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Apple in $3 billion deal to buy Beats Electronics
CUPERTINO, Calif. -- In its largest deal ever, Apple said on late Wednesday that it is buying Beats Electronics LLC for $3 billion. Beats is a key player in the premium headphone market and is also in the streamlining music business.
Apple will pay $2.6 billion in cash and another $400 million in equity for Beats, whose founders rapper and producer Andre Young (aka Dr. Dre) music-industry mogul Jimmy Iovine will join the tech giant.
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AutoZone Q3 profit up 7.4%
Memphis -- AuzoZone’s earnings rose a better-than-expected 7.4% to $285.2 million for the third quarter, up from $265.6 million in the year ago period, helped by demand for new parts.
Revenue rose 6.2% to $2.34 billion. Domestic same store sales rose 4% in the quarter.
During the quarter, AutoZone opened 30 new stores in the United States and seven new locations in Mexico. As of May 10, the company had a total of 5,279 stores, including 4,901 domestically and 374 in Mexico.