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Apple stock falls on reports of possible antitrust lawsuit
34 minutes ago
Apple (AAPL) stock fell in Friday afternoon trading following reports that the company may be facing an antitrust lawsuit over its smartphone dominance.
The newspaper said authorities are nearing the end of an investigation that could lead to the Justice Department filing an antitrust lawsuit against Apple. new york timesThis was reported by a person familiar with the matter. The lawsuit focuses on Apple’s efforts to protect the iPhone’s dominance in the smartphone market and could be filed in the first half of this year.
by timesAuthorities are investigating whether Apple designs hardware and software that makes it difficult for customers to switch to another phone or for competitors to compete. iMessage, which only works on iPhones, is one of the products cited as an example of Apple’s efforts to lock out competitors. Law enforcement authorities are also looking into the Apple Watch, and whether it is designed to work better with the iPhone than comparable smartphones.
The report is another blow to Apple, whose stock was downgraded by analysts at Barclays on Tuesday and Piper Sandler on Thursday. Both companies expressed pessimism, expecting iPhone sales to be lower than expected, which is ironic given today’s reports.
The stock, which posted its first profit of the year early Friday, fell 0.5% as shares fell. times report.
midday moving company
1 hour 30 minutes ago
American Airlines Group, Inc. (AAL): Airlines were among the leading stocks in the S&P 500 on Friday. U.S. stocks rose 4%, with Southwest Airlines (LUV), Delta Air Lines (DAL) and United Airlines (UAL) all up more than 3%.
Constellation Brand Co., Ltd. (STZ): Shares of the beer, wine and spirits maker rose more than 3% after quarterly profits beat Wall Street expectations despite weak sales.
Agilon Health Co., Ltd. (AGL): Healthcare stocks fell more than 30% after the company lowered its full-year sales and profit forecasts.
PepsiCo (PEP): The processed food and beverage giant’s stock price fell after it was revealed yesterday that the chairman of French supermarket chain E. Leclerc supported rival Carrefour’s decision to discontinue Pepsi products in protest of the company’s price hikes. fell about 2%.
Palantir stock declines as Jefferies lowers stock price due to ‘AI overhype’
2 hours 14 minutes ago
Palantir (PLTR) stock fell 2% on Friday after Jefferies downgraded the stock, reversing the company’s previous stance and criticizing the company for “overhyping” artificial intelligence (AI). did.
In an analyst note, Jefferies lowered Palantir’s rating from “hold” to “underperform” and cut its price target from $18 to $13, calling the company’s valuation “unreasonable.”
The company noted that Palantir will be “one of the biggest beneficiaries of AI trading” in 2023, with its stock price more than doubling last year, but as the company’s government business slows, “PLTR’s commercial “There’s more pressure on the business sector.” Promote overall growth. ” Jefferies added that it views its reliance on commercial operations to drive growth as a risk.
Despite Friday’s loss, Palantir stock has risen more than 150% over the past year.
-Naomi Buchanan
Costco stock rises due to strong holiday season
2 hours 53 minutes ago
Shares of Costco Wholesale Corporation (COST), the largest U.S. warehouse retailer, rose after the company reported a strong holiday season.
Costco on Thursday reported sales totaled $26.15 billion for the five-week period from Nov. 27 to Dec. 31, an increase of about 10% from 2022.
Same-store sales increased 8.5%. It increased by 7.3% in the United States, 12.8% in Canada, and 10.5% in other countries. E-commerce sales increased by 17.7%. The company pointed out that there was one more shopping day in 2023 than in the previous year because New Year’s Day coincided. This increased total sales and comparable sales by approximately 3%.
Costco’s stock hit an all-time high last month, and while it has fallen some since then, it’s still up more than 35% over the past year. As of 12:30pm ET on Friday, the stock was up about 1% to $655.15.
-Bill McCall
trading view.
Charts to watch: JetBlue Airways
3 hours 44 minutes ago
JetBlue Airways (JBLU) rose nearly 8% on Thursday amid heightened volatility as a court ruling looms over the airline’s proposed $3.8 billion no-frills takeover of airline Spirit Airlines (SAVE).
