Succession again becomes a concern at Apple with 63-year-old Tim Cook older than many other CEOs
Monday, December 9, 2024 3:03 pm
7 Comments

Apple faces a potential leadership challenge as CEO Tim Cook approaches retirement. The company lacks a clear, immediate successor, creating uncertainty about future leadership. Bloomberg’s Mark Gurman suggests that finding a suitable replacement could prove to be a complex task for Apple.

Ananya Gairola for Benzinga:

“You look down the list of executives, and it’s really not clear how this all pans out,” Gurman said, adding, “You wonder why there hasn’t been more transparency and exposure for the next leaders. It raises a broader question: Does Apple have a comprehensive and deliberate set of succession plans?”

According to the report, there’s no basis to presume that a leadership transition is imminent. While Cook may be older than the CEOs of other tech companies leading the S&P 500, he is far from being the oldest executive at the helm of a major corporation.

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MacDailyNews Take: Well, certainly, the chairman and CEO of Berkshire Hathaway, Warren Buffett is 94 years young!

https://macdailynews.com/2024/12/09/succession-again-becomes-a-concern-at-apple-with-63-year-old-tim-cook-older-than-many-other-ceos/

‘Everybody wants to be my friend,’ President Trump says of Apple’s Tim Cook, other top CEOs
Monday, December 16, 2024 3:13 pm
3 Comments

https://macdailynews.com/2024/12/16/everybody-wants-to-be-my-friend-president-trump-says-of-apples-tim-cook-other-top-ceos/

Fiat-to-crypto in seconds with Apple Pay

TL;DR: Today, we’re excited to announce the launch of Apple Pay for all fiat-to-crypto purchases via Coinbase Onramp, the easiest tool to build onramps into your existing products.
By Coinbase Product, December 2, 2024

https://www.coinbase.com/blog/Fiat-to-crypto-in-seconds-with-Apple-Pay

Introducing Coinbase Prime Onchain Wallet: The easiest and most trusted gateway to operate onchain

Tl;dr

Coinbase Prime Onchain Wallet, formerly Prime Web3 Wallet, is an institutional-grade wallet that enables seamless onchain interactions and delivers secure asset storage across Ethereum, Base, EVM networks, and Solana.
Since launching Onchain Wallet last year, we’ve released a number of new features to enhance client workflow efficiencies. Prime Onchain Wallet is fully integrated with Coinbase Prime, and is now available for self-serve onboarding which streamlines the administrative process of account opening.
Coinbase continues to invest in our Onchain Wallet capabilities and the next iteration will include API-based access that will further enhance institutions’ ability to automate complex workflows.
By Coinbase Product, December 2, 2024

https://www.coinbase.com/blog/introducing-coinbase-prime-onchain-wallet-the-easiest-and-most-trusted-gateway-to-operate-onchain

Welcome Rob Witoff to the Coinbase Exec Team
By Emilie Choi Company, December 2, 2024

At Coinbase, we’re a team of builders. We hire and attract some of the brightest minds in crypto, many of whom are entrepreneurs, and have a rich history of our employees going on to start their own companies. Sometimes it comes full circle.

I’m excited to share that Coinbase alumni Rob Witoff is re-joining us as our new Head of Platform and member of the Executive Team. Rob will lead Coinbase’s platform, which powers the most trusted & easiest to use products in crypto...

https://www.coinbase.com/blog/Welcome-Rob-Witoff-to-the-Coinbase-Exec-Team

Gene Munster sees long-term upside for Apple stock
Monday, December 2, 2024 1:01 pm
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Last month, Deepwater Asset Management’s Gene Munster said in an interview on CNBC that the impact of Apple Intelligence on Apple’s earnings won’t be seen until the next “few quarters,” pointing to long-term upside for Apple stock.

Insider Monkey:

He has revised his targets for growth but believes the stock has upside in the long term.

“I own it personally and think there’s still some upside. I’m always looking ahead, and I believe the numbers still have room to grow. However, one piece has changed. If you had asked me two weeks ago, I would’ve said the Street expected iPhone growth around 15% for fiscal 2025. I’ve revised that — I now think it’s closer to 10%. The Street is at 5%, so I still see upside, but not as much. I’m also shifting some of that revenue into 2026, so this represents a slight change in my perspective.”

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MacDailyNews Take: Apple Intelligence is a multi-year supercycle, not an immediate one.

https://macdailynews.com/2024/12/02/gene-munster-sees-long-term-upside-for-apple-stock/

Apple shares hit new all-time closing high
Monday, December 2, 2024 4:28 pm
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In Nasdaq trading today, shares of Apple Inc. (AAPL) rose $2.26, or 0.95%, to $239.59, a new all-time closing high. Apple’s intraday high was also set today at $240.79.

Apple’s 52-week low stands at $164.08.

Monday’s trading volume for AAPL shares was 39,044,495 versus Apple’s average trading volume of 48,484,395 shares.

Apple’s PE Ratio currently stands at 39.41.

Apple currently has a market value of $3.622 trillion, making it the world’s most valuable company.

The top five U.S. publicly-traded companies, based on market value:

1. Apple (AAPL) – $3.622T
2. NVIDIA (NVDA) – $3.395T
3. Microsoft (MSFT) – $3.204T
4. Alphabet (GOOGL) – $2.112T
5. Amazon (AMZN) – $2.216T

Selected companies’ current market values:

• Meta Platforms (META) – $1.483T
• Tesla (TSLA) – $1.146B
• Berkshire Hathaway (BRK-A) – $1.029T
• Taiwan Semi (TSM) – $1.008T
• Walmart (WMT) – $744.663B
• Netflix (NFLX) – $383.746B
• Advanced Micro Devices (AMD) – $230.536B
• Cisco (CSCO) – $237.015B
• Adobe (ADBE) – $227.231B
• Disney (DIS) – $212.404B
• IBM (IBM) – $210.255B
• Sony (SONY) – $120.357B
• Intel (INTC) – $103.210B
• Dell (DELL) – $86.117B
• SoftBank (SFTBF) – $84.781B
• Spotify (SPOT) – $97.052B
• Hewlett-Packard (HPQ) – $35.116B
• Nokia (NOK) – $22.709B
• SiriusXM (SIRI) – $9.331B
• Sonos (SONO) – $1.718B
• BlackBerry (BB) – $1.536B
• RealNetworks (RNWK) – $34.820M

Apple all-time high (AAPL) via NASDAQ here.

MacDailyNews Take: Warren Buffett, not looking so prescient as of late, left a huge chunk of change, significant even for him and his Berkshire Hathaway investors, on the table this year by liquidating so many Apple shares. 😏

Anyone who sold Apple this year must be allergic to money. Own AAPL, don’t trade AAPL.

https://macdailynews.com/2024/12/02/apple-shares-hit-new-all-time-closing-high-241202/#google_vignette

Apple to urge judge to end U.S. smartphone monopoly case
Wednesday, November 20, 2024 8:47 am
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Apple will argue for the dismissal of the U.S. Department of Justice’s antitrust lawsuit on Wednesday. The lawsuit accuses Apple of abusing its so-called market dominance in the U.S. smartphone market.

Jody Gody for Reuters:

https://i0.wp.com/macdailynews.com/wp-content/uploads/2024/08/240830_apple_logo.png?ssl=1

Apple offers $100 million to cancel Indonesia’s iPhone 16 ban
Tuesday, November 19, 2024 8:58 am
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Apple has increased its offer to invest in Indonesia by almost tenfold in the company’s latest bid to persuade the government to lift its sales ban on the iPhone 16. Bloomberg News reports citing “people familiar with the matter.”

Faris Mokhtar for Bloomberg News:

https://macdailynews.com/2024/11/19/apple-offers-100-million-to-cancel-indonesias-iphone-16-ban/

Coinbase acquiring team to accelerate onchain payments

Tl;dr: The Utopia Labs team is joining Base to help accelerate our onchain payments roadmap within Coinbase Wallet. The team brings deep experience building onchain payments products and a track record of moving the crypto ecosystem forward.

By Jesse Pollak Company, November 13, 2024

https://www.coinbase.com/blog/coinbase-acquiring-team-to-accelerate-onchain-payments?__cf_chl_rt_tk=5K_AOYgGzey4QrgVUt7xIFKWsI_vHpsmiqIqMVJrQCU-1732142636-1.0.1.1-O3hJXIVg_VqvPs_vmtONUQVb1Hc8.OzOtKdA3gq7APU

Apple CEO Tim Cook congratulates President Trump on his resounding victory
Thursday, November 7, 2024 9:28 am
7 Comments

In a post on X that’s been viewed over 4 million times, Apple CEO Tim Cook has congratulated President Trump on his resounding victory in Tuesday’s U.S. presidential election.

Tim Cook via X:
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Congratulations President Trump on your victory!

We look forward to engaging with you and your administration to help make sure the United States continues to lead with and be fueled by ingenuity, innovation, and creativity.

MacDailyNews Note: Currently, President Trump is projected to win 312 of the 538 available electoral votes in the 2024 U.S. presidential election. More info here.

https://macdailynews.com/2024/11/07/apple-ceo-tim-cook-congratulates-president-trump-on-his-resounding-victory/

Apple less vulnerable to President Trump’s tariffs than ‘many might believe’ – Bernstein
Wednesday, November 6, 2024 4:02 pm
5 Comments

Apple is less vulnerable to increased trade tariffs from President Donald Trump, Bernstein analysts said Wednesday. Bernstein estimated that even if U.S. IT hardware companies increased prices by 20% due to higher tariffs, net profits stood to be materially impacted, especially for companies with lower gross margins.

Investing.com:

Dell Technologies Inc. and HP Inc. appeared the most vulnerable, while IBM was likely to be the least impacted.

Bernstein analysts said Apple was less vulnerable than broader consensus would suggest, with its high gross margins able to absorb higher tariffs despite its high exposure to the tech supply chain, especially in China. The company is expected to see a 7% hit to earnings per share.

Trump has proposed steep trade tariffs on imported goods regardless of the country of origin.

On China, however, Trump has proposed a 60% tariff on all goods, and as much as 200% tariffs on goods from Mexico. While Trump may not need Congressional approval to impose the duties, the Republicans were seen winning a majority in both the Senate and the House of Representatives.

MacDailyNews Note: Bernstein rates Apple as “Outperform” (Buy) with a 12-month price target of $240.

https://macdailynews.com/2024/11/06/apple-less-vulnerable-to-president-trumps-tariffs-than-many-might-believe-bernstein/#google_vignette

Stock futures surge on president-elect Donald Trump’s sweeping victory
Wednesday, November 6, 2024 9:19 am
7 Comments

https://macdailynews.com/2024/11/06/stock-futures-surge-on-president-elect-donald-trumps-sweeping-victory/

Berkshire Hathaway’s tax bill on 2024 Apple stock sales: $20 billion
Tuesday, November 5, 2024 6:34 pm
No Comments

https://macdailynews.com/2024/11/05/berkshire-hathaways-tax-bill-on-2024-apple-stock-sales-20-billion/#google_vignette

Apple headcount grew to approximately 164,000 full-time employees worldwide this year
Tuesday, November 5, 2024 2:27 pm
No Comments

https://macdailynews.com/2024/11/05/apple-headcount-grew-to-approximately-164000-full-time-employees-worldwide-this-year/#google_vignette

Coinbase is launching a new Engineering Hub in Singapore, supported by Singapore Economic Development Board, to foster the local developer ecosystem.
Tl;dr: Coinbase is launching an Engineering Hub in Singapore to support the local developer ecosystem, doubling down on our commitment to Singapore. Coinbase has been rapidly growing our engineering team around the world, and this effort in Singapore will advance the global blockchain ecosystem, enabling greater access to cryptocurrencies in APAC markets, and encourage the local engineering ecosystem to thrive.

By Hassan Ahmed, David Ko
International, November 6, 2024

https://www.coinbase.com/blog/coinbase-is-launching-a-new-engineering-hub-in-Singapore-supported-by-Singapore-Economic-Development

Crypto is Here to Stay
Tl;dr: Coinbase strongly supports the efforts of both Stand with Crypto, crypto's first national grassroots advocacy organization, and Fairshake, crypto's largest ever nonpartisan super PAC. Today, we are committing to 1/ donating $25 million to Fairshake and its affiliates in 2025, and 2/ helping Stand with Crypto increase their membership to 4 million advocates ahead of the 2026 Midterm Elections. Both of these efforts will help ensure the 52 million Americans who have owned crypto remain a powerful voice in American politics.

By Coinbase Policy, October 30, 2024
, 2 min read time

Once in a generation, a transformational technology emerges with the power to strengthen democracy around the world. Each time, America has seized the opportunity to write the rules of the road. Crypto is ushering in a new wave of innovation in the United States, and that innovation is creating jobs, updating the financial system and strengthening our country’s national security.

Coinbase was born out of the idea that crypto has the potential to drive economic freedom around the world, empowering users anywhere in the world to take their financial futures into their own hands. To ensure that the potential of crypto is realized in the United States, we have executed on a three-pronged strategy to bolster the voices of the 52 million Americans of all backgrounds who have owned crypto: The first has been educating policymakers, including members of Congress, on the transformative power of a technology that represents the next generation of the internet. The next was to directly empower the millions of crypto owners directly by helping launch an independent, grassroots organization with the tools to help crypto supporters have their voices heard in Washington and in state capitals around the country. The final piece was to lock arms with others in the industry by supporting an independent, pro-crypto super PAC, Fairshake and its affiliates, to help ensure that crypto voters were a force in key elections around the country in order to affect change in American politics.

In just a year, Stand with Crypto has grown to 1.8 million advocates, mobilizing Americans of all stripes and these advocates showed that they want to be heard:

* In the two-week run-up to the overwhelming passage of a regulatory framework for consumer protections, FIT21, Stand with Crypto amassed 400,000 new advocates.

* In the one-week run-up to the vote, over 30,000 contacted members of Congress to vote for the legislation, leading to one of the most bipartisan votes seen this Congress outside of must-pass legislation.

* Stand with Crypto has mobilized about 510,000 advocates to learn about candidates and prepare themselves to vote.

Members of both political parties up and down the ballot in 2024, are learning about this important constituency and have begun to take steps to earn the support of the pro-crypto voter. Importantly, as candidates learn about the issues, they understand that providing clear rules, ending regulatory harassment, creating jobs and ensuring that this critical technology is developed in the United States are common sense positions for politicians across the political spectrum.

In meaningful ways, these efforts have helped ensure what is likely to become the most pro-crypto Congress in 2025. The industry-wide efforts have helped undercut the destructive efforts of a handful of politicians who have tried to demagogue the issue. In doing so, the crypto community has been able to blunt the hyper-politicization of crypto – and instead transform crypto into one of the most bipartisan issues in Washington.

If we can disrupt the destructive efforts of anti-crypto politicians in DC during the tumult of a presidential election, imagine the strides we can make ahead of the Midterm elections. The power of the crypto community should not be underestimated – that’s why Coinbase is committed to (1) helping Stand with Crypto achieve its goal of more than doubling its current army of advocates ahead of the Midterm Elections to 4 million strong and (2) to helping Fairshake and its affiliates remain a force in the next election cycle by committing another $25 million to their efforts. The stakes are too high for us to stand on the sidelines, and that’s why we at Coinbase are proud to help do our part.

