AAPL - Apple Inc.

NasdaqGS - NasdaqGS Real-time price. Currency in USD
288.08
-10.10 (-3.39%)
At close: 4:00PM EST

288.15 +0.07 (0.02%)
After hours: 5:26PM EST

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Previous close298.18
Open300.95
Bid289.25 x 800
Ask289.40 x 1000
Day's range286.15 - 302.53
52-week range169.50 - 327.85
Volume52,852,275
Avg. volume30,603,600
Market cap1.26T
Beta (5Y monthly)1.28
PE ratio (TTM)22.87
EPS (TTM)12.60
Earnings date27 Apr 2020 - 03 May 2020
Forward dividend & yield3.08 (1.03%)
Ex-dividend date06 Feb 2020
1y target est333.31
  • How coronavirus could boost iPhone 12 sales
    Yahoo Finance

    How coronavirus could boost iPhone 12 sales

    Apple could lose billions in sales in Q2 due to the coronavirus, but it may end up boosting sales of the iPhone 12 later this year.

  • Tesla’s Autopilot, Cell Phone Use Blamed in 2018 Fatal Crash
    Bloomberg

    Tesla’s Autopilot, Cell Phone Use Blamed in 2018 Fatal Crash

    (Bloomberg) -- U.S. crash investigators faulted Tesla Inc.’s Autopilot system and the driver’s distraction by a mobile device for a fatal accident in 2018 and called on Apple Inc. and other cell phone makers to do more to keep motorists’ attention on the road.Tesla was heavily criticized for not doing enough to keep drivers from using its driver-assist function inappropriately. U.S. regulators, which have guidelines but no firm rules for the emerging automated driving systems, were also attacked by the safety board.“It’s time to stop enabling drivers in any partially automated vehicle to pretend that they have driverless cars, because they don’t have driverless cars,” National Transportation Safety Board Chairman Robert Sumwalt said.Even though the Tesla SUV in the 2018 crash had previously veered toward the concrete barrier, the driver, an Apple employee, allowed the semi-autonomous system to essentially steer itself as it passed that same location, the NTSB concluded.“The crash driver’s employer, Apple, is a tech leader, but like most employers, has yet to develop a distracted driving policy,” Sumwalt said at the meeting.The NTSB has for years issued warnings about distracted driving and its deadly toll on the roadways and called on the National Highway Traffic Safety Administration to do more to ensure the safety of the systems.Sumwalt said the board had called on the technology industry to develop automated protections to prevent misuse of electronic devices while behind the wheel in 2011.“We urge Tesla to continue to work on improving their Autopilot technology and for NHTSA to fulfill its oversight responsibility to ensure that corrective action is taken when necessary,” Sumwalt said.The death of 38-year-old Apple engineer Walter Huang in March 2018 in Silicon Valley prompted the NTSB to focus on how technological progress advanced by big-name tech companies and unfettered by federal regulators can lead to tragic consequences.“Limitations within the Autopilot system caused the SUV to veer towards the area with a concrete barrier that it ultimately struck, which the driver didn’t attempt to stop due to distraction,” the board found.NTSB recommended that both mobile device manufacturers such as Apple, Google and Samsung Electronics Co., as well as employers more broadly, do more to combat distracted driving.Mobile phone manufacturers should lock out features on the devices as a default setting, rather than as an optional feature that must be activated manually, the NTSB said. Employers should adopt policies banning non-emergency cell phone use by employees when behind the wheel.The NTSB posted a document on Monday in its public record on the crash showing Apple didn’t have a policy on distracted driving.“I checked around with various groups and we do not have a policy related to phone use and driving,” wrote an Apple representative in an email response to the NTSB, which was posted to the safety board’s public investigative files on Monday.An Apple spokesman said the company expects its employees to follow the law. Tesla didn’t respond to a request for comment but has said it’s updated Autopilot in part to issue more frequent warnings to inattentive drivers and that its research shows drivers are safer using the system than not.The combination of growing mobile-device use in semi-autonomous cars, in which drivers can take their eyes off the road for long periods, is a combustible mix, said NTSB Vice Chairman Bruce Landsberg.“What this crash illustrates is not only do we have the old kind of distraction” Lansberg said. Partially-automated driving systems present “yet another kind, which is the automation complacency of the system almost kind of always works, except when it doesn’t.”NTSB board member Jennifer Homendy criticized the NHTSA for issuing a recent statement saying it was trying to limit regulations to make cars more affordable.“What we should not do is lower the bar on safety,” Homendy said. “That shouldn’t even be considered for an agency that has the word safety in its name.”NHTSA said in a statement it was aware of the NTSB’s report and would review it. It also said distracted driving remains a concern and that drivers of every motor vehicle available currently on sale are required to remain in control at all times.It is also conducting more than a dozen of its own investigations into Tesla crashes linked to its semi-autonomous system known as Autopilot. Tesla is one of the leading developers of automated driving technology.The Tesla struck the concrete highway barrier at about 70 miles (113 kilometers) per hour. The driver’s hands weren’t detected on the wheel for about one-third of the drive and the car twice issued automated warnings to him.A protective barrier on the highway designed to reduce the crash impact forces wasn’t in place, making the severity worse, NTSB found.In addition, Tesla and government agencies haven’t bothered to respond to NTSB’s recommendations related to an earlier, similar crash. The U.S. Department of Transportation is required by law to respond to NTSB recommendations, but didn’t do so after the earlier crash, NTSB records show.Smartphone manufacturers and software developers have taken some steps to address distracted driving. Apple’s iPhone, for example, has a feature to block text message and other notifications when driving that a user can activate in the phone’s settings.“The challenge is that they’re all passive systems. They require you as the owner of the phone to take that action, and many won’t or don’t because they don’t have to,” said Kelly Nantel, vice president of roadway safety at the National Safety Council.(Updates with details from hearing beginning in paragraph 6)To contact the reporters on this story: Ryan Beene in Washington at rbeene@bloomberg.net;Alan Levin in Washington at alevin24@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Elizabeth WassermanFor 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.

