|Day's range||100.52 - 101.14|
Yesterday Apple’s redesigned, revamped Mac Pro went on sale. This is Apple’s first significant Pro-level desktop upgrade in a long time, but it comes at a price. A fully maxed out Mac Pro costs $52,000 Mac Pro. Well, $52,599, to be precise. And that DOESN’T include the $5,000 for a Pro Display XDR, or its $1,000 stand. We did some math, and think it's important you know that for that price, you could by over 2,000 Baby Yoda plush dolls. We trust you know how to best spend your money.
Needham and Co analyst Laura Martin said rising competition from Disney+ and Apple could cause the streaming giant to lose 4 million U.S. subscribers in 2020.
Japan Display has agreed to an injection of up to ¥90bn ($829m) from Ichigo Asset Management in a deal that would allow the cash-strapped company to continue supplying displays for Apple’s iPhone 11. Following a board meeting on Thursday, Japan Display said it would sign a deal with Ichigo if the few remaining members of the Taiwanese-Chinese consortium failed to provide an alternative package by the end of this month. The agreement came after months of uncertainty that also involved intense talks with Apple, which has agreed to make an equity investment of $200m in Japan Display, according to people involved in the deal.
(Bloomberg) -- Apple Inc.’s most-important product, and the supply chain that underpins its success, may be about to avert a margin-crushing threat. At least for a while.A 20-month trade war between the U.S. and China came to a head this week as a key deadline looms. This Sunday, 15% tariffs are due to kick in on the iPhone. Chinese officials expect U.S. President Donald Trump to delay the import duties, granting Apple a temporary reprieve. But negotiations have been fraught with missed deadlines and surprise about-faces.“Like everyone else in technology, Apple is hoping the tariffs don’t go into effect,” said analyst Shannon Cross of Cross Research.Even if the tariffs are delayed, the broader trade war has exposed a weakness at the heart of Apple’s business. The world’s largest technology company is also among the most global, relying on suppliers and manufacturing partners that are mostly based in China. Apple can’t quickly move production to other countries, so it’s relied on a furious White House lobbying campaign this year, led by Chief Executive Officer Tim Cook, to protect its key products from tariffs.Apple already is paying 30% duties on the Apple Watch, AirPods headphones, iMac desktop computer and HomePod speaker -- and the company hasn’t raised prices to compensate.If the company takes a similar approach with its more-popular products, the impact will be larger. The iPhone, iPad and Mac generate almost three quarters of Apple’s annual revenue.Holding prices steady while swallowing additional tariffs would cut earnings per share by about 4% next year, according to Wedbush Securities analyst Dan Ives. The 15% hit would add about $150 to the price of each iPhone, he estimated.“Apple continues to be in the crossfire given its flagship iPhone manufacturing footprint in China,” Ives wrote in a note to investors on Wednesday. Apple “more than any company out there has the most to lose if this tariff war does not see a truce.”If Apple raises iPhone prices, demand would shrink 6% to 8% next year, Ives estimated.The other option is tariff waivers. That has already worked for Apple’s Mac Pro, but the company had to pledge to have the pricey, niche computer assembled in the U.S. It’s also filed for relief on some iPhone parts, the Apple Watch, and the AirPods with less success.Wall Street is already assuming the tariffs will be either delayed or abandoned in favor of a “Phase 1” trade deal between the U.S. and China. Apple analysts forecast a relatively rosy holiday period and 2020 for the company. Apple shares have surged in recent weeks and keep hitting records.Still, the trade war is such an existential threat to Apple’s supply chain, that maintaining the status quo is considered a victory.“Avoiding tariffs would be a positive, but it would also be business as usual since prices wouldn’t need to be raised,” Cross said. “Nothing would change.”In October, Apple projected holiday quarter revenue between $85.5 billion and $89.5 billion, ahead of Wall Street expectations. On a recent conference call with analysts, Cook said he was “very positive in terms of how things are going, and that positive view is obviously factored in our guidance.”The Dec. 15 tariffs would hit Apple’s fiscal second-quarter results more, but analysts are still expecting sales to grow 7% to $62.2 billion in that period. For the company’s 2020 fiscal year, Wall Street sees revenue climbing 6% to more than $275 billion, according to data compiled by Bloomberg.If Apple manages to avoid this next round of tariffs, Cook’s lobbying efforts will have paid off handsomely. The Apple CEO met frequently with Trump this year, and even took criticism for standing beside the president as he blasted the media and House speaker Nancy Pelosi at a Mac Pro assembly facility in Texas last month.“Cook has solid arguments to get the iPhone and other company products off the list of China-made goods slated for a 15% tariff,“ Bloomberg Intelligence analyst John Butler wrote in a note. “Apple can’t easily relocate its production facilities out of China, which took years to establish.”At the Texas event, Trump seemed swayed, saying the government would look into exempting Apple from the December tariffs.While the president has embraced tariffs, he conceded that these tools create winners and losers, and that Apple could be the loser. It isn’t fair for Apple to be taxed on iPhones built in China given that South Korean rival Samsung Electronics Co. wouldn’t have to pay the duties, Trump said.