We’re committed to remaining a strong force to ensure that the voices of crypto consumers and innovators alike continue to be heard – in the next election cycle and for years to come.

https://www.coinbase.com/blog/crypto-is-here-to-stay?__cf_chl_rt_tk=BwpHE1.eTKJaTUl0OYf6wZ4E7yQT4Z4GD.zPoEb7FJA-1730485281-1.0.1.1-App0pbWb4dUPeF0scrJUUOAaZ3I22JnNPSNjEs0RVqo

Coinbase Unveils $25M For Political Donations As Stocks Suffer Worst Day In Over Two Years
October 31 2024 - 11:00PM
NEWSBTC

https://ih.advfn.com/stock-market/COIN/XRPUSD/crypto-news/94820057/coinbase-unveils-25m-for-political-donations-as-s

https://www.newsbtc.com/news/coinbase/coinbase-unveils-25m-for-political-donations-as-stocks-suffer-worst-day-in-over-two-years/

Apple acquires Pixelmator
Friday, November 1, 2024 12:10 pm
4 Comments

https://macdailynews.com/2024/11/01/apple-acquires-pixelmator/#google_vignette

Apple to invest up to $1.5 billion more in Globalstar for satellite coverage expansion
Friday, November 1, 2024 1:26 pm
No Comments

https://macdailynews.com/2024/11/01/apple-to-invest-up-to-1-5-billion-more-in-globalstar-for-satellite-coverage-expansion/#google_vignette

Apple underwhelms Wall Street with all-time record fourth quarter earnings
Friday, November 1, 2024 8:59 am
No Comments

Following Apple’s fiscal fourth quarter earnings report in which the company posted all-time record revenue of $94.9 billion (an average of more than $1 billion in revenue per day), Apple said that total sales in the December period will rise by a percentage in the “low-to-middle single digits.” Analysts had been projecting a 7% increase.

Mark Gurman for Bloomberg News:

Apple Inc., heading into its most critical sales period of the year, sparked fresh concerns about revenue growth and lingering weakness in an intensely competitive China market… The concerns weighed on shares in late trading, sending them down about 2% [shares are down a further 2% in Friday’s pre-market trading]. The stock had been up 17% this year through Thursday’s close, fueled by optimism about Apple’s artificial intelligence prospects.

Overall revenue edged past Wall Street projections last quarter — helped by global iPhone demand — but the results show that the company is still struggling in a key market. Apple is competing with local brands in China, which serves as its main manufacturing hub.

Revenue in the region fell slightly from a year earlier to $15 billion in the fourth fiscal quarter, which ended Sept. 28. Analysts had estimated $15.8 billion.

The iPhone grew in every geographic market, Chief Executive Officer Tim Cook said, signaling that the rest of the company’s product lineup may have been the issue in China, its biggest source of revenue after the Americas and Europe.

Total sales rose 6.1% to $94.9 billion, compared with an average estimate of $94.4 billion. Earnings were 97 cents a share, though they would have been $1.64 without a one-time charge related to a European General Court decision, Apple said.

MacDailyNews Take: Thank you for the early Christmas gift, Wall Street!

“Be fearful when others are greedy and greedy when others are fearful.” — Warren Buffett

https://macdailynews.com/2024/11/01/apple-underwhelms-wall-street-with-all-time-record-fourth-quarter-earnings/

Oops! Warren Buffett left $23 billion on table by trimming Berkshire’s Apple stake
Friday, October 18, 2024 4:07 pm
2 Comments

Warren Buffett’s investment firm, Berkshire Hathaway, substantially reduced its stake in Apple during the first half of 2024. According to regulatory filings, Berkshire has cut its Apple holdings by 55%. This move could have potentially cost the company a significant amount of money, as Apple’s stock price has risen by 10% since the end of the second quarter.

If Berkshire had maintained its previous position in Apple, its stake would be valued at approximately $210 billion at current market prices. This suggests that the company may have missed out on a $23 billion profit opportunity by trimming its Apple holdings.

Matthew Fox for Business Insider:

Calculations by Business Insider suggest Berkshire Hathaway’s sales of Apple stock in the first and second quarters of this year resulted in about $23 billion in missed profits for Warren Buffett’s conglomerate.

Berkshire Hathaway entered 2024 with a massive stake in Apple, holding 905.6 million shares worth about $174 billion at the time.

At current prices, that stake would have been worth about $210 billion. Instead, Berkshire Hathaway’s current stake in Apple was worth $84 billion at the end of the second quarter.

The difference between the weighted average price and the price of Apple stock on Thursday nets out the $23.1 billion in missed profits for Berkshire Hathaway.

MacDailyNews Take: $23 billion is quite the “oops!” And, that’s not even counting lost dividends! But, hey, nobody’s perfect. Own it, don’t trade it, Warren!

https://macdailynews.com/2024/10/18/oops-warren-buffett-left-23-billion-on-table-by-trimming-berkshires-apple-stake/#google_vignette

President Trump says Apple CEO Tim Cook called to complain about EU’s $17 billion in fines
Thursday, October 17, 2024 2:28 pm
15 Comments

Former U.S. President Donald Trump said on the PBD Podcast posted on Thursday that Apple CEO Tim Cook called him to discuss the $17 billion in fines that Apple has been hit with by the European Union (EU). Trump said that he won’t let the EU “take advantage” of American companies like Apple.

Emma Roth for The Verge:

“Two hours ago, three hours ago, he [Cook] called me,” Trump said. “He said the European Union has just fined us $15 billion… Then on top of that, they got fined by the European Union another $2 billion.” In March, the EU fined Apple around $2 billion after finding that Apple used its dominance to restrict music streaming apps from telling customers about cheaper subscription deals outside the App Store. The EU later won its fight to make Apple pay $14.4 billion in unpaid taxes.

“He [Cook] said something that was interesting,” Trump said. “He said they’re using that to run their enterprise, meaning Europe is their enterprise. “I said, ‘That’s a lot… But Tim, I’ve got to get elected first, but I’m not going to let them take advantage of our companies — that won’t, you know, be happening.’”

The Verge reached out to Apple with a request for comment but didn’t immediately hear back.

MacDailyNews Take: Things that make you go “hmm.” One thing’s for sure, Cook isn’t wrong about the EU:

The European Union arose because the Europeans couldn’t compete on their own with the rest of the world, so they each lined up to surrender their national sovereignty, unique cultures, and dignity for an undemocratic, opaque, wasteful, bloated, bureaucratic quasi-governmental blob – and, even with the EU’s thumbs all over the scale, they still can’t compete. — MacDailyNews, March 4, 2024

https://macdailynews.com/2024/10/17/president-trump-says-apple-ceo-tim-cook-called-to-complain-about-eus-17-billion-in-fines/

Apple Car Key coming soon to Volvo, Audi, Polestar vehicles
Tuesday, October 15, 2024 2:02 pm
1 Comment

Apple Car Key – digital car keys in the Wallet app – are coming soon to select Volvo, Audi, and Polestar vehicles, based on code changes discovered by MacRumors in Apple’s Wallet app backend.

Eric Slivka for MacRumors:


The car keys function can allow an iPhone or Apple Watch with NFC capabilities to unlock, lock, or start a vehicle through the Wallet app by simply holding the device near a compatible vehicle’s NFC reader. Car key functionality may vary by manufacturer and model.

Apple introduced digital car key support in 2022, and select car brands like BMW, BYD, Hyundai/Genesis/Kia, Lotus, Mercedes-Benz, and RAM have implemented support for the feature?.

MacDailyNews Note: To find a vehicle that works with CarPlay, check Apple’s list for the latest info here.

https://macdailynews.com/2024/10/15/apple-car-key-coming-soon-to-volvo-audi-polestar-vehicles/

Consumer Protection Tuesday: How to Protect Yourself and Elderly and Vulnerable Loved Ones from Scams
By Coinbase Company, October 15, 2024

, 5min read time
Tl;dr: With cybercriminals targeting our elderly and vulnerable, it’s important to keep ourselves and our loved ones educated and aware. Many older Americans fall victim to financial scams when they are alone and out of contact with others. Financial investment and Social Security scams are two of the more frequent types of fraud that hit home. You and your loved ones can stay alert by knowing how to identify common theft patterns.

https://www.coinbase.com/blog/consumer-protection-tuesday-how-to-protect-yourself-and-elderly-and-vulnerable-loved-ones-from-scams?__cf_chl_rt_tk=v94TyDRlza5MvwqWzcVrmcgpYdszOkBLWY8QKSmt1QI-1729101910-1.0.1.1-XeSxrcPNX25Y5ZQjtQu5C0grzoWPEYbk3mzWmXyQaV8

Apple stock hits new all-time intraday high
Tuesday, October 15, 2024 11:17 am
No Comments

Apple in early trading Tuesday rose $3.90 to high a new all time high of $237.49. Apple’s previous all-time intraday high of $237.23 was set on July 15, 2024.

Apple’s 52-week low stands at $164.08.

Apple’s PE Ratio currently stands at 35.79.

Apple currently has a market value of $3.569 trillion, making it the world’s most valuable company.

The top five U.S. publicly-traded companies, based on market value:

1. Apple (AAPL) – $3.569T

2. NVIDIA (NVDA) – $3.223T
3. Microsoft (MSFT) – 3.102T
4. Alphabet (GOOGL) – $2.040T
5. Amazon (AMZN) – $1.943T

Selected companies’ current market values:

• Meta Platforms (META) – $1.472T
• Berkshire Hathaway (BRK-A) – $1.005T
• Taiwan Semi (TSM) – $970.886B
• Tesla (TSLA) – $698.827B
• Walmart (WMT) – $655.358B
• Netflix (NFLX) – $302.914B
• Advanced Micro Devices (AMD) – $255.574B
• Adobe (ADBE) – $224.489B
• IBM (IBM) – $217.266B
• Cisco (CSCO) – $216.597B
• Disney (DIS) – $171.783B
• Sony (SONY) – $113.09B
• Intel (INTC) – $97.621B
• Dell (DELL) – $90.045B
• SoftBank (SFTBF) – $89.533B
• Spotify (SPOT) – $74.180B
• Hewlett-Packard (HPQ) – $36.267B
• Nokia (NOK) – $24.053B
• SiriusXM (SIRI) – $9.218B
• BlackBerry (BB) – $1.498
• Sonos (SONO) – $1.465B
• RealNetworks (RNWK) – $34.820M

MacDailyNews Take: To the moon, Alice! To the moon!

https://macdailynews.com/2024/10/15/apple-stock-hits-new-all-time-intraday-high/#google_vignette

Apple stock added to Evercore’s ‘Tactical Outperform’ list
Monday, October 14, 2024 11:19 am
No Comments

Evercore ISI analyst Amit Daryanani on Sunday added Apple stock to his firm’s “tactical outperform” list, saying the company is “well positioned to outperform against low expectations” for the September quarter and with its guidance for the current quarter. Apple will report fiscal Q424 earnings after the closing bell on October 31st.

Patrick Seitz for Investor’s Business Daily:

Bearish investors are focused on Apple’s challenges in the Chinese smartphone market, where domestic brands like Huawei are gaining ground, he said.

But those concerns are overstated, Daryanani said. Plus, Apple should be able to offset any market share losses in China with growth in developing markets and the U.S., he said.

“The staggered rollout of AI should also result in a stronger-for-longer iPhone upgrade cycle as the release of new features and new geographies should drive strong word-of-mouth advertising,” he said.

Meanwhile, Apple’s wearables and services businesses should provide a boost for the company’s top and bottom lines, he said.

MacDailyNews Note: Evercore rates Apple as “Outperform,” or buy, with a price target of $250.

Today is Columbus Day in the U.S. and, as we spend the day with family and friends, posting will be limited. We will return to our regular posting schedule tomorrow.

https://macdailynews.com/2024/10/14/apple-stock-added-to-evercores-tactical-outperform-list/#google_vignette

Apple introduces powerful new iPad mini built for Apple Intelligence
October 15 2024 - 9:00AM
Business Wire

The ultraportable iPad mini is more capable and versatile than ever with the powerful A17 Pro chip and support for Apple Pencil Pro

Apple® today introduced the new iPad mini®, supercharged by the A17 Pro chip and Apple Intelligence™, the easy-to-use personal intelligence system that understands personal context to deliver intelligence that is helpful and relevant while protecting user privacy. With a beloved ultraportable design, the new iPad mini is available in four gorgeous finishes, including a new blue and purple, and features the brilliant 8.3-inch Liquid Retina® display. A17 Pro delivers a huge performance boost for even the most demanding tasks, with a faster CPU and GPU, a 2x faster Neural Engine than the previous-generation iPad mini,1 and support for Apple Intelligence. The versatility and advanced capabilities of the new iPad mini are taken to a whole new level with support for Apple Pencil Pro™, opening up entirely new ways to be even more productive and creative. The 12MP wide back camera supports Smart HDR 4 for natural-looking photos with increased dynamic range, and uses machine learning to detect and scan documents right in the Camera app.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241015440083/en/

The new iPad mini delivers powerful performance, incredible value, and the full iPad experience in an ultraportable design. (Photo: Business Wire)
The new iPad mini delivers powerful performance, incredible value, and the full iPad experience in an ultraportable design. (Photo: Business Wire)

The new iPad mini features all-day battery life and brand-new experiences with iPadOS® 18. Starting at just $499 with 128GB — double the storage of the previous generation — the new iPad mini delivers incredible value and the full iPad experience in an ultraportable design. Customers can pre-order the new iPad mini today, with availability beginning Wednesday, October 23.

“There is no other device in the world like iPad mini, beloved for its combination of powerful performance and versatility in our most ultraportable design. iPad mini appeals to a wide range of users and has been built for Apple Intelligence, delivering intelligent new features that are powerful, personal, and private,” said Bob Borchers, Apple’s vice president of Worldwide Product Marketing. “With the powerful A17 Pro chip, faster connectivity, and support for Apple Pencil Pro, the new iPad mini delivers the full iPad experience in our most portable design at an incredible value.”

A17 Pro Unlocks Powerful Performance

The new iPad mini gets a major update with A17 Pro, delivering incredible performance and power efficiency in an ultraportable design. A17 Pro is a powerful chip that unlocks a number of improvements over A15 Bionic in the previous-generation iPad mini. With a 6-core CPU — two performance cores and four efficiency cores — A17 Pro delivers a 30 percent boost in CPU performance.1 A17 Pro also brings a boost in graphics performance with a 5-core GPU, delivering a 25 percent jump over the previous generation.1 A17 Pro brings entirely new experiences — including pro apps used by designers, pilots, doctors, and others — and makes it faster than ever for users to edit photos, dive into more immersive AR applications, and more. The new iPad mini brings true-to-life gaming with hardware-accelerated ray tracing — which is 4x faster than software-based ray tracing — as well as support for Dynamic Caching and hardware-accelerated mesh shading. From creating engaging content faster than ever in Affinity Designer, to playing demanding, graphics-intensive AAA games like Zenless Zone Zero, users can take the powerful performance and ultraportable iPad mini anywhere.

Built for Apple Intelligence

With the power of the A17 Pro chip, the new iPad mini delivers support for Apple Intelligence. Deeply integrated into iPadOS 18, Apple Intelligence harnesses the power of Apple silicon and Apple-built generative models to understand and create language and images, take action across apps, and draw from personal context to simplify and accelerate everyday tasks. Many of the models that power Apple Intelligence run entirely on device, and Private Cloud Compute offers the ability to flex and scale computational capacity between on-device processing and larger, server-based models that run on dedicated Apple silicon servers.

