|Bid||206.40 x 1400|
|Ask||206.50 x 1800|
|Day's range||203.84 - 207.16|
|52-week range||142.00 - 233.47|
|Beta (3Y monthly)||1.08|
|PE ratio (TTM)||17.53|
|Earnings date||30 Oct. 2019 - 4 Nov. 2019|
|Forward dividend & yield||3.08 (1.53%)|
|1y target est||223.03|
President Trump tweeted about his plans to meet with Apple (AAPL) CEO Tim Cook. It's possible that they could discuss Apple’s US manufacturing plans.
(Bloomberg) -- President Donald Trump, who has repeatedly lashed out at technology giants and their leaders, announced on Friday evening that he would be dining with Apple Inc. Chief Executive Officer Tim Cook.“Having dinner tonight with Tim Cook of Apple,” Trump, who is staying at his golf resort in Bedminster, New Jersey, wrote on Twitter. “They will be spending vast sums of money in the U.S. Great!”He did not elaborate, and Apple did not immediately respond to a request for comment on the meeting.Heads of other major technology companies, including Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc. have not fared as well in the president’s tweets and public remarks.He and his political allies have made unsupported claims that social media companies muzzle conservative views. Trump has assailed Amazon for edging out brick-and-mortar retailers and criticized its founder Jeff Bezos, who owns the Washington Post.Pressure on tech companies is increasing in Washington as congressional Republicans examine accusations of bias against conservatives; Democrats in the House conduct an antitrust inquiry and officials at the Justice Department and the Federal Trade Commission divvy up oversight of Google, Facebook, Apple, and Amazon.Earlier this week, FTC Chairman Joe Simons said in an interview that he wouldn’t let Trump’s complaints about the size and political inclinations of large technology platforms affect his agency’s decisions.Cook visited the White House in June to discuss the Trump administration’s efforts to develop job training programs that meet the changing demands of U.S. employers. The meeting was part of the American Workforce Policy Advisory Board, a working group that includes many corporate leaders. Commerce Secretary Wilbur Ross and Trump’s daughter and adviser Ivanka Trump unveiled the initiative earlier this year.\--With assistance from Alistair Barr.To contact the reporter on this story: John Harney in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Kevin Whitelaw at email@example.com, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
WeWork is gearing up for an IPO. On Wednesday, the company made its IPO filing with the SEC public and expects to garner $3.5 billion from its IPO.
Apple’s Mac notebook shipments outperformed the global market in Q2 with 19.8% YoY growth to 3.2 million units. Global notebook PC shipments rose 0.9% YoY.
The Daily Crunch is TechCrunch's roundup of our biggest and most important stories. The web infrastructure company has recently found itself at the center of political debates around some of its customers, including social media networks like 8chan and racist media companies like the Daily Stormer. In fact, the company went so far as to cite 8chan as a risk factor in its public offering documents.