  • Apple, J&J to study if Apple Watch app leads to lower stroke risk
    Reuters

    Apple, J&J to study if Apple Watch app leads to lower stroke risk

    Last year, Apple's Heart Study https://www.reuters.com/article/us-apple-watch-heart/apple-watch-detects-irregular-heartbeats-in-u-s-study-idUSKBN1XN2S2 found that the watch could accurately detect atrial fibrillation, the most common type of irregular heartbeat, according to a study that explored the role of wearable devices in identifying potential heart problems. Atrial fibrillation increases the risk of stroke more than fivefold, according to the American Heart Association. Jeff Williams, Apple's chief operating officer, said the initial study proved the Apple Watch can detect atrial fibrillation with a low rate of false alarms, which helped Apple gain clearance from the U.S. Food and Drug Administration for a watch app that takes an electrocardiogram, or EKG, measurement.

  • Tech Daily: Regulatory & More
    Zacks

    Tech Daily: Regulatory & More

    The planned digital tax, a new bill that could impact encryption, developments on U.S. Google's antitrust case and Amazon's challenge of the JEDI contract and other news is covered in this article.

  • Coronavirus clouds Apple's timeline for new iPhones
    Reuters

    Coronavirus clouds Apple's timeline for new iPhones

    SAN FRANCISCO/TAIPEI (Reuters) - Travel restrictions to China because of the coronavirus have come just as Apple Inc's engineers usually jet off to Asia to perfect the production of this fall's new iPhones, former employees and supply chain experts told Reuters. High-volume manufacturing is not scheduled until summer, but the first months of the year are when Apple irons out assembly processes with partners such as Hon Hai Precision Industry Co's Foxconn, two former Apple employees said. While Apple uses other contract manufacturers such as Wistron Corp to make some iPhones, Taiwan's Foxconn tends to handle the introduction of new models because its capabilities are the most advanced, supply chain experts said.