The first set of Apple Intelligence features will be available in U.S. English this month through a free software update with iPadOS 18.1, and available for iPad® with A17 Pro or M1 and later. Apple Intelligence delivers experiences that are delightful, intuitive, easy to use, and specially designed to help users do the things that matter most to them:2

With Writing Tools, users can refine their words by rewriting, proofreading, and summarizing text nearly everywhere they write, including Mail, Notes, Pages, and third-party apps.
Siri® becomes more deeply integrated into the system experience and gets a new design with an elegant glowing light that wraps around the edge of the screen when active on iPad. With richer language-understanding capabilities, communicating with Siri is more natural and flexible. Siri can follow along when users stumble over their words, can maintain context from one request to the next, and now, users can type to Siri. Siri also has extensive product knowledge to answer questions about features on iPad and other Apple devices.
In Photos, the Memories feature now enables users to create the movies they want to see by simply typing a description, and with the new Clean Up tool, they can identify and remove distracting objects in the background of a photo — without accidentally altering the subject.
Additional Apple Intelligence features will be rolling out over the next several months:

Image Playground allows users to create playful images in moments.
Image Wand is a new tool in the Apple Pencil® tool palette that can transform a rough sketch into a polished image.
Emoji will be taken to an entirely new level with the ability to create original Genmoji™ by simply typing a description, or by selecting a photo of a friend or family member.
Siri will be able to draw on a user’s personal context to deliver intelligence that is tailored to them. It will also gain onscreen awareness to understand and take action with users’ content, as well as take hundreds of new actions in and across Apple and third-party apps.
With ChatGPT integrated into experiences within iPadOS 18, users have the option to access its expertise, as well as its image- and document-understanding capabilities, within Siri and Writing Tools without needing to jump between tools. And privacy protections are built in so a user’s IP address is obscured, and OpenAI won’t store requests. Users can access ChatGPT for free without creating an account, and ChatGPT’s data-use policies apply for those who choose to connect their account.
Even Faster Connectivity

With faster wireless and wired connectivity, users can do even more on iPad mini while on the go. The new iPad mini supports Wi-Fi 6E, which delivers up to twice the performance than the previous generation,3 so users can download files, play games online, and stream movies even faster. Wi-Fi + Cellular models with 5G allow users to access their files, communicate with peers, and back up their data in a snap while on the go. Cellular models of the new iPad mini are activated with eSIM, a more secure alternative to a physical SIM card, allowing users to quickly connect and transfer their existing plans digitally, and store multiple cellular plans on a single device. Customers can easily get connected to wireless data plans on the new iPad mini in over 190 countries and regions around the world without needing to get a physical SIM card from a local carrier. The USB-C port is now up to 2x faster than the previous generation, with data transfers up to 10Gbps, so importing large photos and videos is even quicker.

Incredible Camera Experience

Great cameras, along with the incredibly portable form factor of iPad mini, enable powerful mobile workflows. The 12MP wide back camera delivers gorgeous photos, and with Smart HDR 4, they will be even more detailed and vivid. Utilizing the powerful 16-core Neural Engine, the new iPad mini uses artificial intelligence (AI) to automatically identify documents right in the Camera app and can use the new True Tone® flash to remove shadows from the document. The 12MP Ultra Wide front-facing camera in portrait orientation, with support for Center Stage™, is great for all the ways customers use iPad mini.

Magical Capabilities with Apple Pencil Pro

Apple Pencil Pro unlocks magical capabilities and powerful interactions, turning iPad mini into a sketchbook users can take anywhere. Apple Pencil Pro can sense a user’s squeeze, bringing up a tool palette to quickly switch tools, line weights, and colors, all without interrupting the creative process. A custom haptic engine delivers a light tap that provides confirmation when users squeeze, double-tap, or snap to a Smart Shape for a remarkably intuitive experience. Users can roll Apple Pencil Pro for precise control of the tool they’re using. Rotating the barrel changes the orientation of shaped pen and brush tools, just like pen and paper, and with Apple Pencil hover, users can visualize the exact orientation of a tool before making a mark. Apple Pencil Pro features support for Find My®, and pairs, charges, and is stored through a new magnetic interface on the new iPad mini. iPad mini also supports Apple Pencil (USB-C), ideal for note taking, sketching, annotating, journaling, and more, at a great value.

iPadOS 18 Brings Powerful and Intelligent New Features

In addition to the groundbreaking capabilities of Apple Intelligence, iPadOS 18 brings powerful features that enhance the iPad experience, making it more versatile and intelligent than ever. iPadOS also has advanced frameworks like Core ML® that make it easy for developers to tap into the Neural Engine to deliver powerful AI features right on device.

Designed for the unique capabilities of iPad, Calculator delivers an entirely new way to use Apple Pencil to solve expressions, as well as basic and scientific calculators with a new history function and unit conversions. With Math Notes, users are now able to type mathematical expressions or write them out to see them instantly solved in handwriting like their own. They can also create and use variables, and add an equation to insert a graph. Users can also access their Math Notes in the Notes app, and use all of the math functionality in any of their other notes.
In the Notes app, handwritten notes become more fluid, flexible, and easy to read with Smart Script and the power of Apple Pencil. Smart Script unleashes powerful new capabilities for users editing handwritten text, allowing them to easily add space, or even paste typed text in their own handwriting. And as users write with Apple Pencil, their handwriting will be automatically refined in real time to be smoother, straighter, and more legible.
With new Audio Recording and Transcription, iPad can capture a lecture or conversation, and transcripts are synced with the audio, so users can search for an exact moment in the recording.
New levels of customization come to iPad, and users have even more options to express themselves through the Home Screen with app icons and widgets that can be placed in any open position. App icons and widgets can take on a new look with a dark or tinted effect, and users can make them appear larger to create the experience that is perfect for them. Control Center has been redesigned to provide easier access to many of the things users do every day, delivering quick access to new groups of a user’s most-utilized controls. Users can even organize new controls from third-party apps in the redesigned Control Center.
The Photos app receives its biggest update ever, bringing users powerful new tools that make it easier to find what they are looking for with a simplified and customizable app layout that takes advantage of the larger display on iPad and helps users browse by themes without having to organize content into albums.
Users have new ways to stay connected and express themselves in Messages, with all-new animated text effects, redesigned Tapbacks, and the ability to schedule messages to send at a later time.
Better for the Environment

The new iPad mini is designed with the environment in mind, including 100 percent recycled aluminum in the enclosure, 100 percent recycled rare earth elements in all magnets, and 100 percent recycled gold plating and tin soldering in multiple printed circuit boards. The new iPad mini meets Apple’s high standards for energy efficiency, and is free of mercury, brominated flame retardants, and PVC. The packaging is 100 percent fiber-based, bringing Apple closer to its goal to remove plastic from all packaging by 2025.

Today, Apple is carbon neutral for global corporate operations and, as part of its ambitious Apple 2030 goal, plans to be carbon neutral across its entire carbon footprint by the end of this decade.

Pricing and Availability

Customers can pre-order the new iPad mini starting today, October 15, on apple.com/store, and in the Apple Store® app in 29 countries and regions, including the U.S. It will begin arriving to customers, and will be in Apple Store locations and Apple Authorized Resellers, starting Wednesday, October 23.
Available in blue, purple, starlight, and space gray, the new iPad mini starts at $499 (U.S.) for the Wi-Fi model, and $649 (U.S.) for the Wi-Fi + Cellular model.
The new iPad mini starts with 128GB of storage — double the storage of the previous generation. The new iPad mini is also available in 256GB and 512GB configurations.
For education, the new iPad mini starts at $449 (U.S.). Education pricing is available to current and newly accepted college students and their parents, as well as faculty, staff, and home-school teachers of all grade levels. For more information, visit apple.com/us-hed/shop.
Apple Pencil Pro is compatible with the new iPad mini. It is available for $129 (U.S.), and $119 (U.S.) for education. Apple Pencil (USB-C) is available for $79 (U.S.), and $69 (U.S.) for education.
The new Smart Folio®, available in charcoal gray, light violet, denim, and sage, is $59 (U.S.).
Apple offers great ways to save on the latest iPad. Customers can trade in their current iPad and get credit toward a new one by visiting the Apple Store online, the Apple Store app, or an Apple Store location. To see what their device is worth and for terms and conditions, customers can visit apple.com/shop/trade-in.
Customers in the U.S. who shop at Apple using Apple Card® can pay monthly at 0 percent APR when they choose to check out with Apple Card Monthly Installments, and they’ll get 3 percent Daily Cash® back — all up front. More information — including details on eligibility, exclusions, and Apple Card terms — is available at apple.com/apple-card/monthly-installments.
AppleCare+® for iPad provides unparalleled service and support. This includes unlimited incidents of accidental damage, battery service coverage, and 24/7 support from the people who know iPad best.
Every customer who buys directly from Apple Retail gets access to Personal Setup. In these guided online sessions, a Specialist can walk customers through setup, or focus on features that help them make the most of their new device.
Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

1. Testing conducted by Apple in September 2024 using preproduction iPad mini (A17 Pro) and production iPad mini (6th generation) units. Tested with Affinity Photo 2 v2.5.5.2636 using the built-in benchmark version 25000. Performance tests are conducted using specific iPad units and reflect the approximate performance of iPad mini.

2. Apple Intelligence will be available as a free software update for iPad with A17 Pro or M1 and later with device and Siri language set to U.S. English. The first set of features will be available in beta this month with iPadOS 18.1 with more features rolling out in the months to come. Later this year, Apple Intelligence will add support for localized English in Australia, Canada, New Zealand, South Africa, and the U.K. In the coming year, Apple Intelligence will expand to more languages, like Chinese, English (India), English (Singapore), French, German, Italian, Japanese, Korean, Portuguese, Spanish, Vietnamese, and others.

3. Wi-Fi 6E available in countries and regions where supported.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2024 Apple Inc. All rights reserved. Apple, the Apple logo, iPad mini, Apple Intelligence, Liquid Retina, Apple Pencil Pro, iPadOS, iPad, Siri, Apple Pencil, Genmoji, True Tone, Center Stage, Find My, Core ML, Apple Store, Smart Folio, Apple Card, Daily Cash, and AppleCare+ are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



View source version on businesswire.com: https://www.businesswire.com/news/home/20241015440083/en/

Tara Courtney
Apple
tcourtney@apple.com

Skylar Eisenhart
Apple
s_eisenhart@apple.com

https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94718912/apple-introduces-powerful-new-ipad-mini-built-for

Apple primed to again beat earnings estimates
Tuesday, October 8, 2024 5:47 pm
1 Comment

Apple has an established record of topping earnings estimates, especially when looking at the previous two reports. The company boasts an average surprise for the past two quarters of 2.90%.

Zacks Equity Research:

For the last reported quarter, Apple came out with earnings of $1.40 per share versus the Zacks Consensus Estimate of $1.34 per share, representing a surprise of 4.48%. For the previous quarter, the company was expected to post earnings of $1.51 per share and it actually produced earnings of $1.53 per share, delivering a surprise of 1.32%.

Apple has an Earnings ESP of +1.94% at the moment, suggesting that analysts have grown bullish on its near-term earnings potential. When you combine this positive Earnings ESP with the stock’s Zacks Rank #3 (Hold), it shows that another beat is possibly around the corner.

MacDailyNews Note: Apple’s conference call to discuss fourth fiscal quarter earnings results and business updates is scheduled for Thursday, October 31, 2024 – yes, Halloween – after market close, right around 1:20 p.m. PT / 4:30 p.m. ET.

Apple will follow that with a conference call with analysts to discuss results and business updates at 2:00 p.m. PT / 5:00 p.m. ET.

Listen to the conference call live here.

This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).

Currently, analysts’ consensus expects revenue of $94.4 billion and EPS of $1.57.

https://macdailynews.com/2024/10/08/apple-primed-to-again-beat-earnings-estimates/#google_vignette

Coinbase Announces Date of Third Quarter 2024 Financial Results
October 09 2024 - 4:15PM
Business Wire

Coinbase Global, Inc. (the “Company” or “Coinbase”) announced today that it will publish its third quarter 2024 shareholder letter, including financial results, on its Investor Relations website at investor.coinbase.com on Wednesday, October 30, 2024, after market close. The Company will hold a conference call to discuss its financial results at 2:30 p.m. PT that same day.

Starting on October 23 at 9:00 a.m. PT, all shareholders will be able to submit and upvote questions for Coinbase management by visiting here. This Q&A platform will remain open until 24 hours before the earnings call. Shareholders can email support@saytechnologies.com for any support inquiries.

The live webcast of the call can be accessed here. Following the call, a replay of the call, as well as a transcript, will be available on the Investor Relations website at investor.coinbase.com.

Disclosure Information

Coinbase uses the investor.coinbase.com and blog.coinbase.com websites, as well as press releases, public conference calls, public webcasts, our X feed (@coinbase), our Facebook page, our LinkedIn page, our YouTube channel, and Brian Armstrong’s X feed (@brian_armstrong) as means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD.

About Coinbase

Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.



View source version on businesswire.com: https://www.businesswire.com/news/home/20241009252528/en/

Press:
press@coinbase.com

Investor Relations:
investor@coinbase.com

https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94694223/coinbase-announces-date-of-third-quarter-2024-fina

SEC’s Ripple case appeal strengthens Coinbase’s argument against SEC, says legal expert
October 06 2024 - 5:01AM
Crypto Briefing

The SEC's actions highlight regulatory uncertainty in crypto, potentially influencing future legal frameworks and market stability.

The post SEC’s Ripple case appeal strengthens Coinbase’s argument against SEC, says legal expert appeared first on Crypto Briefing.

https://ih.advfn.com/stock-market/COIN/XRPUSD/crypto-news/94673719/sec-s-ripple-case-appeal-strengthens-coinbase-s

https://cryptobriefing.com/ripple-sec-appeal-strengthens-coinbase/

Apple to hold conference call to discuss Q424 earnings results on October 31st
Friday, October 4, 2024 11:02 am
No Comments

Apple’s conference call to discuss fourth fiscal quarter earnings results and business updates is scheduled for Thursday, October 31, 2024 – yes, Halloween – after market close, right around 1:20 p.m. PT / 4:30 p.m. ET.

Apple will follow that with a conference call with analysts to discuss results and business updates at 2:00 p.m. PT / 5:00 p.m. ET.

Listen to the conference call live here.

This stream is best experienced on an iPhone 7 or later, iPad (5th generation or later), or iPod touch (7th generation) using Safari on iOS 12 or later; or a Mac using Safari on macOS Mojave 10.14 or later. Streaming to your TV requires an AirPlay 2–capable device, or via AirPlay to an Apple TV (2nd generation or later) with the latest Apple TV software or tvOS. Other platforms may also be able to access the stream using recent versions of Chrome, Firefox, or Microsoft Edge (MSE, H.264, and AAC required).

MacDailyNews Note: Currently, analysts’ consensus expects revenue of $94.4 billion and EPS of $1.57.

https://macdailynews.com/2024/10/04/apple-to-hold-conference-call-to-discuss-q424-earnings-results-on-october-31st/#google_vignette

Apple Watch users find Vitals app detects Illness even prior to symptoms
Monday, October 7, 2024 2:28 pm
No Comments

According to recent reports on Reddit, Apple’s new Vitals app for watchOS 11 appears to be impressing some users with its ability to detect potential illness days before symptoms even appear.

Tim Hardwick for MacRumors:

The Apple Watch app, which analyzes key health metrics measured during sleep over the last seven days, appears to be providing early warnings of impending sickness for at least some Apple Watch wearers ahead of time. It’s available on Apple Watch Series 8 and newer models, including the Apple Watch Ultra series, as long as the devices are running ?watchOS 11?.

One Reddit user, RCG21, shared their experience with the new feature:

“I started using Vitals when it first came out on the beta and since then I’ve gotten sick about twice. Both times it knew a couple days in advance and I hadn’t felt anything wrong.”

Another user, dalethomas81, posted a screenshot of their Vitals data, stating, “Woke up today feeling off. Now as the evening is setting in, I am feeling that old familiar feeling in my head. I’m sick.” The image showed multiple metrics falling outside the typical range days before the user reported feeling ill.