(Bloomberg Opinion) -- Two years ago, 10 sailors died when the U.S. Navy’s guided missile destroyer USS John S. McCain collided with a chemical tanker off Singapore. An investigation has determined that insufficient training and inadequate operating procedures were to blame, and both factors were related to a new touch-screen-based helm control system. The Navy has decided to revert its destroyers back to entirely physical throttles and helm controls.It’s worth exploring the Navy’s rationale for installing touch-screens (“Just because you can doesn’t mean you should,” says Rear Admiral Bill Galinis), as well as its rationale for getting rid of them:Galinis said that bridge design is something that shipbuilders have a lot of say in, as it’s not covered by any particular specification that the Navy requires builders to follow. As a result of innovation and a desire to incorporate new technology, “we got away from the physical throttles, and that was probably the number-one feedback from the fleet – they said, just give us the throttles that we can use.”There are lessons here — including a prescient one from 50 years ago — for other, more mundane transport-control interfaces as well.Large, interactive touch-screens are becoming increasingly prevalent in passenger cars; in the case of Tesla, they’re the only control interface. They’re lovely to look at, but as the Navy’s experience suggests, they might be more confusing than physical controls. That confusion isn’t academic, either: Distracted driving is an increasingly dangerous problem. According to the National Highway Traffic Safety Administration, 10% of all fatal crashes from 2012 to 2017 involved distracted drivers. Mobile phones are a major cause of distraction, as we’d expect, but they’re an even bigger problem for younger drivers.Almost 50 years ago, robotics professor Masahiro Mori wrote an extraordinary essay, “The Uncanny Valley,” on people’s reactions to robots as they became more and more humanlike. As Mori said, our affinity for robots rises as they more closely resemble humans. That affinity plunges, becoming negative and finally rising again once a robot reaches the (possibly unattainable) full likeness of a human being.Something similar is at work in our current touch-screen-filled vehicles. To an extent, adding more screen real estate give us more information, and with it more safety — until it begins to provide an overwhelming amount of information and an overly complex set of choices for visual navigation. And moving from one information-rich interface to another is increasingly difficult, as another Navy rear admiral said in reviewing the John S. McCain collision:When you look at a screen, where do you find heading? Is it in the same place, or do you have to hunt every time you go to a different screen? So the more commonality we can drive into these kind of human-machine interfaces, the better it is for the operator to quickly pick up what the situational awareness is, whatever aspect he’s looking at, whether it’s helm control, radar pictures, whatever. So we’re trying to drive that.There are two ways our in-car screens could evolve. The first is that, for safety’s sake, they’ll move back down the curve, so to speak, and be less ambiguous and more full of knobs and dials and physical throttles. That’s the Navy’s new approach. The second, though, is that we won’t go back, at least in passenger applications, to a more tactile interface of specific controls. We’re probably going to get more screens, with more information. Maybe the only way out of this valley is to shift the interface completely to voice or, in the very long run, to obviate the issue by having cars drive themselves. That could be how we navigate this uncanny valley of vehicle interfaces — the removal of any need to control the vehicle at all, and the chance to fill our cars’ screens with pure entertainment. Weekend readingA greener energy industry is testing investors’ ability to adapt. One coal CEO says “make money while you can” in an industry that is in terminal decline. The venture capital arm of Royal Dutch Shell Plc has invested in Corvus Energy, a maritime and offshore battery systems company. America’s obsession with beef is killing leather. A look at how Phoenix comes alive at night, and how other cities might too in a hotter world. An exploration of how extreme climate change has arrived in America. The Anthropocene is a joke. On a geological time scale, human civilization is an event, not an epoch. Three years of misery inside Google, the happiest company in tech. Here’s what happens when Apple Inc. locks you out of its walled garden after fraud suspicions. Machine vision can spot unknown links between classic artworks. When Midwest startups sell, their hometown schools often lose. A programmer in California got a “NULL” vanity license plate in the hopes that the word would not compute in a database of traffic offenders. Instead, he was fined $12,049. Robert Ballard, discoverer of the Titanic, is exploring a startling clue that may help him find Amelia Earhart’s plane. Bugatti’s one-off La Voiture Noire debuted at the Pebble Beach Concours D’Elegance. It’s already been sold, for $18.68 million. Bloomberg Businessweek’s Peter Coy looks back on the 40 years since the magazine declared “ the death of equities.” Get Sparklines delivered to your inbox. Sign up here. And subscribe to Bloomberg All Access and get much, much more. You’ll receive our unmatched global news coverage and two in-depth daily newsletters, the Bloomberg Open and the Bloomberg Close.To contact the author of this story: Nathaniel Bullard at firstname.lastname@example.orgTo contact the editor responsible for this story: Brooke Sample at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Nathaniel Bullard is a BloombergNEF energy analyst, covering technology and business model innovation and system-wide resource transitions.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Loup Ventures Managing Partner Gene Munster says he doesn’t expect tariffs on Apple products despite Wall Street’s widespread speculation that the tech giant will be among the companies hurt by the U.S.-China trade war. “This is a critical misunderstanding. Ultimately, Apple products really don't have much tariff risk,” Munster said in an interview with Yahoo Finance’s The Final Round. “The reason is that Apple is an iconic U.S. brand that the U.S. government doesn't want to jeopardize. We don't expect tariffs on Apple products.”
