(MENAFN- ProactiveInvestors)As philanthropists go Bill Gates has done well to distance himself from the company he so successfully founded in 1975 Microsoft (NASDAQ:MSFT) and these days speaks his mind far more than he might if he was still actively running the business. His latest musing on whether or not Microsoft's rival computer maker Apple (NASDAQ:AAPL) should comply with the Federal Bureau of Investigation's (FBI) request to access the iPhone of one of the San Bernardino shooters is certainly making its mark on trading floors. At stake is Apple's protection of its clients more widely and also Apple's codes for phones which are covered by the United States' freedom of speech legislation. Last week the FBI-Apple wrangle ended up in a Los Angeles District Court and Apple was ordered to provide "reasonable technical assistance". The tech industry has rallied around Apple's defiant stance resisting the FBI's order. Google (NASDAQ:GOOG) Twitter (NYSE:TWTR) and Facebook (NASDAQ:FB) have all backed Apple. Gates was less prepared to support or criticise. Gates has in a sense tried to be diplomatic saying he can see both sides of the story and that it was not black and white. One of the sticking points is the intervention of the court itself. It has asked Apple not only to assist in accessing the suspect's phone but wants Apple to create software that will override the 10 attempts to guess the password before the phone gets wiped. On Tuesday the stocks of both Apple and Microsoft slid as investors absorbed the implications for both companies of such a legal development. It could result in both companies and other phone makers such as for Android devices and Blackberry having to weaken security features around handsets. The controversy is likely to run and run. Meanwhile Apple shares were down 1.8% at $95.12 and Microsoft's even more by 2.3% at $51.45. Both Nasdaq stocks underperformed the tech-heavy Nasdaq Composite which was down 1.1% at 4516. What's Hot and what's Not RISERS Valeant Pharmaceuticals (NYSE:VRX) the US-listed Canadian group's shares rose by 9.2% to $82.94 after the pharmaceutical company said it would restate financial results for 2014 and 2015 identifying some sales to Philidor that should have been recognised when products were dispensed to patients. Home Depot (NYSE:HD shares up 1.6% at $124.84 after reporting better-than-expected fourth-quarter results amid an improving housing market. FALLERS Fitbit (NYSE:FIT) shares were down 20% at $13.26 after the company reported better-than-expected quarterly results but posted weak forward-looking guidance. Apple (NASDAQ:AAPL) Microsoft (NASDAQ:MSFT) shares of the rival firms were down 1.8% at $95.12 and 2.3% at $51.45 respectively after Bill Gates Microsoft's co-founder told The Financial Times on Tuesday that technology companies should be forced to cooperate with law enforcement. The remarks came as Apple attempts to fend off calls to help the FBI in unlocking the iPhone of one of the San Bernardino shooters.
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