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MacDailyNews Take: Apple may have crated some magic with its new Vitals app!

https://macdailynews.com/2024/10/07/apple-watch-users-find-vitals-app-detects-illness-even-prior-to-symptoms/

Excessive Heat Warning alert on iPhone?
Zac Hall | Sep 30 2024 - 8:39 pm PT
11 Comments

You may have received an Excessive Heat Warning on your iPhone today even if you’re nowhere near the affected area. This is probably why.

iPhone users are being notified about an excessive heat weather event through Apple’s Weather app on iPhone. While the weather event is happening in the Santa Clara Valley region of California, the alert says that the occurrence is happening in an area nearby regardless of where you live.

I believe this is because Apple includes both New York and Cupertino as default cities in the Weather app. You may not even notice if you only view your current location weather. Still, the alert is being pushed to users with Cupertino as a saved location who have opted in to notifications from the Weather app.

For San Jose and the surrounding area, temperatures are indeed expected to reach 108° over the next couple of days. The Excessive Heat Warning advises those in the affected area to avoid extensive outdoor work.

https://9to5mac.com/2024/09/30/excessive-heat-warning-alert-on-iphone-heres-why/

Paypal, EY and Google Cloud use Coinbase for B2B payments
Tl;dr More Fortune 500 companies are partnering with Coinbase to explore crypto payments. With a 12-year track record of safely custodying crypto assets, we look forward to continuing our work with PayPal, Google Cloud, EY and others to bring crypto transformation to all sectors.

By Coinbase Product, October 3, 2024

https://www.coinbase.com/blog/paypal-ey-and-google-cloud-use-coinbase-for-b2b-payments?__cf_chl_rt_tk=uc65a8na_tlQVLVaXUJKyGMo86muG_qVSDHchkxsB3k-1728067540-0.0.1.1-5588

Apple likely to raise dividend payouts annually for the foreseeable future
Friday, September 27, 2024 1:16 pm
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Apple has a quarterly dividend of $0.25 per share, which was increased from $0.24 per share earlier this year. This year, Apple has already paid investors $0.74 per share, and based on its history, is likely to pay another $0.25 per share before the end of the year, bringing the total dividend for 2024 to $0.99. Apple has a track record of consistently paying and increasing its dividend for 13 consecutive years.

Collin Brantmeyer for The Motley Fool:

According to recent research by Hartford Funds, anytime a company grew or initiated a dividend, its stock had higher returns and less volatility compared to non-dividend-paying stocks since 1973.

Hartford Funds also highlights that a key metric for a dividend-paying stock is its payout ratio, or the percentage of a company’s profits paid out as dividends. The research suggests that it is essential for a company to keep its payout ratio below 75%; otherwise, management may need to cut its dividend if its earnings slide. With a payout ratio of only 14.9%, Apple’s management should be able to maintain and raise it annually for the foreseeable future.

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MacDailyNews Take: Apple shareholders have decades of dividend raises ahead.

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https://macdailynews.com/2024/09/27/apple-likely-to-raise-dividend-payouts-annually-for-the-foreseeable-future/

Apple launches new professional learning resources for teachers and expands global education grant program
October 01 2024 - 9:00AM
Business Wire

In celebration of World Teachers’ Day, Apple® today launched all-new free classroom resources to help educators and students embrace creativity in any lesson, and is celebrating educators through special collections and offerings across Apple services. Additionally, the company announced a major expansion of its groundbreaking education grant program into 100 new schools and communities, reaching students and teachers across six continents with free grant-funded STEAM programming.

Over the past four decades, Apple has been a committed educational leader. Through its work in education, the company has shared its cutting-edge technology and professional learning resources with millions of students and educators, equipping them with the tools to create new worlds, connect in engaging ways, and pursue the jobs of tomorrow. To illustrate the reach of its efforts, Apple is also releasing its first-ever Education Impact Report, which provides a snapshot of the work the company is doing to support teachers and learners worldwide.

“At Apple, we have always believed in the power of education to open new doors and give people the tools they need to build a better, more equitable world,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. “We’re blown away to see how tomorrow’s coders, creators, innovators, and leaders are using Apple technology and resources to make their impact known today — and we’re thrilled to expand our education work into even more communities.”

“We’re inspired by the incredible work coming out of classrooms and communities across the globe, and the myriad of ways Apple products like Mac and iPad empower learners to create and build on their passions,” said Susan Prescott, Apple’s vice president of Education and Enterprise Marketing. “Our new Creative Activities for early learners and students make learning easy and fun, and most importantly, give educators quick tools to engage learners of all ages.”

Supporting Teachers and Community Educators with New Tools

Over the course of Apple’s long history in education, professional learning and educator resources have always been key parts of the company’s approach, as the effective use of technology can help unlock the potential of all learners.

Today, Apple is launching new Everyone Can Create® resources for teachers. Creative Activities are a collection of quick, interactive, and fun lesson ideas that empower educators to sprinkle imagination and originality into their learning plans. Creative Activities for Early Learners (ages 4 to 8) and Creative Activities for Students (ages 8 and up) enable teachers to engage their students without increasing their workload. Each activity strengthens essential skills and gets students creating quickly with templates and shareable links.

New Creative Activities include:

Drawing: Reveal a Constellation
Photo: Create a Sticker Collage
Video: See More in Slo-Mo
Music: Lay Down a Beat
The new Creative Activities are now available in the Apple Education Community, a professional learning hub with more than 1 million members where educators can find inspiration, share resources, and connect with peers. This week, the Apple Education Community is expanding its Forum collaboration features to 16 additional countries and regions, enabling participation from even more educators around the world.1

In addition, Apple continues to expand Apple Learning Coach, a free professional learning program that helps educators coach teachers on how to get the most out of Apple products. With new lessons and the ability to register and participate at any time, Apple Learning Coach is now available in eight languages across 15 countries and regions.2 To date, more than 4,000 certified Apple Learning Coaches have guided nearly 100,000 teachers, impacting 2.4 million students.

Reaching Students and Teachers on Six Continents Through Grant Programs

Apple works with schools and nonprofit organizations around the world to provide grants and other hands-on programming designed to expand access to technology, along with educational and workforce opportunities. To date, the company has contributed hundreds of millions of dollars in technology, tools, and resources to more than 200 education and community partners. In the last year alone, Apple has expanded its support to nearly 40 new education partners across Canada, Mexico, New Zealand, the United Kingdom, and the United States.

This work is largely connected to Apple’s Community Education Initiative, through which the company provides hardware, scholarships, financial support, educator resources, and access to Apple experts to schools and organizations in under-resourced communities. Apple collaborates with each partner organization to customize and enhance programming to support the community’s specific goals and transform students’ in-school and extracurricular experiences.

Apple’s extensive education initiatives also include Apple Developer Academies and the Apple Foundation Program, which bring coding education and skills training to developers and entrepreneurs around the world, along with free resources like Everyone Can Code®, Develop in Swift Tutorials, Everyone Can Create, Challenge for Change, and Today at Apple® sessions at all Apple Store® locations.

As detailed in the newly released Education Impact Report, in the past five years, more than 10,000 teachers have received professional learning opportunities through Apple grants. Over that same time frame, 500,000 students in close to 2,000 schools and communities around the world have engaged in the company’s grant programs. Apple currently supports more than 200 schools and nonprofit organizations — a number that continues to increase.

Forging New Partnerships and Deepening Existing Work

CodeDoor, one of Apple’s newer partners, provides coding and workforce preparedness training for migrants throughout Germany. Apple supports the organization’s Creators program, which uses Everyone Can Code resources and Swift Playgrounds® to give participants the tools to design and pitch apps as solutions to community challenges. Through a hybrid experience that takes place over the course of eight months, participants acquire valuable skills, including coding with Swift® and presentation techniques.

“CodeDoor was created from the idea that young people are curious and approach learning as a process of discovery, but need the right tools to feel empowered,” said Karan Dehghani, CodeDoor’s founder. “With support from Apple, our Creators program teaches learners from migrant families how to identify and solve real-life problems through app development — equipping a new generation of Germans with the skills they need to build community and a brighter future.”

Apple is also deepening its work with existing community partners. Since 2020, the company has collaborated with the New York Public Library to expand access to technology through in-person and virtual training classes for learners of all ages and skill levels, with a focus on helping adults develop confidence in their computer skills and grow more comfortable in today’s digital world.

“The world is evolving so fast. One of the ways that we can help shape and ensure the future of libraries is to create spaces that are designed for collaborative, interactive learning,” said Brandy McNeil, Ph.D., the New York Public Library’s deputy director of Branch Programs & Services. “With the tools and resources only Apple can provide, we’ve been able to expand both our programming and our reach to better serve our community, helping many more people harness the power of technology to learn and grow.”

Celebrating World Teachers’ Day Across Apple

In honor of World Teachers’ Day, Apple is celebrating educators around the world through special collections and offerings across its services.

The Great Tools for Teachers collection in the App Store® highlights classroom and lesson-planning essentials that educators can use to support their work. On Apple Music®, users can listen to a collection of learning-based albums and playlists highlighted throughout the Kids and Family categories; on Apple Books®, readers can explore a collection of nonfiction and kids’ books about inspiring educators; and in Podcasts, listeners can find featured shows focusing on conversations by and for educators alongside narratives about education. Additionally, the Apple TV® app features a collection of movies and shows that highlight the importance of teachers in the lives of pupils.

Across the world, teachers can use Group Reservations to book a Today at Apple session for their students at their local Apple Store, selecting from more than 20 topics great for educators and their students to learn how to code, create, and get the most out of Apple products. Learn more and request a session at apple.com/today/groups.

Additionally, Apple is hosting a special session for teachers at Apple Park Visitor Center in Cupertino, California, on World Teachers’ Day (October 5). The Go Further with iPadOS 18 for Education workshop will bring together certified Apple Learning Coaches and educators from across California for hands-on demos using iPad Pro® and Apple Pencil Pro™.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.

1. Forum collaboration features in the Apple Education Community are now available in Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, Luxembourg, Mexico, the Netherlands, New Zealand, Norway, Spain, Sweden, Switzerland, Taiwan, the United Kingdom, and the United States.
2. Apple Learning Coach is now available for educators in Australia, Austria, Canada, France, Hong Kong, Ireland, Japan, Malaysia, Mexico, New Zealand, Singapore, Switzerland, Taiwan, the United Kingdom, and the United States.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or email Apple’s Media Helpline at media.help@apple.com.

© 2024 Apple Inc. All rights reserved. Apple, the Apple logo, Everyone Can Create, Everyone Can Code, Today at Apple, Apple Store, Swift Playgrounds, Swift, App Store, Apple Music, Apple Books, Apple TV, iPadOS, iPad Pro, and Apple Pencil Pro are trademarks of Apple. Other company and product names may be trademarks of their respective owners.



View source version on businesswire.com: https://www.businesswire.com/news/home/20241001500017/en/

Jessica Reeves
Apple
j_reeves@apple.com

Rachel Wolf Tulley
Apple
rachel_tulley@apple.com

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SEC requests extension for case against Coinbase until February 2025
The SEC has asked the court for an extension until February 2025 to deliver documents to Coinbase (NASDAQ:COIN) as part of a discovery process. The commission is reviewing more than 133,000 documents related to cryptocurrency tokens. The extension was necessary after Coinbase won a motion to compel the production of these documents. If granted, the jury hearing may not occur until 2025

Bitcoin Surges After Interest Rate Cut; Ethereum Divides Pectra into Two Phases; IBIT Reports Slower Inflows in September
September 19 2024 - 4:13PM
IH Market News

Bitcoin surpasses $63,500 on Thursday
The price of Bitcoin (COIN:BTCUSD) is up 3.3% to $63,705 at the time of writing, following the rise in stocks and gold, driven by the 0.5% interest rate cut by the Fed. The financial market is optimistic, with the S&P 500 reaching new highs on Thursday. Data shows that institutions have slowed aggressive Bitcoin sales, reflecting greater interest in risk assets. Initial U.S. jobless claims fell to 219,000, better than forecasts, while the Philadelphia Fed Manufacturing Index rose to 1.7 in September, beating the consensus estimate of -1. These figures indicate economic strength, boosting investor optimism.

Ethereum developers split Pectra hard fork into two phases to reduce risks
Ethereum (COIN:ETHUSD) developers have decided to split the upcoming Pectra hard fork into two phases to facilitate implementation and reduce the risk of errors. The first phase, scheduled for early 2025, will include eight EIPs, such as EIP-7702, focusing on wallet improvements. The second phase will include proposals related to the Ethereum Virtual Machine and improvements to Layer 2 blockchains, with possible adjustments over time.

BlackRock’s iShares Bitcoin Trust faces slow inflows in September
Despite a nearly 5% rise in Bitcoin (COIN:BTCUSD) prices during the month, BlackRock’s iShares Bitcoin Trust (NASDAQ:IBIT) raised only $6.76 million, with mixed performance in inflows and outflows. Although it recorded an inflow of $15.82 million on September 16, this amount was overshadowed by a previous outflow of $9.06 million. The Bitcoin ETF sector as a whole faced outflows of $155 million in September, reflecting market hesitation amid volatility.

On September 18, U.S. spot Bitcoin ETFs recorded collective outflows of $52.7 million, contrasting with inflows of $187 million on Tuesday.

Growth of decentralized prediction markets
Decentralized prediction markets, such as Polymarket and Azuro, are growing, allowing bets on future events via cryptocurrencies. Blockchain technology increases transparency, with users trading among themselves, eliminating centralized houses. Polymarket, focused on political events, and Azuro, focused on sports betting, lead the sector with combined volumes exceeding $1.6 billion. Adoption challenges include liquidity and regulation, but the future of these markets is promising, according to Castle Capital.

Cautious recovery of sports sponsorships in the crypto sector in 2024
Crypto company sports sponsorships are beginning to recover in 2024, with 26 new deals, following the 2021 boom and the 2022 decline. During the peak, companies like Crypto.com and FTX heavily invested in sponsorships, including Crypto.com’s $700 million deal for the Staples Center. The 2022 crisis, aggravated by FTX’s collapse, reduced the number of sponsorships. In 2024, companies like BlockDAG and Bitget are returning to the sports space, signaling a slow recovery, with deals such as BlockDAG’s $10 million sponsorship of Borussia Dortmund, though the numbers still fall short of 2021.

Puma partners with Web3 game UNKJD Soccer to expand into the metaverse
Puma has partnered with the Web3 game UNKJD Soccer, integrating licensed content to create new experiences for players. According to Tal Friedman, CEO of UNKJD, this collaboration brings credibility to the Web3 space, signaling broader acceptance of the technology. The partnership will introduce Puma characters with new abilities, following the launch of Puma’s 3D metaverse experience, Black Station. Ivan Dashkov of Puma highlighted that integration with digital games is an ongoing priority for the brand, which seeks to solidify its presence in this environment.

SEC requests extension for case against Coinbase until February 2025
The SEC has asked the court for an extension until February 2025 to deliver documents to Coinbase (NASDAQ:COIN) as part of a discovery process. The commission is reviewing more than 133,000 documents related to cryptocurrency tokens. The extension was necessary after Coinbase won a motion to compel the production of these documents. If granted, the jury hearing may not occur until 2025.

Hut 8 launches new miner with advanced cooling technology in partnership with Bitmain
Hut 8 (NASDAQ:HUT) and Bitmain announced the launch of the Antminer U3S21EXPH, an ASIC miner with direct liquid-to-chip cooling. Hut 8 plans to implement the model in 2025, expanding its hash rate to up to 33.5 EH/s. The optimized design allows a density of up to 180 kW per rack. The partnership involves a flexible hosting agreement, allowing Hut 8 to purchase the machines after six months, adjusting as market conditions evolve.