Tesla (TSLA) has officially launched its Model 3 in South Korea, where it is attracting significant interest from prospective buyers.
On Thursday, Apple shared an update on its promise. The company is on track to hit its promise of contributing $350 billion to the US economy by 2023.
Qualcomm and Apple have turned the page and are partnering on 5G chip service, according to Qualcomm CEO Steve Mollenkopf.
(Bloomberg Opinion) -- In the latest twist in the fraught competition for the Department of Defense’s $10 billion cloud-computing project, the Pentagon Inspector General’s Office announced a new investigation into whether there have been improprieties or corruption in the contracting process thus far. This probe, described to me as a very significant undertaking by Pentagon insiders, will complement a review already being conducted by new Secretary of Defense Mark Esper.The cloud project is formally known as the Joint Enterprise Defense Infrastructure or, in a nod to “Star Wars” geeks, JEDI. It would provide a single managerial system and a single repository for storage of the department’s incomprehensibly vast data streams. As the controversy hit, the contract was reportedly about to be awarded, with the final competitors being Amazon Web Services Inc (the heavy, heavy favorite) and Microsoft Corp.The twin investigations were spurred by pressure from three sources: disgruntled competitors who felt they were out of the running; Congressional actors representing districts and states from where those competitors have a presence; and the Oval Office itself. President Donald Trump said in mid-July that he intended to review the JEDI contracting after receiving “tremendous complaints” about the process from “some of the great companies in the world,” including IBM, Microsoft and Oracle – each of which bid on the JEDI contract.None of this, other than direct interference by the commander in chief, is particularly out of the ordinary for big defense acquisitions, given the byzantine procurement process in the Pentagon. As a newly selected one-star rear admiral in 2000, I was assigned to manage a complex agency-wide telecommunications contract that included creating a new constellation of satellites. By the time it was finally awarded, I had long transferred out of the Pentagon. And in 2013, as I was a grizzled four-star Admiral about to finish up my career, I was still wondering why the satellite constellation wasn’t yet fully operational. The short answer is that at the nexus of big money, political influence and uncertain technology, delays are a certainty.All of this begs the questions of why the U.S. military is pursuing this system, and how it can be brought on line rapidly – by whomever eventually wins the contract.JEDI will be an absolutely vital part of America’s future warfighting capability, especially in the increasingly complex new 5G environment. At heart, the vast cloud would allow a much more efficient information-technology system, replacing the hodgepodge of thousands of hand-tooled, inefficient networks that exist today. This is especially critical for the military, where so many personnel transfer every two to three years, often taking with them a hands-on knowledge of an individual network or complex of software. For a vast organization like the Department of Defense -- the largest “company” in the world – JEDI’s efficiency at scale will be crucial to optimizing expensive resources and operating efficiently.It’s not just about efficiency, though: JEDI should vastly improve resiliency and security. Instead of individual networks and organizations backing up their information locally, everything is stored in a much more defendable cloud structure - just as your personal data and photographs likely exist in the Microsoft or Apple Inc clouds today. The data can be seamlessly transferred, even in the intense crucible of combat. Cybersecurity experts tell us that there is great strength in reducing the number of individual portals that can be attacked and overcome; streamlining and unifying the defenses of the entire department make sense. This reduction of “threat surfaces” is crucial.Finally, from an operator’s perspective, there is great allure in one-stop shopping to stream data (a sort of military Netflix,), to record and store it, to create simple systems to “patch” software, and to build an infrastructure that permits constant monitoring of the entire department’s networks. Lieutenant General Jack Shanahan, head of the Pentagon’s Artificial Intelligence Center, commented recently on the operational capabilities necessary for the emerging era of great power competition, with China in particular.