  • Dimon Says JPMorgan Is Looking ‘Aggressively’ at Acquisitions
    Bloomberg

    Dimon Says JPMorgan Is Looking ‘Aggressively’ at Acquisitions

    (Bloomberg) -- Jamie Dimon sees competition everywhere he looks, so he’s vowing to be creative with what he can buy to stay ahead.JPMorgan Chase & Co. is looking “aggressively” at acquisitions across its businesses and could buy anything that’s not another U.S. bank, the chief executive officer said at the firm’s investor day in New York Tuesday. The bank has a greater appetite for deals than in previous years, helped by regulators who are more accommodative, he said.Coming off the most profitable year in U.S. banking history, Dimon attempted to push down expectations, saying last year’s bonanza was helped by unusually low credit costs and flagging 2020 as a “tougher year.” The bank’s presentation touted how it’s outperformed rivals in recent years, but also struck a cautious tone on challenges it faces from a series of industry trends that aren’t going away.“You’re going to get some form of competition from Apple, Amazon, Facebook, Google, WeChat, Alipay; you’re going to get it across payments, white label, black label and bank-in-a-box and marketplaces, and that’s the world we’re going to face,” Dimon said. “When it comes to M&A, we should be very, very creative.”One big change is in regulators’ attitudes toward letting big banks get bigger.“Now they’re giving more of a green light,” Dimon said. “The door is open for people to be a little more ambitious and aggressive with how they deploy capital in acquisitions.”In updating its outlook for 2020, the bank maintained its return on tangible equity target at 17%, and said its overhead ratio would be below 55% in the medium term. It expects net interest income to fall slightly to $57 billion this year as lower interest rates squeeze traditional lending businesses.Interest rates holding near multiyear lows will continue taking a bite out of revenue, it said.“Rates are much lower than expected both on the short and long end” than the bank forecast a year ago, Chief Financial Officer Jenn Piepszak said. While the firm expects NII to grow again in 2021, “all of this is market dependent, and yesterday’s volatility is a good reminder of that,” she said, referring to the stock-market tumble.“It’s gonna be a much tougher year in 2020,” Dimon said. While the bank is prepared for an economic downturn, “a lot of our managers haven’t been through one, so I do worry about that.”On other fronts, Dimon and Piepszak said JPMorgan plans to borrow from the Federal Reserve’s discount window from time to time. The facility is meant to provide emergency liquidity to banks that otherwise have healthy balance sheets. In a cash crunch, banks can pledge collateral to the Fed in return for cash. But lenders have been reluctant to use the window, in case investors interpret it as a sign of financial weakness.“We think this is an important step for us to take to break the stigma here,” Piepszak said.For the first quarter, net interest income will likely be $14.2 billion, slightly higher than previous estimates. And trading revenue for the period will probably increase by a percentage in the “mid-teens” compared with the same period last year, according to Daniel Pinto, co-president of the corporate and investment bank. The market is doing “pretty well” so far this year, Pinto said.Cost cuts have been a major focus, including shifting thousands of jobs out of the New York area to cheaper locations domestically and abroad over the past few years. Still, JPMorgan said expenses could jump 2.5% this year to around $67 billion. The bank said it would spend $500 million more on technology investments.Shares of the company fell 2.8% to $128.43 at 1:18 p.m. in New York, compared with a 3.1% decline for the KBW Bank Index.The bank also said it would help finance about $200 billion related to sustainable business practices and other green initiatives, up from $175 billion last year. It expects to use renewable energy for all its global power needs by the end of 2020.“There’s no meeting where this issue isn’t coming up,” Pinto said. “This situation is evolving so fast that whatever target you put for the next 10 years most likely will be obsolete.”Among other major initiatives is a national branch expansion, a push into China, investments in wholesale payments and a deeper effort to advise high-net-worth individuals.On the branch expansion, JPMorgan said it has $1.5 billion in deposits and investments from new markets, including Boston, Philadelphia and Washington D.C. New branches are reaching the break-even point seven months faster than the average six years ago, the company said.To contact the reporter on this story: Michelle F. Davis in New York at mdavis194@bloomberg.netTo contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, 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.

  • Apple's January iPhone Sales Fall in China Due to COVID-19
    Zacks

    Apple's January iPhone Sales Fall in China Due to COVID-19

    Apple's (AAPL) iPhone sales are taking a hit in China due to the ongoing corona virus outbreak.

