Here are your Apple rumors and news items for Monday:
Photoshop for iPad: Apple’s (NASDAQ:AAPL) contentious relationship with software maker Adobe (NASDAQ:ADBE) continues unabated, with the iPad 2 having been released without supporting Adobe’s popular Flash media platform. That isn’t stopping Adobe from developing some tools for Apple’s tablet. Adobe showed off a brand new iPad-specific version of its Photoshop image-editing software suite on Thursday. The new software is a greatly expanded version of the current Photoshop Express app available for Apple’s mobile software platform. The new iPad Photoshop allows users to manipulate and edit 3D-animated, multi-layered images. Adobe did not announce a release date for the software.
Time Warner Changes Channels: Time Warner (NYSE:TWX) offers its cable TV subscribers access to an iPad app that lets them watch several channels for no extra charge. The owners of some of these channels, including News Corp. (NYSE:NWS), Viacom (NYSE:VIA), and Discovery Communications (NASDAQ:DISCA), have taken umbrage with the service. According to a The New York Times, report, even though Time Warner believes it has “every right to carry” those companies channels on the iPad, it has agreed to remove them from the specific app. Time Warner plans to move quickly to replace those gaps in its 32-channel iPad app.
Do I Hear $547: In a recent Forbes piece, Eric Jackson believes Wall Street analysts are too low on their Apple share-price projections. Forget $400, forget $500 — Jackson believes that Apple will hit $547 by January 2012. The huge upswing is going to come from rapid growth in China, he says. Apple’s products, particularly the iPhone, have been picking up steam in China over the past two years. The company’s chain of retail stores already pulls in about $1.3 billion a year. With plans to open 25 more stores in the country over the next year, Jackson opines, Apple stands to grow a $32 billion retail business in China, in addition to its other interests in the country, such as retail resellers and direct iPhone sales through mobile provider China Unicom (NYSE:CHU).
As of this writing, Anthony John Agnello did not own a position in any of the stocks named here. Follow him on Twitter at @ajohnagnello and become a fan of InvestorPlace on Facebook.