“Imagine the speed of operations in a fight in the Pacific, where you just do not have time to figure out, ‘How do I get my data, clean my data, move it from point A to point B.’” Shanahan said. “If I’m a warfighter, I want as much data as you could possibly give me. Let my algorithms sort through it at machine speed. It’s really hard for me to do that without an enterprise cloud solution.” His comments were echoed by the department’s chief information officer, Dana Deasy, in a rare on-the-record co-briefing to the press they held last week.In order to move quickly to find efficiencies, create new resiliency, and provide a single point of contact for all IT operations, the Department of Defense needs to thoroughly but quickly complete these investigations. If there are real instances of malfeasance, they should be uncovered and the perpetrators punished forthwith. Frankly, Secretary Esper has an unattractive set of options, including starting the competition over; pressing forward to award despite the external pressure; or searching for some middle ground that may satisfy nobody. Whether he can power through all the sand in the gears here will be the first test of his leadership abilities, and will be among the most important he will face.In the likely scenario that all this smoke reveals not much fire but rather disgruntled competitors and political angst (and a strong component of anti-Amazon influence from the White House, where Amazon founder and Washington Post owner Jeff Bezos is despised), Esper should press through to a contract award as soon as is legally appropriate. Warfighting in the 21st century will be “brain on brain” combat, and a large, singular cloud structure is the gray matter the U.S. military needs.To contact the author of this story: James Stavridis at firstname.lastname@example.orgTo contact the editor responsible for this story: Tobin Harshaw at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.James Stavridis is a Bloomberg Opinion columnist. He is a retired U.S. Navy admiral and former supreme allied commander of NATO, and dean emeritus of the Fletcher School of Law and Diplomacy at Tufts University. He is also an operating executive consultant at the Carlyle Group and chairs the board of counselors at McLarty Associates.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Apple Inc.’s 13 billion-euro ($14.4 billion) battle with the European Union reaches the bloc’s courts next month in a hearing set to throw the spotlight on antitrust commissioner Margrethe Vestager’s crackdown on tax deals doled out to big companies.The EU’s General Court, its second-highest tribunal, will hear arguments in the challenges by the iPhone maker and Ireland over two days set for Sept. 17-18. The U.S. last year lost a bid to intervene in the case in support of Apple.The European Commission in August 2016 ordered Ireland to recoup the record sum plus interest, saying the world’s richest company was handed an unfair advantage. The EU decision reverberated across the Atlantic, triggering criticism from the U.S. Treasury that the EU was making itself a "supra-national tax authority" that could threaten global tax reform efforts.The Irish government said in an email it “profoundly disagrees” with the EU’s decision and “is engaging fully with the process and ensuring the best presentation of the state’s position.” The commission in Brussels declined to comment.Apple didn’t immediately respond to requests for comment.Appeals over tax cases have been piling up at the EU’s courts since 2015, when the commission issued its first orders against Luxembourg and the Netherlands to recoup unpaid taxes from a Fiat Chrysler Automobiles NV unit and Starbucks Corp. respectively.The court heard arguments in both cases last year with rulings yet to come. A first ruling in the series of decisions by EU antitrust chief Vestager ended in a setback in February for the EU when Belgium won a bid to overturn an order to recoup about 800 million euros from 35 companies, including Anheuser-Busch InBev NV.(Updates with EU response in fourth paragraph.)