“We have to treat Apple on a somewhat similar basis as we treat Samsung,” Trump said.To contact the reporter on this story: Mark Gurman in Los Angeles at firstname.lastname@example.orgTo contact the editors responsible for this story: Tom Giles at email@example.com, Alistair Barr, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Subscribe to Stephanomics on Apple PodcastsSubscribe to Stephanomics on Pocket CastsSubscribe to Stephanomics on SpotifyPaul Volcker, the former Federal Reserve chairman who died this week at age 92, was an imposing public figure—in height as well as stature.He was best known for his bold moves in the U.S. war against inflation, and for his dedication to public service. But there was more to the man, as Bloomberg Markets editor Christine Harper discovered as she worked with Volcker to co-write his 2018 memoir, “Keeping At It.”Harper joins host Stephanie Flanders to share her memories and observations of Volcker’s humor, hobbies and patience.Also this week, Stephanomics explores what’s ailing India, which this year lost its title as the world’s fastest-growing major economy.Moreover, any chance of regaining that crown looks like it’s slipping away, despite the efforts of Prime Minister Narendra Modi. One reason: The gem and jewelry industry, which accounts for almost 7% of India’s economy, is suffering thanks to external forces like the U.S.-China trade war as well as a possible setback from the Indian government itself.Anirban Nag reports from Mumbai on the sector, while Flanders digs deeper into the Modi agenda with Bloomberg economist Abhishek Gupta.To contact the authors of this story: Scott Lanman in Washington at firstname.lastname@example.orgStephanie Flanders in London at email@example.comTo contact the editor responsible for this story: Magnus Henriksson at firstname.lastname@example.org, David RovellaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Saudi Aramco jumped for a second day, pushing the oil giant’s value beyond the $2 trillion mark that alienated global investors and potentially making further share sales abroad more difficult.The stock climbed by the daily 10% limit to 38.7 riyals at the open in Riyadh before trimming gains. It rose 9.4% to 38.50 riyals at 11:30 a.m. local time in trading of 313 million shares, compared with 31.6 million for all of Wednesday.The surge reflects the kingdom’s efforts to engineer a successful start to trading after international investors balked at the price: Saudia Arabia encouraged local individuals to buy and hold the stock through cheap loans and a bonus-share plan, while pushing wealthy families and regional allies to buy as well. The offering consisted of only 1.5% of Aramco’s stock, so that investors who didn’t get allocated shares in the IPO had to buy in the secondary market.Aramco raised $25.6 billion in the deal, selling shares at 32 riyals each and overtaking Microsoft Corp. and Apple Inc. as the most valuable listed company.The IPO has become synonymous with Saudi Arabia’s controversial Crown Prince Mohammed bin Salman and his efforts to reshape the economy of the world’s biggest oil exporter. But his insistence on the $2 trillion valuation deterred international investors, many of whom said the stock was too expensive given governance and geopolitical concerns.Analysts at Sanford C. Bernstein & Co. said after the first trading day it’s already time to cash out. In a Bloomberg survey last month, global money managers put Aramco’s fair value at between $1.2 trillion and $1.5 trillion.While hitting the target may vindicate Saudi officials, it could complicate any plans to sell part of Aramco’s shares abroad as originally envisaged by Prince Mohammed in 2016, when he said a dual listing could raise as much as $100 billion. Saudi officials met in recent weeks with international investors to sound them out on a possible listing of Aramco’s shares in Asia, the Wall Street Journal reported Wednesday.Still, the IPO, touted as part of a blueprint for life after oil for the kingdom is a watershed moment for a business that’s bankrolled Saudi Arabia and its rulers for decades.The debut was cheered by Saudi and Gulf investors, who see the stock price supported by Aramco’s guaranteed dividends, buying by index-tracking funds and the fact that the region doesn’t have any other listed major oil companies.Read: The Wall Street Bankers Who Burst Aramco’s $2 Trillion BubbleAramco’s “$2 trillion valuation is justified due to secured dividend streams,” Arqaam Capital analysts including Rita Guindy and Jaap Meijer wrote in a report on Wednesday in which they initiated coverage with a buy recommendation and price target of 39.20 riyals.Arqaam expects a gradual increase of 2% annually in the dividend, potentially being topped up by a special payout of $20 billion in the next three years.(Updates price in second paragraph.)\--With assistance from Paul Wallace.To contact the reporter on this story: Filipe Pacheco in Dubai at email@example.comTo contact the editors responsible for this story: Celeste Perri at firstname.lastname@example.org, Phil SerafinoFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Fangirls of Lipstick Queen will be familiar with Medieval, a sheer, universally flattering red. Like the rest of the FT style desk, I’m obsessed with Augustinus Bader face cream, and the body lotion is impressive too. Are Celine’s new fragrances the essence of ‘cool’?