  • Give Your Child a Head Start in Investing: 3 Big Brand Stocks
    Zacks

    Give Your Child a Head Start in Investing: 3 Big Brand Stocks

    Invest in big brand stocks for your children, as these stocks generally boast stable cash flow, and being big brands, consumers have confidence in their products' quality, durability and consistency.

  • Reuters - UK Focus

    GLOBAL MARKETS-Global stocks sink further as virus fears weigh

    Global stocks sank to their lowest levels in over two months on Tuesday, as relief from a sharp selloff the previous day on fears about the spreading coronavirus proved temporary. European shares recorded their worst one-day loss since June 2016 on Monday as worries about the spread of the new virus far beyond China whacked global markets and risk sentiment. Italy is grappling with the worst outbreak of coronavirus in Europe.

  • A Nasty Drop of 3%+ Spells Good Times Ahead: 5 Solid Picks
    Zacks

    A Nasty Drop of 3%+ Spells Good Times Ahead: 5 Solid Picks

    In the past 10 times that the Dow and S&P 500 lost a minimum of 3%, their performances improved considerably in the following week, month and year.

  • Reuters - UK Focus

    GLOBAL MARKETS-Global stocks pause after coronavirus shakeout

    Global stock markets stabilised on Tuesday after a wave of early selling petered out and Wall Street futures managed a solid bounce after the previous day's sharp selloff on fears about the spreading coronavirus. European shares recorded their worst one-day loss since June 2016 on Monday as worries about the spread of the new virus far beyond China whacked global markets and risk sentiment. "There is no question financial markets are coming round to the realisation that this particular crisis is likely to have a slightly longer shelf life than many thought was the case a couple of weeks ago," said Michael Hewson, chief markets analyst at CMC Markets in London.

  • Apple may be forced to disclose censorship requests from China
    The Guardian

    Apple may be forced to disclose censorship requests from China

    Apple may be forced to disclose censorship requests from ChinaTwo major shareholder groups backed proposal that would force tech company to make new human rights commitments

  • Bloomberg

    Apple Reopens More Than Half of Its Retail Stores in China

    (Bloomberg) -- Apple Inc. is reopening more than half of its retail stores in China, trying to rebound from a sales hit tied to the coronavirus.As of Monday, 29 of 42 Apple stores in the country are opening, according to a review of the company’s retail websites. Most of these locations are still operating on shortened hours. Some outlets will be open for fewer than 8 hours. That compares with a typical 12-hour day, depending on location.The Cupertino, California-based technology giant hasn’t said when the remaining stores will reopen. However, some Apple websites for specific stores show that operating hours will return to normal as early as the end of this week.Apple’s retail footprint in China is critical to the company’s sales. The store closures were one of two main reasons for Apple saying it wouldn’t meet its revenue target of at least $63 billion in the current quarter ending in March.Read more: Apple Outlook Cut Renews Questions About China Over-RelianceApple Chief Executive Officer Tim Cook told employees last week that retail locations in China were “starting to reopen, but we are experiencing a slower return to normal conditions than we had anticipated.”Earlier on Monday, an analysis of official Chinese data showed that Apple’s China iPhone shipments dropped in January as the coronavirus began to spread.To contact the reporter on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew PollackFor 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.

  • Apple’s China iPhone Sales Dropped in January as Virus Emerged
    Bloomberg

    Apple’s China iPhone Sales Dropped in January as Virus Emerged

    (Bloomberg) -- Apple Inc.’s China iPhone sales dropped in January as the coronavirus began to spread, according to an analysis of government data on Monday.Demand for the product fell 28% compared with the previous month, a bigger decline than usual for that time of year, according to a UBS research note citing official Chinese data.“February numbers are likely to be far worse due to both supply and demand issues related to the virus outbreak,” UBS analyst Timothy Arcuri wrote in the note.Apple recently pulled its revenue forecast for the March quarter, saying the virus had stunted sales and slowed production. The company also closed all of its 42 physical stores in mainland China due to the outbreak. It is beginning to reopen them now.The situation is so fluid that Apple hasn’t given a new revenue forecast, Arcuri said. The pace of recovery in the company’s June quarter “is more dependent on the demand side – which is very hard to predict,” the analyst added.Overall January smartphone shipments in China slumped 37% year over year, according to numbers from the China Academy of Information and Communications Technology. UBS’s Arcuri said iPhone sales climbed 5% in the same period, thanks to its online stores and easier comparisons to the previous holiday period which was marred by trade war tensions.Read more: Apple Outlook Cut Renews Questions About China Over-Reliance\--With assistance from Linly Lin.To contact the reporter on this story: Mark Gurman in Los Angeles at mgurman1@bloomberg.netTo contact the editors responsible for this story: Tom Giles at tgiles5@bloomberg.net, Alistair Barr, Andrew PollackFor 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.