\--With assistance from Peter Flanagan.To contact the reporter on this story: Stephanie Bodoni in Luxembourg at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Peter Chapman, Christopher ElserFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- In the highly entertaining Channel 4 drama about the 2016 referendum campaign “Brexit: The Uncivil War,” Benedict Cumberbatch, playing the mastermind of the Vote Leave campaign, is sometimes found crouched in the narrow pantry where he retreats to think. It’s not hard to picture the real Dominic Cummings doing just that.Cummings is no mere political curiosity. Though unelected and without a seat at the cabinet table, he is U.K. Prime Minister Boris Johnson’s most important adviser. A master of the focus group and the targeted digital ad, he will play a critical role in any early election or second referendum on Brexit.The Johnson-Cummings pairing could be largely a matter of short-term expedience. Johnson wants a proven hand to carry out his “do or die” Oct. 31 Brexit pledge and win an election. But it could also be about something beyond Brexit. At the heart of the new government are two ambitious men possessed by a sense of history, some would say grandiosity, and an appetite for taking big gambles.For Cummings, Brexit is a means to a greater end: a complete overhaul of the machinery of government. This might have been started long ago, but Margaret Thatcher, that icon of the British right, didn’t go far enough in Cummings’s view. She shied away from reforming the civil service, whose inefficiencies Cummings finds maddening. He wants to finish the job he started with Vote Leave by using insights from the world of computing, physics, warfare and sport. If he stays beyond Brexit, Cummings will have to prove his ideas aren’t some utopian vision.But there’s a paradox: The political upheaval caused by Brexit may have opened the door to change, but the chaos of a no-deal Brexit could make the very reforms he seeks impossible to implement.No Ordinary BrexiterCummings cannot be confused with your garden variety no-deal Brexiter. He notes in one of his many, lengthy blog posts that he is “not a Tory libertarian, ‘populist,’ or anything else.” That explains his deep disdain for the “narcissist-delusional” group of hard-core Brexiters in the party. For them, leaving the EU is an ideological necessity and a mark of tribal loyalty. He isn’t one of that tribe, or any tribe. He even went so far, in a twitter exchange in 2017, as to say the referendum may have been a mistake.Most political advisers operate in the shadows, but Cummings is the subject of an endless stream of profiles; in a country that worships eccentricity, he is a journalistic gift that keeps on giving. He also invites inspection. His wide-ranging, occasionally breathless writings provide a dizzying tour of the innovators, historical figures, athletes and scientists who have informed his thinking. His political philosophy incorporates insights from Prussian Otto von Bismarck, interface design wizard Bret Victor, physicist and computer scientist Michael Nielsen, T.S. Eliot and many more.To imagine a Cummings-led takeover of the British state, visualize a room resembling a NASA launch control center in which Bismarck is huddled with, say, a crack team of designers and coders on loan from Apple. Bismarck, the “blood and iron” chancellor who distrusted democracy, is important. Cummings also singles out for praise the Chinese Communist Party for its “use of proven systems management techniques for integrating principles of effective action to predict and manage complex systems at large scale.”For the cadres of civil servants orbiting Downing Street, some might find Cummings’s own verdict of their world makes for uncomfortable reading:Critical institutions (including the senior civil service and the parties) are programmed to fight to stay dysfunctional, they fight to stay closed and avoid learning about high performance, they fight to exclude the most able people.His writings reveal strong views on education reform (he has written controversially that policy-makers too easily discount the role of genetics in achievement), immigration (doesn’t like the low-skilled type) and European agricultural subsidies (thinks them absurd although apparently a farm he co-owns benefits handsomely from them).We don’t know much about what he thinks is the right fiscal policy in an ultra-low interest rate borderline recessionary environment. He’s said little about whether U.S.-style regulations necessary for a trade agreement are an acceptable substitute for EU-style rules.OODA Loop Indeed, policy specifics seem less important to Cummings than design problems and engineering effective decision-making systems in government. He’s a big fan of the OODA loop, the decision-making cycle developed by the late military strategist and Air Force fighter pilot John Boyd. The sequence – observe, orient, design and act – enables the practitioner, originally fighter pilots, to stay one step ahead of their opponents, constantly taking in new information and using it.Doing the OODA loop well requires clear-eyed awareness of your own blind spots, something Cummings sometimes seems to lack. In his blogging days, he would occasionally respond to reader comments. But when readers questioned whether his views smacked of utopianism, or asked for a few examples