Yahoo Finance Trending tickers: Apple, Tata Consultancy Services, Costco and Dr Martens
The latest investor updates on stocks that are trending on Thursday
Apple (AAPL)
Apple believes its new artificial intelligence (AI) services will boost demand for its iPhones.
The Cupertino-based company expects to ship at least at least 90 million iPhone 16 devices when they go on sale in the second half of this year. This is roughly a 10% increase on the 81 million iPhone 15 units it shipped in the latter half of 2023, according to Bloomberg.
Apple's new AI features for iOS include intelligent writing tools that help with proofreading, summarising, and rewriting text across apps. Enhanced notifications prioritise important messages, and the Mail app offers "Smart Replies".
Apple said it will start testing Apple Intelligence features in beta on iOS 18, iPadOS 18, and macOS Sequoia this fall. Meanwhile, the upgraded version of Siri is expected to arrive in the early months of 2025.
There is no word yet on how Apple Intelligence will function in China because Apple has not yet established a deal with a Chinese AI company. OpenAI's ChatGPT, which will be available in the US and other countries, is not able to operate in China.
Tata Consultancy Services (TCS.NS)
Shares in Tata Consultancy Services (TCS) were lower on Thursday as the company is set to kick off the first quarter (Q1) earnings season for Nifty 50 (^NSEI) companies after the bell.
India’s largest IT services company is expected to report revenue growth higher than that seen over the past five quarters while its profit and margin may decline due to wage hikes.
Read more: How to invest in the Indian stock market
“Revenue growth would be driven by a ramp up in the execution of strong order signings of earlier quarters,” said Kotak Securities, in its preview note on the IT sector.
Costco (COST)
Shares in the membership-based bulk retailer were higher in pre-market trading as it announced fees would go up for the first time since 2017
Starting 1 September, fees will increase to $65 for individuals and $130 for executive memberships, up from $60 and $120, representing an 8% hike for both categories. Costco said the rise will hit 52 million memberships.
Around half the 74.5 million households that hold cards are executive members who pay the higher annual cost. This membership includes 2% cash back on in-store and online purchases.
The company posted net income of $1.68bn in the 12-week period ending 12 May. That figure incorporates the $1.12bn in membership fees it took in during the quarter. Costco earned nearly $4.bn in annual membership fees in the fiscal year that ended in early September, an 8% increase from the previous year.
Sales for the five weeks ending on 8 July rose 7.4% from the same period last year to $24.48bn, taking the year-to-date tally to $210.55bn — a 6.9% increase from last year.
Dr Martens (DOCS.L)
Dr Martens’ shares jumped after the company reassured shareholders that trading since the start of its financial year has remained in line with expectations.
"As always, the first quarter is the smallest period of our financial year, representing the end of the spring/summer season. As communicated in our recent 2024 results, the current financial year will be very second-half weighted, particularly from a profit perspective," the company said in a brief statement ahead of its annual general meeting in London later on Thursday.
The classic British footwear company said the upcoming autumn and winter period would be a “key focus” for the group and results would be heavily weighted to the second half.
It is targeting target positive direct-to-customer growth in the US in the second half of the current financial year.
“Work on our cost action plan is ongoing and we will provide a detailed update at our first half results in November.”
Shares plunged earlier this year after a shock profit warning.
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