  • Apple Rebuffed by Supreme Court in $1 Billion VirnetX Dispute
    Bloomberg

    Apple Rebuffed by Supreme Court in $1 Billion VirnetX Dispute

    (Bloomberg) -- The U.S. Supreme Court refused to consider an appeal by Apple Inc. as the iPhone maker seeks to avoid paying as much as $1 billion in patent damages to upstart software developer VirnetX Holding Corp.VirnetX, a Nevada company with less than $2 million in annual revenue, has waged a decade-long fight to collect royalties from Apple for secure communications technology used in FaceTime and virtual private network programs on devices including the iPhone, iPad and Mac computers.VirnetX jumped as much as 18% on the news.The high court denied Apple’s petition arguing that a $439 million judgment from the first of two cases brought by VirnetX was “grossly excessive” and should be thrown out because the U.S. Patent and Trademark Office, in separate proceedings, ruled that the patents at the heart of the dispute are invalid.A second case, not currently before the high court, resulted in a $503 million verdict over the same patents and newer Apple products. An appeals court has ordered a recalculation of damages in that case, although VirnetX has said it doesn’t expect the number to be significantly smaller.“It has always been our objective to create our own products with our proprietary technology,” VirnetX Chief Executive Officer Kendall Larsen said in a statement. “Unfortunately, when other companies are using your technology without permission, you must take action to protect that company asset. We have always believed that we were in the right with our court actions against Apple.”VirnetX said Apple’s Supreme Court appeal is part of that company’s effort to avoid paying to use another of VirnetX’s inventions. Cupertino, California-based Apple’s legal tactics were part of the reason the trial judge increased the jury’s verdict of $302 million, VirnetX’s lawyers said.“After 10 years of litigation, Apple has no plausible arguments for resisting the judgment,” VirnetX told the court. “It continues the pattern of ‘gamesmanship’ and delay that resulted in the district court enhancing damages below.”‘Loophole’ in RuleOn the question of damages, Apple said the U.S. Court of Appeals for the Federal Circuit, which handles all patent appeals, has created a “gaping loophole” in the rule that damages should be “limited only to the value of its patented invention” and not to the price of an end product that contains other features.Apple said that in this case, VirnetX equated the rate paid for a desktop phone with the more complex iPhone.VirnetX said its expert witness estimated the “dollar value” of the invention in any phone supporting secure voice and video calls over the Internet. In that way, the company said it sought to avoid arguments that it was tying the royalty rate to the price of an iPhone or other Apple device.The Federal Circuit affirmed the jury verdict without issuing a formal opinion, and VirnetX argued that meant there was no real issue for the high court to review. The appeals court refused to put its decision on hold while Apple appealed to the Supreme Court.Apple also contends the case should be thrown out because of the decisions from the patent office. While the Federal Circuit has affirmed some invalidity rulings from a patent office review board, it ordered a second look at others.‘Massive Damages’“There is no need or justification to require a defendant to pay massive damages for infringing patent claims that the PTO has decided should never have issued in the first place,” Apple said.Apple is fighting to find a way to overturn the second case, which ended at trial with a $503 million verdict. The Federal Circuit in November ordered a new trial on damages in that case after finding that newer models of FaceTime didn’t infringe the patents. It said Apple was barred from arguing invalidity because that issue was resolved in one of the earlier court appeals.VirnetX said that none of its patents have been canceled because the legal dispute on those issues is continuing.The Patent Trial and Appeal Board, established in a 2011 law as part of a sweeping overhaul of the U.S. patent system, is a favored venue for companies to challenge patents after they’ve been sued. The board has a reputation for siding with companies that challenge patents, and Apple is the most prolific user of the system.Often, district court judges will put a civil suit on hold until the reviews are completed. When they don’t, as in these cases, it becomes a race for the parties to see which forum will finish first.The case is Apple Inc. v VirnetX Inc., 19-832.(Updates with VirnetX comment in sixth paragraph.)To contact the reporters on this story: Susan Decker in Washington at sdecker1@bloomberg.net;Greg Stohr in Washington at gstohr@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Laurie Asséo, Elizabeth WassermanFor 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