DZ Bank and Boerse Stuttgart Digital team up to offer cryptocurrency services
DZ Bank, Germany’s second-largest financial institution, has partnered with Boerse Stuttgart Digital to offer cryptocurrency trading and custody services across its network of cooperative banks. Approximately 700 banks will be able to offer digital assets like Bitcoin and Ethereum to retail customers. The implementation will occur in phases, starting with a selected group of clients this year, followed by an evaluation for a full rollout. Boerse Stuttgart Digital will provide the necessary regulatory and technical infrastructure, while other German banks, such as Landesbank Baden-Württemberg, are also preparing to launch similar services.

Silvergate Capital files for bankruptcy after 18 months of liquidation
Silvergate Capital Corporation, parent company of Silvergate Bank, filed for bankruptcy under Chapter 11 on September 18, after 18 months of liquidation that began in March 2023. The company reported assets between $100 million and $500 million and liabilities between $10 million and $50 million. Although it has refunded all deposits, it faced regulatory challenges and significant withdrawals following the collapse of several cryptocurrency companies, adding to other bank failures in the U.S.

Solana Mobile unveils Seeker Web3 smartphone with 140,000 pre-orders
Solana Mobile announced the Seeker, its second-generation Web3 smartphone, set to launch in 2025, at Token2049. The device has already secured over 140,000 pre-orders in 57 countries. Anatoly Yakovenko, co-founder of Solana (COIN:SOLUSD), emphasized the need for more integrated hardware and software for Web3. The Seeker will feature the Seed Vault Wallet for simplified transactions, as well as a dApp Store 2.0. Hardware improvements include a lighter design and better battery life, with a starting price of $450 for pre-sale until September 21.

Sui Network may rival Solana as a leading layer 1 network
Sui Network (COIN:SUIUSD) is emerging as a significant competitor to Solana in the layer 1 network category, according to K33 Research. Since August, the SUI token has surged 115%, while SOL has only grown 6%. With a theoretical capacity of 297,000 transactions per second (TPS), Sui offers great efficiency, though its actual performance is still limited. The launch of the SuiPlay0x1 console and the adoption of the USD Coin stablecoin signal a promising future, but Sui’s low token circulation raises concerns about future sales that could impact prices.

RedStone integrates price oracles on the TON blockchain
RedStone, a blockchain oracle provider, announced the integration of its price feeds on The Open Network (COIN:TONCOINUSD) blockchain. This innovation will allow developers to access real-time asset prices, essential for complex financial protocols. On July 3, RedStone completed a Series A funding round, raising $15 million. Marcin Kazmierczak, RedStone’s COO, highlighted that this is the first oracle integration on TON, facing unique technical challenges due to the blockchain’s design. The integration could boost the expansion of decentralized finance (DeFi) and the GameFi ecosystem on the network, significantly enhancing its capabilities.

Charles Hoskinson to meet with Argentine president to discuss blockchain
Charles Hoskinson, founder of Cardano (COIN:ADAUSD), will meet with Argentine President Javier Milei on October 19 during the Tech Forum Argentina. The meeting will discuss blockchain’s potential to transform Argentina’s economy, politics, and society, including the possibility of a central bank digital currency (CBDC). Hoskinson praised Milei, highlighting his beliefs in free markets and private institutions. Cardano has strong ties to Argentina, with several partnerships to promote blockchain adoption in the country.

Donald Trump conducts Bitcoin transaction at themed bar in New York
Donald Trump visited PubKey, a Bitcoin bar in New York, where he conducted a Bitcoin transaction, considered the first made by a U.S. president. During the visit, Trump used the Strike app, and the transaction was confirmed after a staff member helped scan the QR Code. He praised the ease of Bitcoin transactions, reinforcing the voting intentions of cryptocurrency enthusiasts.

Two suspects arrested after $243 million theft from Genesis lender
Two people were arrested after the theft of $243 million from a Genesis lender in a social engineering scam. The victim was tricked into resetting two-factor authentication, transferring funds to a compromised wallet. The funds were tracked by ZachXBT, leading to the suspects’ arrest and the recovery of $9 million. The FBI raided a home in Miami, and one of the criminals was arrested in Los Angeles.

https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94581500/bitcoin-surges-after-interest-rate-cut-ethereum-d

Apple brings California driver’s licenses and state IDs to Apple Wallet
Friday, September 20, 2024 10:14 am
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This week, Apple announced California driver’s licenses and state IDs can now be added to Apple Wallet, enabling residents to seamlessly and securely add and present their IDs using iPhone or Apple Watch. The launch of California driver’s licenses and state IDs in Apple Wallet will roll out as part of the California DMV’s broader mobile driver’s license (mDL) pilot program, which launched last year and is limited to 1.5 million participants.

“Enabling California residents to seamlessly add and present their IDs with their iPhone or Apple Watch represents a significant step in replacing the physical wallet with a more secure and private digital wallet,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, in a statement. “The launch also represents an important milestone in the rollout of IDs in Apple Wallet. Not only is California one of the largest states in the U.S., but it’s also our own backyard, and we’re excited to bring an easy and transparent way to present IDs in our home state.”

The addition of IDs in Wallet in California follows the recent launch in Hawaii and Ohio, which join Arizona, Colorado, Georgia, and Maryland. Additionally, Montana, New Mexico, and West Virginia have signed on to adopt IDs in Wallet. Japan has also signed on to bring My Number Card to Wallet, which will mark the first international expansion of IDs in Wallet.

Adding an ID in Apple Wallet

Adding a license or state ID to Apple Wallet can be done in a few easy steps. Residents can tap the Add (+) button at the top of the screen in Wallet on their iPhone, select “Driver’s License or State ID,” and follow the onscreen instructions to start the setup and verification process.

The customer will be asked to use their iPhone to scan their physical driver’s license or state ID card and take a selfie, which will be securely provided to the issuing state for verification. As an additional security step, users will also be prompted to complete a series of facial and head movements during the setup process. Once verified by the issuing state, the customer’s ID or driver’s license will be added to Wallet.

Using an ID in Apple Wallet

Users can securely present their IDs in Apple Wallet in person and in apps to show proof of age or identity.

To present an ID in person, users can go to Apple Wallet and select their ID in Apple Wallet. From there, they can hold their iPhone or Apple Watch near an identity reader, review the specific information being requested, and use Face ID or Touch ID to authenticate. Today, users can present their ID in Apple Wallet at select TSA checkpoints, businesses, and venues, in addition to Apple Store locations across the U.S. for order pickup, Genius Bar appointments, and more. Users can also present their IDs in Apple Wallet to businesses using apps such as Tap2iD Mobile, VeriScan, and Mobile ID Verify, for in-person age verification. These apps leverage Apple’s ID Verifier API to securely and privately accept mobile driver’s licenses and ID cards — right on iPhone, no additional hardware needed.

Soon, users will also be able to present their ID in Apple Wallet in person for select services like CLEAR for member enrollment.

To present an ID in Apple Wallet in apps, users can select the “Verify with Apple Wallet” or “Continue with Apple Wallet” button. From there, they can review the specific information being requested, and authenticate with Face ID or Touch ID before information is shared. Today, users can present their ID in Apple Wallet in select apps, including Turo, with additional partners such as CLEAR, MyChart, and Uber Eats coming soon.

Presenting an ID in a Secure, Private Way

IDs in Apple Wallet use the privacy and security features that are built into Apple devices to help protect a user’s identity and personal information. When adding an ID to Apple Wallet, the state-issuing authority receives only the information it needs to approve or deny the request.

Once an ID is added to Apple Wallet, the information is encrypted on a user’s device, so others — including Apple — cannot access it unless a user chooses to present it. Apple and the state-issuing authority do not know when or to whom a user presents their driver’s license or state ID. A user’s presentment history is encrypted and stored only on their device, and Apple cannot see or access this information.

When presenting an ID in Apple Wallet, only the information needed for the transaction is presented, and the user has the opportunity to review and authorize the information being requested with Face ID or Touch ID before it is shared. Users do not need to unlock, show, or hand over their device to present their ID.

MacDailyNews Note: For more information on IDs in Wallet, visit learn.wallet.apple/id.

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https://macdailynews.com/2024/09/20/apple-brings-california-drivers-licenses-and-state-ids-to-apple-wallet/

Apple (NASDAQ:AAPL) – Apple launched the iPhone 16 in nearly 60 countries, but the new model will not come with its AI software, Apple Intelligence, pre-installed. Users will need to download the features over time. T-Mobile CEO Mike Sievert said iPhone 16 sales surpassed those of the iPhone 15, with consumers opting for Pro and Max models more frequently. Meanwhile, analysts remain optimistic about the company’s holiday season performance. In Russia, retailers like M.Video-Eldorado and MTS launched pre-sales of the iPhone 16 despite Apple’s export ban to the country. Russian consumers will pay hundreds of dollars more than Americans due to parallel imports from non-sanctioned countries like China and Turkey. Shares fell 0.4% in pre-market trading, after closing up 3.7% on Thursday.

Nike Shares Surge 7% Pre-Market as Elliott Hill Becomes CEO; FedEx Shares Tumble 13% After Profit Miss
September 20 2024 - 6:02AM
IH Market News

Nike (NYSE:NKE) – Elliott Hill, who started as an intern at Nike in 1988, will become the next CEO on October 14, replacing John Donahoe. Hill, with a 32-year career at Nike, is known for his work ethic and dedication. This change comes at a critical time, with the company facing declining sales and increasing competition. Shares rose 6.8% in pre-market trading, after closing up 0.1% on Thursday.

FedEx (NYSE:FDX) – FedEx reported a sharp drop in quarterly profit and lowered its forecasts as customers opt for cheaper shipping options. CEO Raj Subramaniam cited weaker industrial demand and insufficient cost cuts. The company expects low growth next fiscal year and is ending a key contract with USPS. FedEx reported adjusted earnings per share of $3.60 in the fiscal first quarter, below estimates of $4.75. Revenue was $21.6 billion, also missing the $21.9 billion forecast. FedEx lowered its earnings outlook for fiscal 2025, expecting between $20 and $21 per share. Shares dropped 13.4% in pre-market trading, after closing up 0.7% on Thursday.

Lennar Corp (NYSE:LEN) – Lennar reported third-quarter earnings above expectations, driven by low housing supply and a decline in fixed mortgage rates to about 6.1%. Despite lower gross margins due to high costs, the company expects demand to rise with further interest rate cuts. Lennar reported earnings of $4.26 per share, beating LSEG estimates of $3.63. Revenue was boosted by the delivery of 21,516 homes, up from 18,559 the previous year. The company expects to deliver between 22,500 and 23,000 homes in the fourth quarter. Shares fell 2.5% in pre-market trading, after closing up 2.1% on Thursday.

Macy’s (NYSE:M), United Parcel Service (NYSE:UPS) – Macy’s announced it will hire over 31,500 employees for the holiday season, down from 38,000 last year, reflecting a weaker labor market and cautious consumers. In contrast, UPS plans to increase its seasonal hires to 125,000 workers. Macy’s shares are stable in pre-market trading, while UPS shares fell 2.4%.

Amazon.com (NASDAQ:AMZN) – Amazon launched an AI application called Amelia to help independent sellers manage sales metrics, inventory, and advertising. The software provides quick responses to questions and can autonomously solve issues. Initially available to a limited group, Amelia aims to automate customer service and improve seller experiences. Shares fell 0.3% in pre-market trading, after closing up 1.9% on Thursday.

Mastercard (NYSE:MA) – According to Mastercard, U.S. retail sales are expected to grow 3.2% this holiday season, with companies offering promotions to attract shoppers during a shorter shopping period. Online sales are expected to rise 7.1%. Falling inflation and a strong job market are supporting this recovery. Mastercard shares fell 0.2% in pre-market trading, after closing down 0.4% on Thursday.

AMC Entertainment (NYSE:AMC), Cinemark Holdings (NYSE:CNK) – Major cinema chains like AMC, Regal, and Cinemark announced a $2.2 billion investment over the next three years to modernize theaters in North America. Improvements include comfortable seating, immersive sound, laser projection technology, and facility upgrades. AMC shares rose 0.4% in pre-market trading, while Cinemark shares remain stable.

Walt Disney (NYSE:DIS) – Walt Disney Animation Studios has appointed Jared Bush as Chief Creative Officer. Bush, who has worked at Disney for over a decade, is known for his role in acclaimed films such as “Encanto,” “Zootopia,” and “Moana.” He takes over from Jennifer Lee, who served as CCO since 2018 and co-wrote “Frozen.” Lee will now focus on directing and co-writing “Frozen 3” and “Frozen 4.” Bush is currently involved in producing “Zootopia 2” and “Moana 2,” scheduled for release in 2025 and 2024, respectively. He will oversee the creative production of the studio’s films, series, and associated projects.

Salesforce (NYSE:CRM) – Salesforce CEO Marc Benioff said the company’s new AI software provides a complete solution for enterprise customers, emphasizing that users do not need to develop their own AI. Salesforce is focusing on AI “agents” that automate tasks without human supervision, aiming to deploy one billion agents within a year. In other news, Walt Disney announced it plans to discontinue using Salesforce’s Slack as a collaboration tool after a data breach by the hacker group NullBulge exposed over a terabyte of data. Disney CFO Hugh Johnston stated that most of the company’s businesses would leave the service by the end of the year, migrating to simplified corporate tools. Salesforce shares closed up 5.4% on Thursday.

Hershey (NYSE:HSY) – Hershey laid off a small number of employees this week, less than 1% of its 20,000 staff, as part of organizational changes aimed at generating $300 million in savings. These layoffs come amid rising cocoa prices and declining sales, according to Reuters.

Coca-Cola (NYSE:KO) – Coca-Cola announced a $1 billion investment in its Nigerian operations over the next five years, as discussed during a meeting with President Bola Tinubu. Since 2013, the company has invested $1.5 billion in the country. Shares rose 0.3% in pre-market trading, after closing down 1.6% on Thursday.

Starbucks (NASDAQ:SBUX) – New Starbucks CEO Brian Niccol believes employees should be in the office when necessary but will not impose specific days for attendance. Starbucks currently maintains a three-day office policy. Niccol emphasized the value of collaboration and plans to spend more time in the office, although his own remote work arrangement has sparked reactions. Shares fell 0.2% in pre-market trading, after closing up 0.8% on Thursday.

Elanco Animal Health (NYSE:ELAN) – The FDA approved Zenrelia, a new Elanco drug for treating skin diseases in dogs. The once-daily immunosuppressant controls itching and atopic dermatitis. Elanco plans to launch it soon at a price 20% lower than Apoquel, a competing treatment.

Airbnb (NASDAQ:ABNB) – Airbnb has identified a significant opportunity to expand its long-term rental business, focusing on stays of 28 days or more, as short-term rentals face tighter regulations in tourist destinations like Athens and Barcelona. CEO Brian Chesky noted that these rentals now account for 17% to 18% of the company’s bookings.

Apple (NASDAQ:AAPL) – Apple launched the iPhone 16 in nearly 60 countries, but the new model will not come with its AI software, Apple Intelligence, pre-installed. Users will need to download the features over time. T-Mobile CEO Mike Sievert said iPhone 16 sales surpassed those of the iPhone 15, with consumers opting for Pro and Max models more frequently. Meanwhile, analysts remain optimistic about the company’s holiday season performance. In Russia, retailers like M.Video-Eldorado and MTS launched pre-sales of the iPhone 16 despite Apple’s export ban to the country. Russian consumers will pay hundreds of dollars more than Americans due to parallel imports from non-sanctioned countries like China and Turkey. Shares fell 0.4% in pre-market trading, after closing up 3.7% on Thursday.

Nvidia (NASDAQ:NVDA) – Nvidia has partnered with Abu Dhabi’s G42 to create a climate technology lab focused on AI for weather forecasting. Using the Earth-2 platform, the companies will develop environmental solutions by leveraging vast geophysical data. Shares fell 0.6% in pre-market trading, after closing up 4.0% on Thursday.

