275.61 +2.25 (0.82%)
After hours: 4:45PM EST
|Bid||273.41 x 800|
|Ask||274.40 x 800|
|Day's range||256.37 - 278.41|
|52-week range||169.50 - 327.85|
|Beta (5Y monthly)||1.28|
|PE ratio (TTM)||21.70|
|Earnings date||27 Apr 2020 - 03 May 2020|
|Forward dividend & yield||3.08 (1.13%)|
|Ex-dividend date||06 Feb 2020|
|1y target est||333.26|
An iPhone app built by controversial facial recognition startup Clearview AI has been blocked by Apple, effectively banning the app from use. Apple confirmed to TechCrunch that the startup "violated" the terms of its enterprise developer program. Clearview AI has been at the middle of a media — and legal — storm since its public debut in The New York Times last month.
Is it time to buy stocks now that the coronavirus has caused stocks to crash? Top experts weigh in on Yahoo Finance.
(Bloomberg) -- Apple Inc. Chief Executive Officer Tim Cook suggested the iPhone maker wouldn’t make any quick moves out of China in light of interruptions due to the coronavirus and called the situation a “temporary condition.”“We’re talking about adjusting some knobs, not some sort of wholesale, fundamental change,” he said in an interview aired Friday on Fox Business.Apple’s China-focused supply chain is facing two major tests -- first from a trade war between the U.S. and China and more recently from manufacturing outages spurred by the spread of the virus across the world’s most populous nation.Read more: Apple Outlook Cut Renews Questions About China Over-RelianceApple scrapped its March quarter revenue guidance recently, citing iPhone production constraints and closed stores in China due to the coronavirus. On Friday, Cook was asked if the disruption would bleed into the June quarter. “We’re still in February, there’s reason for optimism, but we’ll see,” he said.The Apple supply chain is “relatively more important in China,” he said, but noted that he’ll be watching the coronavirus situation unfold in Korea and Italy since Apple has suppliers and businesses there as well. “It’s very important to see what happens there,” he added.Cook also defended a supply-chain strategy that he has led for years. “We’ve worked through earthquakes, tornadoes, fires, floods, tsunamis, SARS, so we’ve had a long list of things, and the operational team is very deep at working through these,” the CEO said. “So the question for us after we get to the other side, was the resilience there or not and will we need to make some changes?”“It will take some time, but by and large, I think this is a temporary condition, not a long term of thing,” he added.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, Robin AjelloFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Wall Street selling was stemmed Friday, as Federal Reserve Chairman Jerome Powell hinted at a rate cut after flagging the coronavirus as "evolving risk" to the economy. The S&P 500 slipped 1.07% and Nasdaq Composite fell 0.22%. For weeks, Wall Street has been upping bets on a Federal Reserve rate cut, with some pricing in three consecutive cuts starting as soon as March.
(Bloomberg) -- Baidu Inc. predicted revenue may slide as much as 13% this quarter, joining its fellow technology giants in warning about the impact of the deadly coronavirus.China’s internet search leader forecast a 5% to 13% plunge in sales to between 21 billion yuan ($3 billion) and 22.9 billion yuan in the March quarter, missing an average projection for 23.4 billion yuan. Its U.S.-traded shares slid as much as 1.6% in extended trading.From Microsoft Corp. and Apple Inc. to Alibaba Group Holding Ltd., the world’s largest corporations have either scaled back on projections or warned of a hit to their operations from Covid-19. Apart from the uncertainty of the outbreak, Baidu has been grappling with a slowing home economy and competition from upstarts like ByteDance Inc. that’ve lured advertisers away and depressed marketing rates. Chief Executive Officer Robin Li said it will take time for the world’s No. 2 economy to recover.“The return of economic growth will be a long-term issue after the epidemic, but many new opportunities are emerging,” the billionaire founder told employees in an internal memo obtained by Bloomberg.Certain businesses can thrive despite the epidemic, including online entertainment and education, Li added. Baidu’s Netflix-style unit iQiyi Inc. projected a better-than-expected revenue gain of 2% to 8% this quarter.“The virus has affected consumer spending, so naturally advertisers will want to postpone their budgets,” said David Dai, a Hong Kong-based analyst with Bernstein.Read more: Virus Outbreak Exposes $46 Billion Rift in China’s Tech IndustryIn recent days, anxiety has mounted about the spread of the virus outside of China, where it originated. But Baidu executives on Friday emphasized they remained upbeat about a gradual return to normality.