The “soul extractor”, as the workers at A-fun Interactive call it, is a small white room. In the centre is a stool surrounded by a metal frame dotted with more than 40 digital cameras. I picked my way ...
Disney+ downloads passed 22 million on mobile devices, the independently owned app-tracking company Apptopia announced Tuesday.
(Bloomberg) -- Big tech companies like Facebook Inc. and Alphabet Inc.’s Google, long seen as some of the world’s most desirable workplaces offering countless perks and employee benefits, are losing some of their shine.The Silicon Valley companies dropped out of the Top 10 “best places to work” in the U.S., according to Glassdoor’s annual rankings released Tuesday. HubSpot Inc., a cloud-computing software company, grabbed the No. 1 ranking while tech firms DocuSign Inc. and Ultimate Software were three and eight, respectively.Facebook, which has been rated as the “best place to work” three times in the past 10 years, was ranked 23rd. It’s the social-media company’s lowest position since it first made the list in 2011 as the top-rated workplace. Facebook, based in Menlo Park, California, was ranked seventh last year.Google, voted “best place to work” in 2015 and a Top-10 finisher the previous eight years, came in at No. 11 on Glassdoor’s list. Apple Inc., once a consistent Top-25 finisher, was ranked 84th. Amazon Inc., which has never been known for a positive internal culture, failed to make the list for the 12th straight year.Microsoft Corp. was one of the lone big technology companies to jump in the rankings. The Redmond, Washington-based software company moved to No. 21 from 34 a year ago. A few technology companies made the list for the first time, including SurveyMonkey at No. 33, Dell Technologies Inc. at No. 67 and Slack Technologies Inc. at No. 69.Twenty companies on the list have their headquarters in the San Francisco Bay Area, more than any other metro area, Glassdoor said.The annual list ranks companies using employee reviews on areas such as compensation, benefits, culture and senior management. Many of the big tech companies, including Facebook and Google, have been criticized this year for a myriad of issues, and in some cases employees have publicly opposed executive decisions.At Google, employees have protested against the company on a number of topics, including the company’s “intimidation” tactics against worker organizers. The results of an internal employee poll at the internet search giant, reported by Bloomberg in February, showed that fewer employees were inspired by Chief Executive Officer Sundar Pichai’s vision than a year earlier. It also found fewer workers believe senior management could successfully lead the company into the future.At Facebook, which just like Google provides employees with perks including free meals, corporate transportation and laundry services, workers have pushed back internally against leadership on some policy issues, such as the decision not to fact-check political advertisements.(Updates with new tech entrants in the fifth paragraph.)To contact the reporter on this story: Kurt Wagner in San Francisco at email@example.comTo contact the editors responsible for this story: Jillian Ward at firstname.lastname@example.org, Andrew Pollack, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
We found three semiconductor stocks with the help of our Zacks Stock Screener that investors might want to consider buying for 2020...
The bullish trends in the S&P 500 index will likely continue heading into the New Year powered by the Fed's accommodative interest-rate policy and a resilient domestic economy.
(Bloomberg) -- Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.European shoppers who waited until now to buy the latest Echo voice speakers for Christmas are out of luck. And not even a Prime membership can help them.Amazon.com Inc.’s new generation of Alexa devices has sold out in parts of Europe and won’t be available again until the new year, according to the retailer’s websites in various countries. The same thing happened last year when various models became unavailable in North America and Europe the week before the holiday.While “sellout” headlines can generate buzz for new products, highlighting how a hot product is flying off the shelves, the Echo speakers are an important part of Amazon’s sales strategy. The relatively modestly priced devices are seen as a way to rope users into the company’s ecosystem of products, and they face rising competition from other traditional leading consumer electronics brands, such as Apple Inc. and Samsung Electronics Co.Customers trying to order third-generation Echo speakers on the U.K. website on Wednesday were told that they won’t be able to receive their order until sometime between Dec. 25 and Jan. 2, depending on the color. A listing for the Echo Dot, a hockey-puck-sized speaker that sells for 24.99 pounds ($32.85), said it’s out of stock until Dec. 20 or later.French, Spanish and German shoppers looking for an Echo are out of luck until January. The Dot appears to be back in stock a few days before Christmas, but won’t necessarily make it to the proper destination before the holiday.The beefed-up Echo Studio, a higher-end speaker aimed at music lovers that retails for 190 pounds in Britain, is also out of stock until the new year in those markets. The Echo Show, which has a video screen, is still in stock.Read more about the new line of Alexa devices here.A spokesman for Amazon didn’t have an immediate comment.Echo speakers are still available in the U.S. and customers can find some in Europe from third-party retailers. \--With assistance from Natalia Drozdiak, Rodrigo Orihuela and Helene Fouquet.To contact the reporter on this story: Amy Thomson in London at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hello from Washington, where I’ve just finished watching Speaker Nancy Pelosi’s news conference on her deal with Donald Trump to allow congressional ratification of USMCA. For all of his bluster and protectionism, has Trump now forged a new domestic consensus over the rules of open trade?