OpenAI – OpenAI’s $6.5 billion fundraising round is nearing completion, with demand far exceeding the amount available. Investors such as Microsoft, Nvidia, and Apple are expected to participate, while Sequoia Capital, which backed a rival startup, will not be involved. OpenAI’s valuation could reach $150 billion.

Live Nation Entertainment (NYSE:LYV) – Live Nation has asked a federal judge in New York to dismiss allegations that the company, along with Ticketmaster, inflated ticket prices and stifled competition. The company argues that the accusations do not show direct harm to consumers and defends its practices in contracts with artists and venues.

Trump Media & Technology Group (NASDAQ:DJT) – Donald Trump has stated he will not sell his $1.7 billion stake in Trump Media after restrictions expire. However, other investors, such as United Atlantic Ventures and Patrick Orlando, may sell their shares soon. Trump Media shares fell 5.9% on Thursday, reflecting concerns over insider sales pressure. Shares dropped another 3.3% in pre-market trading on Friday.

Sunrun (NASDAQ:RUN) – Sunrun shares closed down 5.8% on Thursday after the company ended its sales partnership with Costco. Costco disagreed with Sunrun’s subscription model, which offers less upfront revenue. Despite a partnership lasting over a decade, its impact on sales was limited. Shares rose 0.3% in pre-market trading.

Shell (NYSE:SHEL) – The sale of Shell’s 37.5% stake in the Schwedt refinery in Germany to Prax Group is delayed due to legal proceedings, including Rosneft’s attempt to block the deal. The sale was expected to close in early 2024 but now depends on negotiations and court decisions. Shares fell 0.3% in pre-market trading, after closing up 1.5% on Thursday.

ConocoPhillips (NYSE:COP) – ConocoPhillips will supply natural gas to Uniper SE for 10 years, delivering up to 10 billion cubic meters to northwestern Europe. This deal strengthens energy supply security in the region, which seeks alternatives to Russian gas, highlighting the continued importance of natural gas in Europe.

Palantir Technologies (NYSE:PLTR) – Palantir Technologies secured a $100 million contract to expand access to its AI platform, Maven Smart System, across all branches of the U.S. military. The platform, which uses intelligence data and computer vision algorithms, aids in target identification and battlefield situation analysis. Shares fell 2.2% in pre-market trading, after closing up 1.2% on Thursday.

Rocket Lab USA (NASDAQ:RKLB) – Rocket Lab USA aborted a rocket launch in New Zealand on Thursday after the flight computer halted ignition during the countdown. The rocket, intended to launch five Kineis nanosatellites, remained intact, and the company promised updates on a new launch date. Shares fell 0.4% in pre-market trading, after closing up 0.7% on Thursday.

Plug Power (NASDAQ:PLUG) – Plug Power announced a new equipment leasing platform, aiming to generate $150 million in sales. Despite an initial share increase after the announcement, shares closed down 1.90% on Thursday. The company faces challenges with sales and is revising its revenue forecasts for the coming years while attempting to develop hydrogen technologies.

Tesla (NASDAQ:TSLA) – Tesla faced controversy at its German factory, with local residents concerned about water shortages and contamination. The factory, which was expected to boost the economy, has now become a contentious issue in local elections, potentially benefiting the far-right AfD party, which has criticized the facility. Shares fell 0.6% in pre-market trading, after closing up 7.4% on Thursday.

General Motors (NYSE:GM) – General Motors’ autonomous driving unit, Cruise, announced it will soon begin supervised tests with up to five autonomous vehicles in California’s Bay Area. Following an incident that suspended operations, the company resumed testing with human-driven vehicles. Shares fell 1.2% in pre-market trading, after closing down 0.1% on Thursday.

Union Pacific (NYSE:UNP) – Union Pacific projected revenue growth outpacing volumes over the next three years, with an annual compound growth rate for earnings per share between high single digits and low double digits. The company also plans to repurchase up to $5 billion in shares annually starting in 2025.

Delta Air Lines (NYSE:DAL) – Delta Air Lines announced the suspension of flights between New York-JFK and Tel Aviv until December 31, citing security concerns in the Middle East. The airline issued a travel waiver and warned customers about possible flight schedule changes and cancellations.

Caterpillar (NYSE:CAT) – Caterpillar is reviewing its diversity, equity, and inclusion (DEI) policies after activist Robby Starbuck warned of a possible social media attack. Shares closed up 5.1% on Thursday.

Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – BNSF Railway, controlled by Berkshire Hathaway, announced a five-year provisional agreement with the SMART union, providing an average wage increase of 3.5% per year, along with healthcare benefits and additional vacation days for railway workers. The contract still requires union ratification. Warren Buffett, through Berkshire Hathaway, sold $896 million worth of Bank of America shares this week. While Buffett has not publicly explained his decision, he still holds a significant position, which may soon fall below the regulatory threshold of 10%. Shares of BRK.B fell 0.1% in pre-market trading, while Bank of America shares dipped 0.4%.

JPMorgan Chase (NYSE:JPM) – JPMorgan announced leadership changes to strengthen its healthcare and technology investment banking sectors. Ben Carpenter and Jeremy Meilman will become co-heads of healthcare globally, while Chris Grose and Greg Mendelson will take on the same roles in the technology sector.

UBS Group AG (NYSE:UBS) – According to Matthew Mish from UBS, a victory for Kamala Harris would benefit basic industry and utilities bonds, while sectors like telecommunications and technology could face challenges. On the other hand, a Donald Trump victory would favor energy and defense debts. UBS anticipates private credit deterioration but does not expect it to spread to the broader market unless the economy slows significantly.

UnitedHealth (NYSE:UNH) – Change Healthcare, part of UnitedHealth, secured new long-term contracts with hospitals and clients who had temporarily left the company following a February cyberattack. The move reflects a trend of diversification among service providers, accelerated by the hack, which highlighted the risks of relying on a single supplier.

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Apple (NASDAQ:AAPL) – Starting in 2025, Apple will replace LCD screens with OLED in all iPhone models. OLED displays offer more vibrant colors and better contrast, pushing out suppliers like Sharp and Japan Display. BOE Technology and LG Display will begin supplying the new screens. The launch of Apple’s new iPhone boosted its stock on expectations of AI advancements. However, Apple’s stock has historically underperformed after product launches. With a high price-to-earnings ratio, any failure to meet expectations could hurt the company’s valuation. Apple shares were down 0.9% in pre-market trading after a 2.7% drop on Tuesday.

Nvidia Subpoenaed by DOJ, Athira Pharma Shares Plunge 71% After Study Fails, Zscaler Falls 15% Post-Earnings
September 04 2024 - 5:50AM
IH Market News

Nvidia (NASDAQ:NVDA) – Nvidia’s stock closed down 9.5% on Tuesday, leading to a $279 billion loss in market value due to fading optimism over AI following weak economic data. Historically, September has been tough for Nvidia, and this year is no exception. The stock has already dropped 20% from its all-time high. However, performance tends to improve in the following months, especially in November. Additionally, the U.S. Department of Justice has subpoenaed Nvidia as part of an antitrust investigation, raising concerns about practices that hinder supplier switching. Nvidia claims its customers choose its products based on merit. Pre-market trading showed a 1.7% decline.

Athira Pharma (NASDAQ:ATHA) – Athira Pharma’s stock dropped 71% in pre-market trading after closing down 8.41% on Tuesday, following the failure of its drug fosgonimeton to meet primary and secondary goals in an Alzheimer’s study. The company found no statistical significance compared to placebo after 26 weeks of treatment.

Intel (NASDAQ:INTC) – Intel may be removed from the Dow Jones index due to its nearly 60% stock price drop this year, making it the worst-performing stock in the index. The company faces financial challenges and increased competition, and its removal could further damage its reputation. Nvidia and Texas Instruments are potential replacements. Intel’s stock was up 0.4% in pre-market trading after an 8.8% drop on Tuesday.

Super Micro Computer (NASDAQ:SMCI) – Super Micro Computer rejected allegations from Hindenburg Research, which accused it of “accounting manipulation” and export control issues. The company called the report “false and inaccurate,” stating that the situation does not affect its production or financial results. Shares dropped 2.2% in pre-market trading after closing up 0.9% on Tuesday.

Apple (NASDAQ:AAPL) – Starting in 2025, Apple will replace LCD screens with OLED in all iPhone models. OLED displays offer more vibrant colors and better contrast, pushing out suppliers like Sharp and Japan Display. BOE Technology and LG Display will begin supplying the new screens. The launch of Apple’s new iPhone boosted its stock on expectations of AI advancements. However, Apple’s stock has historically underperformed after product launches. With a high price-to-earnings ratio, any failure to meet expectations could hurt the company’s valuation. Apple shares were down 0.9% in pre-market trading after a 2.7% drop on Tuesday.

Hewlett Packard Enterprise (NYSE:HPE) – The U.S. Department of Commerce proposed granting $50 million to Hewlett Packard Enterprise to modernize and expand its Oregon facility, focusing on semiconductor and microfluidics technology. This investment aims to support the development of equipment for biological sciences and AI, benefiting institutions like Harvard and the CDC.

Meta Platforms (NASDAQ:META) – Elon Musk’s X was banned in Brazil for failing to comply with legal orders regarding misinformation and legal representatives. This ban benefited rivals like Instagram and Threads from Meta Platforms, which saw increased activity. Meta, which previously faced a ban with WhatsApp, could face similar challenges in the future. Meta shares dropped 0.5% in pre-market trading after a 1.8% decline on Tuesday.

Snap Inc (NYSE:SNAP) – Snap CEO Evan Spiegel announced a new strategy to improve the company’s ad performance, focusing on augmented reality and automation. In response to slow growth compared to competitors, Snap plans to expand its AR glasses technology and new generative AI tools. Snap shares were down 0.1% in pre-market trading after a 5.1% decline on Tuesday.

Salesforce (NYSE:CRM) – Salesforce announced its acquisition of Tenyx, an AI startup specializing in voice agents. The financial terms of the deal were not disclosed. Tenyx, serving various sectors, will have its team, including co-founders, integrated into Salesforce. The acquisition aims to strengthen Salesforce’s AI-driven solutions.

Airbnb (NASDAQ:ABNB) – Airbnb has requested New York to review Local Law LL18, which requires hosts to be permanent residents and register before listing properties. The company argues that the law has not impacted the housing crisis and has increased travel prices, leading to an 83% drop in short-term rental listings.

AT&T (NYSE:T), Nokia (NYSE:NOK) – The CWA union withdrew from mediation with AT&T, claiming the company was merely delaying the process. Over 17,000 workers have been on strike since last month. AT&T said mediation stalled due to a lack of willingness for agreements and that it is prepared to keep services running. Additionally, AT&T and Nokia have agreed to build a new fiber network in the U.S. This contract follows AT&T’s choice of Ericsson for its wireless network and aims to expand broadband access. The financial terms of the deal were not disclosed, but it is seen as a significant step for Nokia. AT&T shares were down 0.2% in pre-market trading after a 2.7% increase on Tuesday.

Verizon (NYSE:VZ) – Verizon may increase its dividends later this week, potentially boosting its stock. Morgan Stanley analyst Simon Flannery expects a nearly 2% increase, raising the quarterly dividend from 66.5 cents to about 71 cents. Verizon shares dropped 0.3% in pre-market trading after a 2.8% increase on Tuesday.

Sony Group (NYSE:SONY) – Sony is canceling the online game “Concord,” launched just two weeks ago, after failing to attract players. The title, developed for PS5 and PC, will be shut down on September 6, with refunds offered. The game faced heavy criticism and competition, leading to its early closure.

Unity Software (NYSE:U) – Unity’s stock closed up 2.02% on Tuesday following a positive update from Morgan Stanley. Analyst Matthew Cost upgraded the stock from “Equal Weight” to “Overweight,” maintaining a price target of $22, highlighting that the stock is near historical lows and presents an investment opportunity. Unity’s stock was down 0.4% in pre-market trading.

US Steel (NYSE:X) – Nippon Steel stated that if it acquires US Steel, most of the American company’s directors and top management will be U.S. citizens. This comes in response to concerns raised by politicians like Kamala Harris about U.S. control over US Steel. Nippon Steel also announced plans to invest $1.3 billion and has hired Mike Pompeo as an advisor. US Steel shares fell 0.1% in pre-market trading after a 6.1% drop on Tuesday.

Halliburton (NYSE:HAL) – Halliburton downplayed the financial impact of a recent cyberattack, claiming it will not materially affect its finances or operations. The company activated its security response plan, shut down some systems, and notified authorities but continues to provide services normally. Halliburton shares dropped 1% in pre-market trading after a 4.0% decline on Tuesday.

Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – Berkshire Hathaway sold more Bank of America shares, totaling over $6 billion, following a significant increase in the bank’s stock value. The sale, which occurred between August 28 and 30, is seen as a profit-taking strategy. Berkshire’s stake in Bank of America is now below 10%. Berkshire shares were down 0.3% in pre-market trading after a 0.2% increase on Tuesday. Bank of America shares dropped 0.5% in pre-market trading.

Goldman Sachs (NYSE:GS) – Goldman Sachs temporarily suspended its zinc market coverage due to “limited capacity” after its metals strategist Nicholas Snowdon left for Mercuria. Snowdon’s departure follows that of Jeff Currie, who joined Carlyle, and Xiao Qin, who will retire. Additionally, Goldman Sachs economists evaluated that a Donald Trump victory could slow U.S. GDP growth due to higher tariffs and immigration restrictions, while a Kamala Harris win could slightly boost GDP through new spending and tax credits, despite a negative impact from increased corporate taxes.

JPMorgan Chase & Co (NYSE:JPM) – JPMorgan is forming a private banking team in Dubai to attract millionaires moving to the region. The bank has relocated two bankers from Geneva and London to begin the team, which will serve high-net-worth individuals, family offices, and foundations. The Middle East is becoming a hotspot for millionaires due to its tax-free environment and luxurious lifestyle. JPMorgan shares dropped 0.4% in pre-market trading after a 2% decline on Tuesday.

Charles Schwab (NYSE:SCHW) – Three investors have sued Charles Schwab for alleged fiduciary duty violations, accusing the company of designing its cash sweep program to benefit Schwab at clients’ expense. The lawsuit seeks class-action status and monetary compensation, alleging Schwab did not disclose financial agreements related to TD Bank. Schwab denies the accusations and defends its cash sweep program as safe and transparent. Schwab shares dropped 0.2% in pre-market trading after a 0.5% decline on Tuesday.

Raymond James Financial (NYSE:RJF) – Raymond James agreed to pay over $1.9 million to settle charges of failing to maintain records of client complaints and mutual fund transactions. Finra alleged that the company did not comply with Rule 4530, which requires the reporting of complaints within 30 days.

Robinhood Markets (NASDAQ:HOOD) – Robinhood launched a stock lending program in the U.K., allowing investors to earn passive income by “renting” their shares to other parties. Investors receive a monthly fee and retain ownership of the shares. This move is part of Robinhood’s effort to expand its international presence. Robinhood shares dropped 1.6% in pre-market trading after a 3.7% decline on Tuesday.

KKR & Co. (NYSE:KKR) – KKR has expedited its public offer to acquire Fuji Soft to September 5, aiming to get ahead of a rival bid from Bain Capital. KKR is looking to finalize the purchase before Bain submits a binding proposal in October, driving up Fuji Soft’s stock value.

Moody’s (NYSE:MCO), S&P Global (NYSE:SPGI) – Moody’s, S&P, and Fitch will pay $48 million in fines for failing to maintain electronic communications, related to the WhatsApp investigations. The SEC reported that Moody’s and S&P will each pay $20 million, while Fitch will pay $8 million. The companies have agreed to hire compliance consultants to correct their practices.