of where changes he proposes had been road-tested in government, he didn’t reply.He cannot, however, be accused of thinking small. Think of him as a cross between Steve Bannon and Dick Cheney. Cummings would like to harness the extreme preparation and concentration of people like solo free climber Alex Honnold. This ideal of the super-athlete civil servant feeds into his view that selection for politics and government should be like winnowing the great from the also-rans in music or sport. That sounds appealing, but of course the French train up an uber-elite for government roles and still wound up with the gilets jaunes and stubbornly high levels of unemployment. Held in contempt of parliament earlier this year, he appears bent on undermining elected lawmakers by persuading his boss to ignore constitutional convention in pursuing a no-deal Brexit. He is not one to sacrifice his agenda on the altar of careerism either. Indeed, former Prime Minister David Cameron once called him a “career psychopath.” So as long as Cummings is around, it’s fair to say that the Johnson Plan is the Cummings Plan.Homer Simpson MomentHis opponents, particularly on the left, paint him as self-important, hypocritical and a caricature of the mad genius rather than the real thing. After former Attorney General and anti-Brexit lawmaker Dominic Grieve said he was arrogant and didn’t understand the British constitution, Cummings snidely replied, “we’ll see what he’s right about.” “Not since Homer Simpson sat on a sofa trying to get to grips with the mystery of his own obesity while simultaneously eating donuts, can any TV viewing audience have had irony spoon-fed to them with such generous ease,” wrote the Independent’s Tom Peck.The bigger Homerian irony is Brexit itself. Cummings’s entire theory of remaking government is based on the criticism that, as he put it, “most of everybody’s day is spent just battling entropy – it is not pursuing priorities and building valuable things.” What exactly does he think people’s days will be spent doing when they confront tariffs and new regulatory barriers to trade? When they spend time and money duplicating EU bureaucracies or finding new sources of funding for scientific programs? Entropy indeed.If not an ideologue, he is at least an idealist and they can easily flame out once in power. His very critique of the hierarchical, fixed mind-set machinery of government suggests he would find the plodding experience of overhauling a bureaucracy, as opposed to the adrenaline rush of directing a referendum or election campaign, highly frustrating if he got the chance. The civil servants he wants to turn into decision-making Olympians may not play along. It’s not enough for revolutionaries to have vision, they also need charisma.Known for his brash style, Cummings doesn’t hold back on those he deems lesser beings, once referring to David Davis, the former Brexit secretary, as “thick as mince, lazy as a toad and vain as Narcissus.” (Davis didn’t make it into Johnson’s cabinet.) As reports filter out of special advisers being fired without warning, one wonders whether he’ll inspire enough loyalty to carry through his grander plans.For now, though, it’s Johnson’s confidence that gives Cummings’s ideas wings. If he helps deliver Brexit and win an election that will no doubt secure him a sainthood among Brexiters. He reportedly postponed a surgery to join the government until the end of October, so who knows how long he’ll stick around.Cummings himself might find a short stay wholly unsatisfactory though. That would make him more like a skilled coder who follows his boss’s brief, or even just a hired gun, than the design revolutionary lionized in his writings.To contact the author of this story: Therese Raphael at firstname.lastname@example.orgTo contact the editor responsible for this story: Stephanie Baker at email@example.comThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Therese Raphael writes editorials on European politics and economics for Bloomberg Opinion. She was editorial page editor of the Wall Street Journal Europe.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Hello from Washington, where things have gone quiet, with the US Congress in recess and the president on holiday at his New Jersey golf course. Then I headed to Des Moines, where the Democratic presidential candidates have been wooing voters over corn dogs at the Iowa State Fair and a rowdy annual fundraising dinner called the Wing Ding. Meanwhile, my colleagues this week have been covering the clashes between protesters and police at Hong Kong airport, WeWork’s plans for a blockbuster initial public offering and climate activist Greta Thunberg’s transatlantic ambitions.