The Justice Department filed a lawsuit in March last year seeking to block the partnership between the two low-cost airlines, arguing that it would stifle competition in a highly concentrated industry. Lawyers representing JetBlue say the partnership is critical to the company’s ability to become a leading disruptor among the industry’s leading airlines.
Source: TradingView.com.
JetBlue’s stock price broke above the neckline of an inverted head-and-shoulders chart pattern in early December and continued to trend upwards until late last month. Volatility has increased this year, with prices moving more than 5% for three consecutive days.
Looking ahead, investors may want to keep an eye on the $4.75 level, where price could encounter support from the neckline of an inverse head and shoulders pattern that roughly matches the 50-day moving average. .
See here for other charts to watch today.
-Timothy Smith
Wilson tennis racket maker Amer Sports files for IPO
4 hours 51 minutes ago
Sporting goods and apparel company Amer Sports filed for an initial public offering (IPO) on Thursday, raising hopes that interest rate cuts expected by investors in 2024 will revitalize the IPO market after two disastrous years.
Founded in Finland in 1950, Amer Sports owns a portfolio of brands including Arc’teryx, Salomon and Wilson. The company was listed on Nasdaq Helsinki in 1977 and was taken private in 2019 by a consortium led by ANTA Sports, China’s largest sporting goods company. Co-owners include Lululemon founder Chip Wilson’s investment firm Anamed Investments, Fountainvest Partners and Tencent.
Amer has grown at an average annual rate of 20% since going private and sold more than $3.5 billion in products in 2022, according to SEC filings.
The IPO market shut down in 2022, with 149 debuting companies raising about $21 billion, a fraction of the $282 billion raised by 908 IPOs in 2021. Things weren’t much better in 2023, with 108 IPOs raising $19.4 billion, according to Renaissance Capital.
But the outlook began to improve at the end of the year, when chip designer Arm (ARM) raised nearly $5 billion in its largest U.S. IPO since 2021. Arm’s September debuts include grocery delivery company Instacart (CART) and sandal maker Birkenstock (Berke).
Stocks that move the most before the market
6 hours 8 minutes ago
Profit:
- Peloton Interactive Inc. (PTON): Shares of the at-home fitness company rose 7%, extending yesterday’s gains after the company announced it would partner with TikTok to bring fitness content to its short-form video platform.
- Costco Wholesale Corporation (COST): The warehouse retailer rose about 1% after the warehouse retailer said same-store sales rose 8.5% in December compared to the same month last year.
- Constellation Brands (STZ): Shares of the beer, wine and spirits maker rose 1% after the company reported better-than-expected quarterly profits despite weak sales and a lowered outlook.
loss:
- Palantir Technologies (PLTR): A data analytics company after Jefferies analysts downgraded the company’s stock to “sell” due to the stock’s rise reaching “unsustainable valuation levels.” ‘s stock price fell about 4%.
- Okta Inc. (OKTA): The cybersecurity stock fell 2% after it was downgraded by Jefferies analysts who said recent data breaches could weigh on the stock.
- Medical Properties Trust (MPW): The healthcare REIT plunged 20% after announcing it was working with major tenant Steward Healthcare to collect $50 million in unpaid rent.
December job report
6 hours 40 minutes ago
The U.S. added 216,000 jobs in December, well above the expected 170,000 new jobs, according to the Bureau of Labor Statistics. The unemployment rate remained at 3.7%. Economists had expected a slight rise to 3.8%.
Wage growth accelerated to an annual rate of 4.1%, slightly higher than in November and above the current rate of inflation.
The Federal Reserve is closely monitoring employment data in an effort to contain inflation and the economy without triggering a wave of layoffs.
-Terry Lane
Stock futures fall ahead of employment report
7 hours 14 minutes ago
In premarket trading Friday, futures contracts tied to the Dow Jones Industrial Average fell about 0.3%.
S&P 500 futures also fell 0.3%.
Nasdaq 100 futures also fell 0.3%.
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