Boeing (NYSE:BA) – Boeing may delay its $10 billion free cash flow target to 2027-28 and will need to raise $30 billion before developing new aircraft, according to Wells Fargo. The company’s current debt stands at $45 billion. Wells Fargo downgraded Boeing to “underweight” and lowered its price target to $119, a 32% drop from the last closing price. Boeing shares fell 0.5% in pre-market trading after a 7.3% decline on Tuesday.

Southwest Airlines Co. (NYSE:LUV) – Southwest Airlines shares closed up 2.3% on Tuesday after activist investor Elliott Investment Management revealed a 10% stake in the company. Elliott seeks to call a special meeting to discuss replacing the CEO and board members. Southwest will meet with Elliott to present details of its transformation plan on September 26. Southwest shares dropped 0.9% in pre-market trading.

Stellantis (NYSE:STLA) – Stellantis named Bob Broderdorf as the new head of Jeep North America. Previously the VP of operations for Ram and Dodge, Broderdorf will oversee Jeep’s strategy, sales, and marketing in North America. He replaces Bill Peffer, who will manage the dealer network in the region. Stellantis shares were up 0.8% in pre-market trading after a 5.2% drop on Tuesday.

Tesla (NASDAQ:TSLA) – Tesla plans to launch a six-seat version of the Model Y in China starting in 2025, initially boosting its stock on Tuesday before it closed down 1.6%. Weak manufacturing data hit the broader market, and Tesla shares were further affected by a general sales slowdown and concerns over growth. Tesla stock was down 1.1% in pre-market trading.

iRhythm (NASDAQ:IRTC) – Expected benefits from smartwatches and monitoring sensors, like iRhythm’s Zio, were not proven in a recent study. Although more atrial fibrillation cases were detected, the study did not show a reduction in stroke-related hospitalizations. The low event rate and small number of participants limited conclusions.

BioAge Labs – BioAge Labs, focused on obesity therapy and partnerships with Eli Lilly and Novo Nordisk, filed for an IPO in the U.S. to capitalize on the sector’s enthusiasm. The startup, with no revenue and a $26.6 million loss for the half-year, recently raised $170 million and will list its stock on Nasdaq under the symbol “BIOA.”

Illumina (NASDAQ:ILMN), Grail (NASDAQ:GRAL) – Illumina won its legal dispute against the European Commission, which had tried to block its $7.1 billion acquisition of Grail. The EU Court of Justice ruled that the Commission lacked authority to review the merger under Article 22. Illumina will not have to pay the $478 million fine.

Constellation Brands (NYSE:STZ) – Constellation Brands will reduce the value of its wine and spirits division, booking a charge of up to $2.5 billion due to weak U.S. demand. The company also adjusted its net sales growth forecast to 4%-6%, down from 6%-7%, and revised its earnings per share estimates for fiscal 2025.

Molson Coors Beverage (NYSE:TAP) – Molson Coors is scaling back its corporate diversity efforts following criticism from conservative activists. The company will remove the link between executive compensation and diversity goals, discontinue supplier diversity goals, and drop its Human Rights Campaign ratings. The move follows an online attack by conservative activist Robby Starbuck.

Earnings
Zscaler (NASDAQ:ZS) – The cloud security company reported earnings per share of 88 cents, up 37% year-over-year, and revenue of $592.9 million, beating estimates of $567.5 million. Fourth-quarter billings grew 27% to $910.8 million. However, the fiscal 2025 forecast disappointed: EPS of $2.84 (below the $3.33 expected) and revenue of $2.61 billion (slightly below the $2.62 billion forecast). For the current quarter, revenue is projected at $605 million, just above the $603 million expected. Zscaler shares dropped 15.3% in pre-market trading after a 3.4% decline on Tuesday.

GitLab (NASDAQ:GTLB) – GitLab reported second-quarter earnings per share of $0.15, beating the $0.10 estimate. Revenue reached $182.6 million, above the $177.1 million expected. For fiscal 2025, the company projects revenue between $742 million and $744 million, and adjusted EPS of $0.45 to $0.47, exceeding forecasts of $737.8 million and $0.36, respectively. GitLab shares were up 15.5% in pre-market trading after a 5.7% drop on Tuesday.

Asana (NYSE:ASAN) – The project management software company reported an adjusted second-quarter loss of five cents per share, better than the eight cents expected, with revenue of $179.2 million, above the $177.67 million forecast. For the third quarter, revenue is projected between $180 million and $181 million, with a loss of seven cents per share, below estimates of $182.29 million in revenue and a three-cent loss. For the fiscal year, a loss of 19 to 20 cents per share is expected on revenue of $719 million to $721 million, slightly below analyst forecasts. Asana shares fell 15.1% in pre-market trading after a 5.5% decline on Tuesday.

PagerDuty (NYSE:PD) – PagerDuty reported revenue of $115.9 million, beating the $112 million estimate, and a net loss of $13 million (14 cents per share), better than last year’s loss of $24 million (26 cents per share). For the year, PagerDuty raised its earnings per share forecast to $0.67 to $0.72 and annual revenue to $463 million to $467 million. PagerDuty shares dropped 13.2% in pre-market trading after a 7.5% decline on Tuesday.

OneStream (NASDAQ:OS) – OneStream’s second-quarter total revenue grew 36% year-over-year to $117.5 million. The company’s GAAP operating loss was reduced to $11.6 million, and its GAAP operating margin improved to -10%. For the third quarter of 2024, OneStream projects revenue between $123 million and $125 million, with non-GAAP earnings per share between -$0.01 and $0.01.

HealthEquity (NASDAQ:HQY) – HealthEquity reported earnings per share of $0.86 last quarter, beating the $0.70 estimate. Revenue reached $299.93 million, above the $284.24 million forecast. For the next quarter, earnings are projected at $0.73 per share, with revenue of $289.42 million and $3 in $1.17 billion in revenue for the current fiscal year.

Sportsman’s Warehouse (NASDAQ:SPWH) – The outdoor sporting goods retailer reported second-quarter net sales of $288.7 million, down from $309.5 million last year. The net loss was $5.9 million (16 cents per share), compared to $3.3 million (9 cents per share) a year ago. Same-store sales fell 9.8% year-over-year. The fiscal 2024 outlook is for sales of $1.13 billion to $1.17 billion and adjusted EBITDA of $20 million to $35 million.

Ascendis Pharma (NASDAQ:ASND) – The biotech company reported a 24% revenue decline in the second quarter, from EUR 36 million, below the expected EUR 83 million, with a net loss of $120.8 million (EUR 1.91 per share). For the quarter, Ascendis also secured a $150 million royalty financing deal with Royalty Pharma.

https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94488974/nvidia-subpoenaed-by-doj-athira-pharma-shares-plu

Coinbase to Participate in the Goldman Sachs Communacopia + Technology Conference
September 03 2024 - 4:05PM
Business Wire

Coinbase Global, Inc. announced today that Brian Armstrong, Co-Founder and Chief Executive Officer, and Alesia Haas, Chief Financial Officer, will participate in a fireside chat at the Goldman Sachs Communacopia + Technology Conference on Tuesday, September 10, 2024 at 1:10 pm ET / 10:10 am PT.

A live webcast and replay of the virtual session will be available on Coinbase’s Investor Relations website at https://investor.coinbase.com.

Disclosure Information

In addition to filings with the Securities and Exchange Commission, Coinbase uses its Investor Relations website (investor.coinbase.com), its blog (blog.coinbase.com), press releases, public conference calls and webcasts, its X feed (@coinbase), Brian Armstrong’s X feed (@brian_armstrong), its LinkedIn page, and its YouTube channel as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Coinbase

Crypto creates economic freedom by ensuring that people can participate fairly in the economy, and Coinbase (NASDAQ: COIN) is on a mission to increase economic freedom for more than 1 billion people. We’re updating the century-old financial system by providing a trusted platform that makes it easy for people and institutions to engage with crypto assets, including trading, staking, safekeeping, spending, and fast, free global transfers. We also provide critical infrastructure for onchain activity and support builders who share our vision that onchain is the new online. And together with the crypto community, we advocate for responsible rules to make the benefits of crypto available around the world.



View source version on businesswire.com: https://www.businesswire.com/news/home/20240903625939/en/

Press:
press@coinbase.com

Investor Relations:
investor@coinbase.com

https://ih.advfn.com/stock-market/NASDAQ/coinbase-global-COIN/stock-news/94484772/coinbase-to-participate-in-the-goldman-sachs-commu

Apple (NASDAQ:AAPL) – Apple will begin manufacturing the iPhone Pro and Pro Max in India this year, a significant milestone for the company and the local industry. The local production aims to reduce costs and risks associated with manufacturing in China. Local assembly could reduce Pro models’ prices by up to 10% in India and boost sales in the region.

Berkshire Reduces Stake in BofA, Hawaiian Airlines Soars 10%, Paramount Receives $4.3B Offer, and More
August 20 2024 - 5:56AM
IH Market News

Berkshire Hathaway (NYSE:BRK.B), Bank of America (NYSE:BAC) – Berkshire Hathaway sold a total of 14 million shares of Bank of America in recent days, reducing its stake to 12%. The sale, which raised about $550 million, was made last Thursday, Friday, and Monday, at an average price of $39.50 per share. Berkshire now owns 928 million shares of the bank. Bank of America shares fell 0.1% in pre-market trading.

Paramount Global (NASDAQ:PARA) – Edgar Bronfman Jr. made a bid of approximately $4.3 billion to acquire National Amusements, which controls Paramount. His proposal includes $2.4 billion in debt and equity and $1.5 billion for Paramount. This offer competes with Paramount’s agreement with Skydance, valuing Paramount at $4.75 billion. Paramount has 45 days to explore other offers, extendable until September 5. Bronfman believes his offer is superior as it does not involve acquiring Skydance and directly improves Paramount’s financial situation. Shares fell 0.2% in pre-market trading.

Morgan Stanley (NYSE:MS) – Jonathan Bloomer, chairman of Morgan Stanley International, is missing after the luxury yacht “Bayesian” sank off the coast of Sicily due to a storm, with 10 crew members and 12 passengers on board. The storm left six people missing, including Bloomer, and resulted in the confirmed death of the cook, Ricardo Thomas. Also missing are Chris Morvillo, a lawyer at Clifford Chance, and businessman Mike Lynch with his daughter.

Southwest Airlines (NYSE:LUV) – Southwest Airlines is preparing to face Elliott Investment Management, which is seeking drastic changes in the company’s leadership. CEO Bob Jordan has been rallying support from investors and employees, arguing that Elliott’s approach is predatory. Elliott wants to replace the current leadership, citing Southwest’s unsatisfactory performance.

Alaska Air Group (NYSE:ALK), Hawaiian Airlines (NASDAQ:HA) – Alaska Airlines overcame a regulatory hurdle for the $1.9 billion merger with Hawaiian Airlines after the DOJ review period expired. The deal now awaits review by the U.S. Department of Transportation. The merger will expand destinations for Hawaiian residents and maintain the value of HawaiianMiles. Alaska Air Group shares rose 0.1% in pre-market trading, while Hawaiian Airlines shares jumped 9.6%.

Boeing (NYSE:BA) – The Saudi Arabian Public Investment Fund is in talks to purchase Boeing 777 and Airbus 350 jets to establish a new cargo airline. The operation will serve Saudia and the new startup Riyadh Air, according to Bloomberg News. Additionally, the U.S. Federal Aviation Administration (FAA) ordered inspections of 787 Dreamliners following a March incident where a LATAM Airlines plane plunged due to uncommanded seat movement, disconnecting the autopilot. The directive affects 158 aircraft in the U.S. and 737 globally, requiring inspections and fixes within 30 days. Meanwhile, Boeing is halting 777X flight tests after an inspection revealed flaws in a structure connecting the engine to the aircraft, as reported by The Air Current on Monday. Shares fell 0.9% in pre-market trading.

General Motors (NYSE:GM) – General Motors announced on Monday that it is laying off more than 1,000 employees from its software and services units globally. The layoffs, which include around 600 positions at the tech campus near Detroit, follow an operational review after the departure of software and services VP Mike Abbott. GM states these layoffs are not for cost-cutting but to streamline operations and focus on strategic investments. Shares fell 0.2% in pre-market trading.

Stellantis (NYSE:STLA) – The United Auto Workers (UAW) union warned that Stellantis workers might go on a nationwide strike due to the automaker’s failure to fulfill 2023 production promises. Stellantis committed to investing in new factories and creating jobs in the U.S., but delays in Illinois investments have sparked the dispute. Shares rose 1.5% in pre-market trading.

Tesla (NASDAQ:TSLA) – Donald Trump claimed that if elected, he could eliminate the $7,500 tax credit for electric vehicles and consider appointing Elon Musk to an advisory or cabinet role. While a fan of electric cars, Trump expressed concerns about the EV market due to costs and range issues. He also plans to discourage exports from Mexico and impose tariffs to incentivize U.S. automotive production. Shares rose 0.5% in pre-market trading.

Harley-Davidson (NYSE:HOG) – Harley-Davidson ended diversity, equity, and inclusion (DEI) initiatives following pressure from an anti-DEI activist. The Milwaukee-based company eliminated minority supplier targets, social training, and participation in LGBTQ rankings, joining other firms re-evaluating diversity policies due to criticism.

Nutrien (NYSE:NTR), CH Robinson (NASDAQ:CHRW) – A potential labor dispute at major Canadian railways is unlikely to significantly impact U.S. oil exports due to extra pipeline capacity like Trans Mountain. Companies, including Nutrien and CH Robinson, are preparing for disruptions, but the impact on oil exports should be minimal, as rail crude imports from Canada to the U.S. have declined in recent years.

US Steel (NYSE:X) – Donald Trump pledged to repeal a pollution rule for power plants imposed by the Biden administration and block Nippon Steel’s purchase of US Steel. He also vowed to restrict foreign access to U.S. markets and ensure a 100% American supply chain if elected. Shares dropped 6% in Monday’s regular trading session.

Apple (NASDAQ:AAPL) – Apple will begin manufacturing the iPhone Pro and Pro Max in India this year, a significant milestone for the company and the local industry. The local production aims to reduce costs and risks associated with manufacturing in China. Local assembly could reduce Pro models’ prices by up to 10% in India and boost sales in the region.

Advanced Micro Devices (NASDAQ:AMD) – AMD announced on Monday plans to acquire server maker ZT Systems for $4.9 billion to strengthen its chip and AI hardware portfolio, challenging Nvidia. AMD will pay 75% in cash and the rest in stock. The acquisition will enable AMD to deploy its AI GPUs faster, especially for major cloud computing firms like Microsoft and Meta. AMD plans to sell the server manufacturing business after closing the deal, expected in the first half of 2025. AMD intends to retain about 1,000 of ZT Systems’ 2,500 employees, resulting in approximately $150 million in annualized operating expenses. Shares rose 0.2% in pre-market trading, following a 4.5% gain on Monday.

Nvidia (NASDAQ:NVDA) – Nvidia shares have posted a weekly gain of over 15%, driven by the longest winning streak in five months. Expectations of positive earnings and increased AI demand are exciting investors, despite potential delays in the company’s new chip lineup. Shares fell 0.6% in pre-market trading, following a 4.4% rise on Monday.

HP Inc. (NYSE:HPQ) – HP Inc. shares closed down 3.65% on Monday after Morgan Stanley downgraded the stock from “Overweight” to “Equal-Weight,” citing that many positive factors have already been priced in, and high inflation and interest rates are impacting HP’s revenue, limiting immediate growth.

