• Pressure is building for oil companies such as ConocoPhillips (COP) and Anadarko Petroleum (APC) to split their U.S. and foreign operations, after Occidental Petroleum’s (OXY) shares surged following its decision to consider a similar proposal. Investors say the value of energy operations in the U.S., where there is a glut of relatively cheap shale gas, is being dragged down by more costly projects in riskier parts of the world.

Altria Group (MO), the biggest cigarette maker in the U.S., plans to start selling electronic cigarettes in August under the brand MarkTen. The smoking substitutes heat liquid nicotine until it turns to vapor. Altria, famous for its Marlboros, is the last major U.S. cigarette company to enter the market.

Standard & Poor’s (MHFI) downgraded its credit outlook for JPMorgan Chase (JPM), saying it is “increasingly clear” the U.S. government may not bail out big banks in another crisis. The ratings agency has made similar assessments for seven other banks that regulators have deemed “systemically important.”

Boeing (BA) said the world’s airline fleet will double in the next 20 years in a much more bullish annual forecast than it made in 2012. Airlines, lessors, and freight carriers will need 35,300 new commercial jets, mostly to accommodate rising demand in Asia.

Kyle-stock-190
Stock is an associate editor for Businessweek.com. Twitter: @kylestock

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