    Tesla to Face Fresh Autopilot Scrutiny After Company Snubs NTSB

    (Bloomberg) -- The National Transportation Safety Board on Tuesday will convene its second hearing on a fatal crash involving Tesla Inc.’s automated driver-assist technology even though the pioneering automaker hasn’t filed formal responses to recommendations stemming from the first one more than two years ago.The NTSB in 2017 recommended that automakers including Tesla make their driver-assist systems more resilient to misuse by inattentive drivers, and limit the operation of those systems to only the driving for which they were designed.Automakers including Volkswagen AG, Nissan Motor Co. and BMW AG have told NTSB how their systems ensured driver engagement, which agency deemed acceptable responses. Tesla has had no formal correspondence with NTSB officials responsible for monitoring how safety recommendations are implemented, NTSB spokesman Chris O’Neil said.“It’s not the norm,” O’Neil said. “Most recommendation recipients respond in the prescribed 90-day window.”Tesla didn’t respond to a request for comment but has said it’s updated Autopilot in part to issue more frequent warnings to inattentive drivers.The role of Tesla’s automated driver-assist features known as Autopilot, along with other factors including driver distraction and highway infrastructure, will be examined at an NTSB meeting on Tuesday regarding a March 2018 crash in Mountain View, California, that killed 38-year-old Apple Inc. engineer Walter Huang after his Tesla SUV slammed into a highway barrier while using Autopilot.The probe was marked by an unusually public display of tensions between the agency and Tesla Chief Executive Officer Elon Musk that peaked when the agency kicked Tesla off the probe after the CEO released information about the crash despite prohibitions against such disclosures during an investigation.The hearing could hold lessons for the auto industry as automated driving features are becoming increasingly common on new vehicles. Several other automakers have also equipped their vehicles with technologies that can provide automated steering, accelerating and braking, and some have installed systems to ensure drivers pay attention. General Motors Co. and Subaru Corp. use infrared cameras to track head and eye movement, and Nissan last year said it would include a similar driver-monitoring in a system designed to offer hands-free driving on the highway.Tesla has said Autopilot makes drivers safer, pointing to internal data it releases quarterly that it says demonstrates that drivers crash less frequently while using it than while driving manually. The company says drivers must remain attentive with their hands on the wheel while using Autopilot, which monitors by sensing steering wheel inputs by the driver.The company has said it has adjusted the the warnings drivers receive if their hands are off the wheel for too long, which federal investigators have faulted for being easy to sidestep.In 2017, the NTSB closed its first probe of a fatal crash linked to Autopilot by calling on companies to develop ways to better ensure drivers pay attention while using automated driving features that require human supervision. It also called on automakers to take steps to limit the use of automated driver-assist features to only the driving scenarios for which they’re designed.The recommendations stemmed from the agency’s probe of a 2016 crash in which former Navy SEAL Joshua Brown died after his Tesla Model S crashed into a commercial truck crossing the road in front of him on a Florida highway while using Autopilot. The agency cited an over-reliance on the car’s automation by Brown and a lack of built-in safeguards to prevent inattention as key factors that contributed crash.Last fall, the NTSB again cited inattention and Autopilot’s design in a January 2018 crash in which a Tesla driver rear-ended a parked fire truck on a freeway near Los Angeles. The agency said Autopilot’s design allowed the driver, who was uninjured in the crash, to stop paying attention to the road.After that crash, Tesla said it has updated Autopilot in part to issue more frequent warnings to inattentive drivers. The company has also been in regular contact with NTSB investigators and provided information about its systems to the agency, O’Neil said.“That doesn’t replace the need for formal responses to safety recommendations,” he said. “It’s a process designed to help us understand what they’re doing to implement those safety recommendations and what their progress toward them are, which may inform whether we feel other recommendations are necessary.”Records from the Mountain View investigation hint at several factors the NTSB could highlight during the meeting Tuesday. With Autopilot engaged and set to cruise at 75 miles per hour, Huang’s 2017 Tesla Model X sped up and slammed into a concrete barrier. Vehicle data showed neither the driver nor the vehicle’s automatic systems applied the brakes prior to impact, the NTSB has said.Huang had complained that Autopilot had repeatedly veered his vehicle toward the same spot during earlier trips on that same stretch of highway, according to the agency. Data taken from his Tesla’s computer confirmed that the situation had occurred at the same location four days before the fatal crash and once more several weeks earlier, records released by the NTSB show.The tip of the concrete lane divider struck by Huang’s Tesla was supposed to have been protected by a crash attenuator, a device attached to highway infrastructure to absorb impact forces like a car’s crumple zone. It was damaged 11 days earlier and hadn’t been repaired by the California Department of Transportation before Huang’s crash.Records reviewed by NTSB found Huang was playing a game on his Apple-provided mobile device before the collision, the agency said, citing data transmission records. However, the data couldn’t show how engaged he was with the game or whether he was holding the device with both hands at the time of the crash, the NTSB said.Crash investigators at the National Highway Traffic Safety Administration have opened 14 inquiries into Tesla crashes believed to involve Autopilot, plus 11 more involving other manufacturers with partial-automation systems.\--With assistance from Alan Levin.To contact the reporter on this story: Ryan Beene in Washington at rbeene@bloomberg.netTo contact the editors responsible for this story: Jon Morgan at jmorgan97@bloomberg.net, Elizabeth WassermanFor 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.