“Business activities have started to pick up as people return to work. At Baidu, our employees are gradually returning to the office, applying strict safety measures,” Chief Financial Officer Herman Yu told analysts on a conference call. “We assume businesses across China will do the same, and that our marketing services will pick up at a faster pace into quarter-end.”Baidu had earlier reported better-than-expected revenue for the quarter ended December, when ad demand stabilized and pressure from competitors eased. To offset stalling growth, it looked to improve its bottom line especially by tightening content costs related to iQiyi. Longer term, the company is investing gains from its core search and news services into divisions like driverless cars and smart speakers.Baidu’s shares rallied after the company reported preliminary revenue for the December quarter that beat the highest of analysts’ estimates, but that gain’s mostly been erased since the epidemic triggered a broader selloff of Chinese stocks. The company has been surpassed in market value by rivals like Meituan Dianping and NetEase Inc. after shedding more than $11 billion last year.“For the majority, or probably all of the industries who advertise on us, those kinds of demand don’t disappear -- they’re just postponed,” Li said on the call Friday. “If you plan to marry, you’ll still get married. If you plan to buy a car, you’ll still buy a car. If you plan to become prettier, you’ll still go for cosmetic surgery. This kind of demand will come back after the epidemic ends.”To contact the reporter on this story: Zheping Huang in Hong Kong at firstname.lastname@example.orgTo contact the editors responsible for this story: Edwin Chan at email@example.com, Colum MurphyFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
(Bloomberg) -- Dell Technologies Inc. gave a profit forecast that fell short of Wall Street estimates, in a sign that weaker corporate demand for personal computers will take a toll on the hardware giant.Profit, excluding some items, will be $5.90 to $6.60 a share in fiscal 2021, Chief Financial Officer Tom Sweet said Thursday during a conference call. Analysts, on average, projected $6.72, according to data compiled by Bloomberg.Dell expects $92 billion to $95 billion in fiscal 2021 revenue. The sales midpoint topped the average analyst estimate of $93.1 billion. A surge of corporate upgrades to PCs that has fueled robust demand will probably end in the second half of the fiscal year, Sweet said.Chief Executive Officer Michael Dell has sought to leverage the different parts of his empire to sell clients higher-value packages of hardware and software. But global economic issues, including trade conflicts, the past few months have slowed sales of equipment for data centers, particularly in China. Sweet said server demand would bounce back during the year, which will help boost the company’s overall revenue.Unlike competitors such as Microsoft Corp. and HP Inc., Dell didn’t account for any economic effect from the coronavirus outbreak in its forecast.“I didn’t think it was appropriate to quantify, because I’m not sure we know the full impact,” Sweet said in an interview. “We’ve been moving production and parts around. Are we at full capacity? No. We’re navigating through it based on what we know today.”Dell anticipates adjusted operating income of $8.9 billion to $9.5 billion in fiscal 2021, Sweet said.In the period ended Jan. 31, Revenue increased 1% to $24 billion, the Round Rock, Texas-based company said earlier Thursday in a statement. Analysts, on average, estimated $23.9 billion. Profit, excluding some items, was $2 a share in the fiscal fourth quarter, matching estimates.Sales in the company’s infrastructure solutions unit, which provides equipment to data centers, declined 11% to $8.8 billion. Storage hardware sales decreased 3% and servers and networking gear dropped 19%, highlighting a slower spending environment among large corporate clients.The personal computer division gained 8% to $11.8 billion in the quarter. Commercial sales rose 10% due to corporate clients upgrading their computers to adopt Microsoft’s Windows 10 operating system. Revenue from consumers climbed 4%.Shares fell to a low of $40.40 after closing at $43.56 in New York. The stock has declined 23% in the past 12 months.Dell said it repaid about $1.5 billion of gross debt in the quarter and $5 billion for the year. The company said it has paid down $19.5 billion in gross debt since closing its acquisition of EMC Corp. in September 2016. Dell also announced a $1 billion share buyback program over two years.To contact the reporter on this story: Nico Grant in San Francisco at firstname.lastname@example.orgTo contact the editors responsible for this story: Jillian Ward at email@example.com, Andrew Pollack, Dan ReichlFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
The current record is nine days, occurring in early 2018, according to S&P Dow Jones Indices analyst Howard Silverblatt. While the indexes pared some losses, the S&P 500 fell as much as 11.2% from its record close and the Nasdaq dropped 12.2% from its own peak. At its session low, the Dow Jones Industrials declined 12.1% from its Feb. 12 closing high.
