Apple loses $100 billion in market capitalization and the index falls.Bitcoin surpasses $45,000

Apple stock plummets after Barclays downgrade

36 minutes ago

Apple (AAPL) stock fell 4% Tuesday, wiping out more than $100 billion in market capitalization after Barclays expressed doubts about the health of iPhone demand.

Barclays analyst Tim Long downgraded the stock to “underweight” and warned clients in a research note that iPhone 15 sales were “lackluster.” Long also warned that weak demand for Apple’s best-selling products could impact sales of the upcoming iPhone 16, as well as other hardware categories such as Macs, iPads and wearables.

Apple’s hardware sales and total revenue have declined for four consecutive quarters, but the stock has steadily risen over the same period. The rapid growth of Apple’s services division was one of the bright spots for the company last year, but Long said growth has slowed and regulatory scrutiny of the company’s App Store and revenue-sharing agreement with Google (GOOGL) has increased. I predict that.

Barclays’ bearish outlook puts the company in the complete minority. Of his 44 analysts covering Apple, wall street journal, 22 companies rate the stock as a buy, and 5 companies rate it one notch below buy with an Overweight and Conviction rating. Just four analysts have given the tech giant an “underweight” or “sell” rating.

Midday movement: Moderna rises due to upgrade, Apple falls due to downgrade

1 hour 18 minutes ago

shares of Advanced Micro Devices (AMD) Other semiconductor companies fell after the Dutch government restricted exports of some semiconductor manufacturing equipment. ASML Holding NV (ASML) To China.

Apple (AAPL) The stock also fell after Barclays downgraded the stock and lowered its price target, citing concerns about iPhone demand and the company’s overall hardware sales.

shares of Norwegian Cruise Line Holdings (NCLH) Rival cruise lines also declined as naval operations in the Middle East raised concerns about sea travel.

Moderna (MRNA) CEO Stéphane Bancel has indicated that he expects the vaccine maker’s sales to increase in 2025, and Oppenheimer analysts have said that the company’s mRNA technology, used in coronavirus vaccines, will increase in the coming years. Shares soared in 2018 after the company said it could be used to fight other diseases.

Wells Fargo sends upgrade and price target increase Centene (CNC) share will be higher. Tapestry (TPR) The stock rose after JPMorgan raised its price target on the Coach and Kate Spade brand owner’s claim that earnings growth would accelerate.

-Bill McCall

ASML falls as Netherlands restricts export of some technologies to China

2 hours 57 minutes ago

Dutch-based ASML Holding NV’s (ASML) American Depositary Receipts (ADRs) fell more than 3% in intraday trading on Tuesday after Dutch authorities blocked the semiconductor equipment maker from exporting some products to China. did.

The company said its 2023 shipping permit for the NXT:2050i and NXT:2100i lithography systems “has been partially revoked by the Dutch government, impacting a small number of customers in China.”

The move comes as the United States tightens restrictions on certain technology exports to China, citing national security concerns.

ASML said it does not expect the Amsterdam decision or the latest U.S. export restrictions to impact its 2023 financial outlook.

Despite Tuesday’s decline, ASML Holding NV ADR is up more than 30% over the past year.

-Bill McCall

Tesla avoids sale of major tech stocks by meeting 2023 delivery target

4 hours 4 minutes ago

Shares of electric vehicle giant Tesla (TSLA) were little changed on Tuesday morning after the company announced it had met its 2023 production and delivery goals, bucking the trend of its Magnificent Seven peers.

The company produced 495,000 vehicles in the fourth quarter, bringing total production to approximately 1.85 million vehicles in 2023, an increase of 35% compared to 2022. Approximately 485,000 units were delivered in the previous quarter, bringing the total for 2023 to 1.81 million units. Both numbers were slightly above Wall Street expectations and the guidance Tesla issued in October.

Still, America’s largest EV maker is trailing its major competitors on the global stage, with China’s BYDDY delivering more than 3 million fully electric and hybrid vehicles last year. There is.

Bitcoin soars to 21-month high

4 hours 34 minutes ago

Bitcoin prices soared to the highest since April 2021 on Tuesday on expectations for the creation of a spot exchange-traded fund.

Investors are growing more confident this week that the Securities and Exchange Commission (SEC) will approve at least one of the many spot Bitcoin ETF applications it is currently considering. Regulators abandoned that plan last year, but now face a Jan. 10 deadline to approve or deny Ark Invest’s ARK 21Shares Bitcoin ETF.

Many analysts expect the SEC to decide on multiple ETFs at the same time to avoid giving one provider a head start. Asset managers whose ETF applications could be approved include financial giants BlackRock, Fidelity and Invesco.

Federal regulators have long pushed back against the idea of ​​Bitcoin-backed ETFs, citing Bitcoin’s susceptibility to fraud and market manipulation. But last year, a court ruled that more reasons were needed than those provided by the SEC to deny asset management company Grayscale’s application to convert its Bitcoin trust into an ETF, making approval even more unlikely. has increased significantly.

Regardless of which applications are approved, one company likely to win is Coinbase (COIN), which has been named asset manager in the majority of ETF applications before the SEC.

Stocks that move the most before the market

5 hours 45 minutes ago

Profit:

• Coinbase Global (COIN): The cryptocurrency exchange’s stock rose about 3% as Bitcoin prices soared above $45,000 for the first time since April 2022.
• Frontline Corp. (FRO): The oil shipping company’s stock rose 2% as oil prices rose after Iran sent warships to the Red Sea, raising tensions in a key shipping corridor.

loss:

• ASML Holdings NV (ASML): Shares of the semiconductor manufacturing equipment maker fell 4% after the Dutch government ordered a halt to some shipments to China.
• Apple Inc. (AAPL): The tech giant’s stock fell 2% after Barclays downgraded the stock to “underweight,” citing weak demand for the iPhone 15.
• Baidu Inc. (BIDU): Shares of the Chinese tech company fell about 2% after the company called off its $3.6 billion acquisition of YY Live, the live-streaming arm of social media company JOYY. JOYY (YY) stock fell nearly 10% in early trading.

Futures start in fall 2024

6 hours 34 minutes ago

Futures trading tied to the Dow Jones Industrial Average fell 0.6% in early trading Tuesday.

S&P 500 futures fell 0.8%.

Nasdaq 100 futures were down 1.1% a little more than an hour before the market opened.