Uber Technologies (NYSE:UBER) – In Kenya, a price war between Uber, Bolt, and local startups is leading drivers to increase their own fares due to low commissions and high costs. Uber, with low fares, prohibits higher price agreements, but drivers are defying this by negotiating directly with customers, claiming current prices do not cover high costs. The dispute is causing frustration among passengers and drivers. Shares fell 0.2% in pre-market trading, following a 3% gain on Monday.

Sonder Holdings (NASDAQ:SOND), Marriott (NASDAQ:MAR) – Sonder Holdings shares soared 130.53% on Monday after the company announced capital agreements and a partnership with Marriott. With $43 million in preferred shares and $83 million in liquidity, Sonder will integrate its properties into Marriott’s system, enabling reservations through the Marriott Bonvoy loyalty program. Sonder shares fell 13.9% in pre-market trading.

Walt Disney (NYSE:DIS) – Walt Disney decided to take to court a wrongful death lawsuit filed by the widower of a woman who died after an allergic reaction at a Disney Springs restaurant. Initially, Disney claimed the case should be resolved through arbitration as the plaintiff had signed up for Disney+ and used the company’s services. However, Disney now opted to waive arbitration to settle the case in court, seeking a sensitive resolution for the affected family. Additionally, Disney appointed veteran producer Almin Karamehmedovic as president of ABC News. Karamehmedovic started at ABC News as a freelance video editor in 1998 and was the executive producer of shows like “World News Tonight with David Muir” and “Nightline.” Shares rose 0.1% in pre-market trading, following a 1.7% gain on Monday.

Live Nation Entertainment (NYSE:LYV) – Attorneys general from about 26 U.S. states are seeking treble damages against Live Nation Entertainment and its subsidiary Ticketmaster, accusing them of monopolizing the live concert market and illegally inflating ticket prices. Ten additional states joined the original lawsuit, bringing the total to 39 states and the District of Columbia.

Kroger (NYSE:KR), Albertsons (NYSE:ACI) – Kroger sued the U.S. Federal Trade Commission (FTC), seeking to block the $25 billion merger with Albertsons from being reviewed in the FTC’s internal court, which Kroger deems unconstitutional. The company wants the case decided in federal court, arguing that the FTC’s internal process is illegal and could delay the merger for years.

GoPro (NASDAQ:GPRO) – GoPro announced it will cut 15% of its workforce, about 139 employees, as part of a restructuring plan to reduce operating expenses. The company expects to incur charges between $5 million and $7 million, with layoffs occurring by the end of 2024. Shares closed up 5.7% on Monday.

Amer Sports (NYSE:AS) – Since its February debut, Amer Sports shares have fallen to be the worst among IPOs over $1 billion in the U.S. since 2022. With a slowdown in China impacting sales, Wall Street expects Tuesday’s financial results to show improvement, with analysts optimistic about demand for its Arc’teryx brand. Shares rose 3.6% in pre-market trading, following a 7.8% gain on Monday.

Pilgrim’s Pride (NASDAQ:PPC) – The U.S. poultry processor agreed to pay $100 million to settle allegations of conspiring with competitors to reduce payments to chicken producers. This settlement, the largest in a seven-year antitrust case, still requires court approval. Pilgrim’s Pride denies wrongdoing.

JPMorgan Chase (NYSE:JPM) – According to JPMorgan, European companies that relist in New York tend to have better valuations, partly due to the large number of passive investments in the U.S. Companies like CRH, Ferguson, and Linde have reduced their discounts relative to American competitors by an average of 15% after the move, benefiting from a deeper market and a broader investor base.

Goldman Sachs (NYSE:GS) – Goldman Sachs hired Matt Beitzel, former head of bank coverage at Citigroup, for its financial institutions group. Beitzel, who will start in November after a sabbatical, will lead deals involving banks and financial services firms in the Americas. He has over 20 years of experience in the field.

Icahn Enterprises LP (NASDAQ:IEP) – Carl Icahn and his firm, Icahn Enterprises, agreed to pay a $2 million fine to resolve allegations that they failed for years to disclose that most of the firm’s bonds were pledged as collateral for personal margin loans. The SEC investigation was triggered by accusations from Hindenburg Research, which Icahn denies.

Deutsche Bank (NYSE:DB) – Gavin Black, a former Deutsche Bank trader, settled a $30 million lawsuit against the bank, claiming his career was ruined after being falsely implicated in the manipulation of the London Interbank Offered Rate (Libor). Black, whose conviction was overturned in 2022, accused the bank of scapegoating him to reduce its legal liabilities. Shares fell 0.1% in pre-market trading.

American Express (NYSE:AXP) – American Express is trying to expand its presence in Africa, where cash still dominates payments. The company is persuading hotels, restaurants, and tourist destinations to accept its cards. Recently, Amex partnered with local banks and processors, aiming to have 75% of merchants accept its cards.

Electra Battery Materials (NASDAQ:ELBM) – Canada’s Electra Battery Materials received $20 million from the U.S. to build a cobalt refinery in Ontario, the only one in North America dedicated to electric vehicle batteries. With a total cost of $250 million, the project in Temiskaming Shores aims to strengthen the EV supply chain and reduce dependence on Chinese production. The company, with a market value of about $28 million, had paused the project due to rising costs and falling cobalt prices, predominantly processed in China. Electra has already received C$ 5 million ($3.7 million) from the Canadian government and is seeking more financial support. Shares fell 15.2% in pre-market trading, following a 48.8% gain on Monday.

BHP Group (NYSE:BHP) – The recent six-day strike at the Escondida copper mine in Chile resulted in a favorable agreement for workers, who received a bonus larger than initially offered by BHP. This outcome could influence future negotiations, especially at other Chilean mines where unions are also pushing for better wages due to high copper prices. Shares rose 0.2% in pre-market trading.

Andersons (NASDAQ:ANDE) – Andersons appointed Bill Krueger as CEO to lead the company through a period of weak agricultural markets. Krueger, former COO and CEO of Lansing Trade Group, will succeed Pat Bowe, who will become chairman. The move aims to expand the company’s grain and commodities business, which faced a 30% revenue decline in the second quarter.

https://ih.advfn.com/stock-market/NASDAQ/apple-AAPL/stock-news/94412341/berkshire-reduces-stake-in-bofa-hawaiian-airlines

Coinbase Fireside Chat - Oppenheimer 27th Annual Technology, Internet & Communications Conference
August 13, 2024 10:15 AM PT
Webcast

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Apple Card again named best in customer satisfaction by J.D. Power
Thursday, August 15, 2024 1:01 pm
6 Comments

Apple Card has again been named the Best Co-Branded Credit Card for Customer Satisfaction with No Annual Fee in the J.D. Power 2024 U.S. Credit Card Satisfaction Study, marking the fourth consecutive year Apple Card and issuer Goldman Sachs have been awarded a No. 1 ranking in their segment in the U.S. Credit Card Satisfaction Study. The J.D. Power U.S. Credit Card Satisfaction Study measures overall customer satisfaction based on performance across various categories, including Account Management, Customer Service, and New Account Experience.

Introduced in 2019, Apple Card was built with users’ financial health in mind. Apple Card has absolutely no fees and is designed to offer users an easy and secure way to track purchases and manage spending from Wallet while receiving up to three percent Daily Cash on every purchase. With Apple Card Family, users can also share an Apple Card account with anyone added to their Family Sharing group. Users can also open a Savings account through Apple Card and choose to have their Daily Cash automatically deposited there, allowing users to get even more value from their Daily Cash. Savings comes with no fees, no minimum deposits, and no minimum balance requirements, and also allows users to transfer additional funds from a linked bank account to further grow their savings.

MacDailyNews Take: More information and terms about Apple Card are available at apple.com/apple-card.

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https://macdailynews.com/2024/08/15/apple-card-again-named-best-in-customer-satisfaction-by-j-d-power/#google_vignette

Apple’s $0.25 per share dividend is payable on August 15th
Thursday, August 15, 2024 9:10 am
1 Comment

Apple distributes its quarterly dividend of $0.25 per share to its common stock (AAPL) shareholders on August 15th.

While the company didn’t re-initiate dividend payments until relatively recently — August 16, 2012 — compared to some of its peers, it has rapidly established itself as a dividend-growth stock.

The dividend, while modest in comparison to Apple’s overall market capitalization (currently $3.371 trillion), represents a significant cash injection for individual investors and institutional shareholders alike. With a consistent history of dividend increases, Apple has established itself as a reliable income-generating stock.

For many investors, dividends are a crucial component of their investment strategy. They provide a steady stream of income, regardless of stock price fluctuations. Apple’s consistent dividend payments have increased its appeal as a core holding in diversified portfolios.

It’s important to note that while the dividend payment itself occurs on August 15th, investors must own Apple shares before the ex-dividend date: shareholders of record as of the close of business on August 12, 2024.

Apple’s dividend policy is just one facet of its broader financial strategy. The company has also been actively repurchasing its own shares, a move that can boost earnings per share and potentially increase the stock price. This combination of dividends and share repurchases has solidified Apple’s position as a cash-rich company that is effectively managing its capital allocation.

While the $0.25 per share dividend may seem small in the grand scheme of Apple’s financial performance, it represents a tangible benefit to shareholders and reinforces the company’s reputation as a stable, consistent, and profitable investment.

MacDailyNews Take: Happy Dividend Day, Apple shareholders!

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https://macdailynews.com/2024/08/15/apples-0-25-per-share-dividend-is-payable-on-august-15th/

Foxconn adds an extra 50,000 workers for iPhone 16 assembly
Friday, August 9, 2024 9:06 am
1 Comment

Major Apple assembler Foxconn has hired around 50,000 new workers in “iPhone City,” its Zhengzhou factory in China, local media including China Business News reported on Thursday. This annual recruitment drive comes as the massive assembly campus ramps up production of the iPhone 16 lineup, due within months.

Kim Eun-jin for BusinessKorea:

Late in July this year, Foxconn posted recruitment information on major job sites and social networking services (SNS) platforms, offering an increased hourly wage of up to 25 yuan [US$3.49]. Additionally, the Zhengzhou factory has offered bonuses of up to 7,500 yuan [US$1,046.11], a notable increase from the 6,000 yuan [US$836.89] bonus offered a month earlier.

The period from August to December is considered the peak season for iPhone shipments, and Apple has set an ambitious shipment target of 90 million units for the iPhone 16, a 10% increase from the previous year. Bloomberg reported that the shipment volume of the iPhone 15 in the second half of last year was around 81 million units.

Foxconn’s Zhengzhou factory is known as the world’s largest production base for iPhones, and the recent hiring spree underscores the company’s commitment to meeting Apple’s increased shipment targets.

MacDailyNews Take: It’s literally a city dedicated to assembling iPhones!

And, no, we never forget:

The iPhone is going to be nothing more than a temporary novelty that will eventually wear off. – Gundeep Hora, CoolTechZone Editor-in-Chief, April 02, 2007

https://macdailynews.com/2024/08/09/foxconn-adds-an-extra-50000-workers-for-iphone-16-assembly/

Wedbush ups Apple target price to $285
Wednesday, August 7, 2024 8:58 am
1 Comment

Daniel Ives of Wedbush Securities this week reiterated an Outperform rating on Apple stock and increased his price target to $285 from $275.

Fahad Saleem for Insider Monkey:

“Apple Intelligence rollout has already begun with developers who will significantly enhance app capabilities as the company staggers the launch of its new AI feature along with its OpenAI partnership which Apple expects ChatGPT and all other features to be integrated into the iPhone and other devices by the end of the year. We believe AI technology being introduced into the Apple ecosystem will bring monetization opportunities on both the services as well as iPhone/hardware front and adds $30 to $40 per share,” Ives said.

Baird analyst William Power said in a note that he estimates a whopping 95% of iPhones in the world will need an upgrade at “some point” to take advantage of Apple Intelligence. The analyst mentioned lower upgrade rates at AT&T and Verizon, suggesting consumers might be waiting for AI-integrated smartphones. Based on this catalyst, the analyst upped his fiscal 2025 iPhone estimates by about 20 million units, now projecting iPhone revenue to reach $216.1 billion, a 9% year-over-year increase, surpassing the consensus estimate of 6% growth. Apple is expected to generate $418.1 billion in full-year revenue and $7.30 per share in earnings, up from previous forecasts of $394.6 billion and $6.73 per share.

MacDailyNews Take: Buy low. Sell high.

https://macdailynews.com/2024/08/07/wedbush-ups-apple-target-price-to-285/#google_vignette

In 2022 alone, Google paid Apple $20 billion to cement its illegal monopoly
Tuesday, August 6, 2024 9:00 am
7 Comments

Alphabet subsidiary Google is “a monopolist, and has acted as one to maintain its monopoly” in violation of Section 2 of the Sherman Act, Judge Amit Mehta of the U.S. District Court for the District of Columbia ruled on Monday, August 5th.

Jonathan Guilford for Reuters:

Google now shares an ignominy with Microsoft. Judged by the same legal yardstick, Alphabet’s web search colossus is a monopolist just as the software developer was deemed to be in 2001. It might also suffer a similar fate.

Regardless of the remedies, which will be determined later, the victory is a significant one for Jonathan Kanter, the U.S. Department of Justice antitrust chief, and his counterpart at the Federal Trade Commission, Lina Khan. Both have filed a panoply of lawsuits against tech giants, and the findings in this case will be an important signal to courts presiding over the others, including another one against Google’s ad-tech business.

Mehta’s opinion also finesses the uncomfortable finding that Google is the “highest quality search engine.” Resources play a part. Google estimated that Apple would need to spend $20 billion to build a similar product and billions more to operate it. The primary concern, however, is establishing ubiquity. In 2022, Google paid about $20 billion to be the default option for iPhone buyers, according to the ruling.

MacDailyNews Take: This is a decade or so too late, but at least it’s finally happening!

As regular readers know, we’ve been talking about this issue for years, as ad revenue dwindled – yet Alphabet/Google magically got richer. We’ve all lost many great sites over recent years as the Google-dominated broken ad-supported model failed. This is the very reason why there are too many ads on the site (cluttered is better than dead).

Candidly, it may be too late for us (but, for now, we’re still trying to survive). This will take many years to be rectified and for the once-vibrant digital advertising model to begin working again for publishers, if it ever happens. If you can contribute a couple buck monthly help keep our very independent Apple-focused blog afloat, you can do so here. Thank you in advance!

Even as we attempt to move away from the ad-supported model, we back whatever remedy or remedies will introduce competition back into the online advertising business, which is broken, in part, because far too much power is concentrated with Google/Facebook. This situation is exactly why antitrust laws exist. — MacDailyNews, February 2, 2021

Imagine if your livelihood depended on one company that had not only monopolized web search (and, thereby, basically controlled how new customers find you), but also controlled the bulk of online advertising dollars which funded your business and which they could pull, simply threaten to pull, or reduce rates at any time? Now also imagine if you believe this monopolist basically stole the product of another company that is the very subject of your business? How much would you criticize the monopolist thief’s business practices?

You might guess that it would be a tough road to walk. (We’re only imagining, of course!)

That would be a good example of why monopolies are bad for everyone…

In the meantime, stop using Google search and Google products wherever possible. Monopolies are bad for everyone. — MacDailyNews, July 14, 2016

If you haven’t already, give DuckDuckGo a try! https://duckduckgo.com

With this unprecedented power, platforms have the ability to redirect into their pockets the advertising dollars that once went to newspapers and magazines. No one company should have the power to pick and choose which content reaches consumers and which doesn’t. — MacDailyNews, November 9, 2017

We’d like to see real competition in the online search and advertising markets restored someday. — MacDailyNews, March 20, 2019

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https://macdailynews.com/2024/08/06/in-2022-alone-google-paid-apple-20-billion-to-cement-its-illegal-monopoly/