What's In The News: July 12, 2011

Financial News Network
July 12, 2011 AT 9:02 PM
This is what's in the news for Tuesday, July 12th. The Wall Street Journal reports that Cisco Systems (NASDAQ:CSCO) is expected to announce an overhaul of its most popular product, a switching system called the Catalyst 6500 that links computers together on corporate networks, that it estimates has generated $42B in revenue since 1999. The Wall Street Journal reports that (NASDAQ:AMZN) filed a petition to start the process of getting a measure on the California ballot to ask voters to repeal a recently passed state law that requires online retailers to collect sales taxes. Bloomberg reports that Research In Motion (NASDAQ:RIMM) is scheduled to hold its annual meeting today and faces shareholder calls for its board to take on a more active role and appoint a new chairman. Finally, Reuters reports that Apple's (NASDAQ:AAPL) chief patent counsel, Richard "Chip" Lutton Junior, will soon leave the company as Apple fights numerous legal battles worldwide. The reason for his departure is unclear.