(Bloomberg) -- PayPal Holdings Inc. cut its forecast for revenue in the first quarter due to the continued impact of the coronavirus.The payments operator said it expects revenue to be on the lower end of a previously forecast range of $4.78 billion to $4.84 billion. The company reaffirmed its outlook for adjusted earnings of 76 cents to 78 cents a share.“PayPal’s business trends remain strong; however, international cross-border e-commerce activity has been negatively impacted by COVID-19,” the company said in a statement Thursday. PayPal said it expects the “negative impact from COVID-19” to be about a one percentage-point reduction to revenue growth for the first quarter.PayPal shares were little changed in morning trading in New York on Thursday. The stock has dropped about 10% in the past week. Companies have begun lowering forecasts as the deadly virus spreads from China to Europe, the Middle East and the U.S. Federal health officials warned earlier this week that the illness will almost certainly spread in the U.S. and that people should prepare for significant disruptions in daily life, including school closings, cancellations of sporting events, concerts and business meetings.On Wednesday Microsoft Corp. reduced its quarterly outlook, following Apple Inc. and HP, because of supply-chain disruptions related to the virus. Mastercard Inc. also lowered its forecast for quarterly revenue growth as the virus curbs international travel and takes a bite out of e-commerce.Anxious investors have driven five consecutive days of stock market losses in the U.S., erasing the benchmark S&P 500 index’s gains for the year.(Updates with shares in fourth paragraph.)To contact the reporter on this story: Julie Verhage in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Mark Milian at email@example.com, Molly Schuetz, Alistair BarrFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Microsoft said it may miss its revenue guidance for the upcoming quarter on coronavirus-related pressure on Microsoft's Windows and Surface hardware businesses.
(Bloomberg) -- Apple Inc. has lost a pair of veteran executives who worked in the manufacturing, supply chain and operations group and were key participants in the production of many of the company’s major devices.Nick Forlenza, a vice president of manufacturing design, has retired from Apple, while Duco Pasmooij, another vice president who worked on operations, is discussing an exit in the near future, according to people familiar with the moves. Pasmooij left the operations team over a year ago, moving into a role reporting to the company’s head of augmented reality efforts, said the people, who asked not to be identified discussing personnel.Apple has about a hundred vice presidents across the company who help Chief Executive Officer Tim Cook and the senior executive team run one of the world’s most profitable companies. An Apple spokesman declined to comment. Forlenza and Pasmooij didn’t respond to requests for comment.Apple’s work on operations has become even more critical in recent years, which is evident within its top ranks. Apple’s top two employees, Cook and Chief Operating Officer Jeff Williams, come from the operations world. Its newest member of the executive team, Sabih Kahn, is its senior vice president of operations.Cook, since joining Apple more than 20 years ago, has transformed Apple’s supply chain, relying on China to manufacture devices with the help of low-cost, skilled labor, and to ship those products around the world. Apple depends on its operations group to ramp up and produce devices with complex designs and technology.The unit is central to the company’s search for more places to supply and build its products in the face of geopolitical issues, such as the U.S. trade war with China, and the outbreak of the Covid-19 coronavirus. The personnel moves aren’t related to each other nor the recent supply chain disruptions, according to the people familiar with the matter.Forlenza had worked under Kahn as an executive in charge of manufacturing design, leading a team of supply chain and operations executives globally responsible for production processes and manufacturing equipment. While Apple outsources the production of its millions of devices to partners like Foxconn Technology Group and Pegatron Corp., the Cupertino, California-based company meticulously sets out how its products are built to meet its standards.Pasmooij for many years helped lead production operations for Apple’s most-important product, the iPhone. Recently, he reported to Mike Rockwell, the vice president in charge of augmented reality and virtual reality efforts, but didn’t have any direct reports of his own.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, Andrew Pollack, Alistair BarrFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Tech giant Apple is so strict about the use of their products they won't let villains use them on screen, the Star Wars director has said. Product placement has been part of the American viewing experience for many years, and has been allowed in the UK since 2011. The Star Wars: The Last Jedi filmmaker admitted that can end up being a bit of a spoiler for a mystery or whodunit, like Knives Out.