  • Apple Supply Chain Snag to Last at Least a Month, Wedbush Says
    Bloomberg

    Apple Supply Chain Snag to Last at Least a Month, Wedbush Says

    (Bloomberg) -- Apple Inc.’s supply chain, which is heavily reliant on China, will probably take more than a month to get back to full capacity at the earliest amid disruptions caused by the coronavirus, according to Wedbush analyst Daniel Ives.Even in a best-case scenario, the iPhone maker’s supply chain won’t be fully functional until early April as workers at Apple’s manufacturing partners return to work in China, Ives wrote in a research note. The disruptions could last until as late as June in a worst case scenario that would probably delay Apple’s fall iPhone release by months, he said.“All the Street’s focus is on the supply chain and gauging when some form of normalization begins around iPhone production throughout China,” Ives wrote in a research note.Last week, Apple warned it wouldn’t achieve its revenue forecast for the current quarter due to work slowdowns and sagging demand for its products in China, where the virus has infected more than 70,000 people. Reports of new clusters of cases in Italy and Iran sent stocks around the world tumbling on Monday. Cupertino, California-based Apple fell as much as 7.6% before paring some of the losses, while semiconductor stocks dropped 5.4%.If Apple’s supply chain gets back to normal by April, the company’s lower priced iPhone may be delayed by several weeks in the spring, but the 5G iPhone release in the fall would probably be unaffected, said Ives, who has an outperform rating on the stock. If slower production lasts until June, both iPhone release dates could be pushed out by months, he said.Ives’s base case calls for full production resuming by late April or early May, which would delay the fall iPhones by a few weeks and the lower cost devices by about two months.To contact the reporter on this story: Jeran Wittenstein in San Francisco at jwittenstei1@bloomberg.netTo contact the editors responsible for this story: Catherine Larkin at clarkin4@bloomberg.net, Richard RichtmyerFor 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.

  • European Stocks Slump on Rising Coronavirus Fears
    Bloomberg

    European Stocks Slump on Rising Coronavirus Fears

    (Bloomberg) -- European equities haven’t had such a bad day since the aftermath of the Brexit vote more than three years ago as increasing concerns over the economic impact of the coronavirus hurt travel and luxury sectors, and volatility spiked.The Stoxx Europe 600 Index closed down 3.8% after falling as much as 4.2% in the sharpest drop since June 27, 2016, led by the travel, mining and auto sectors. Today’s move also wiped out the year-to-date gains for the Stoxx 600. The Euro Stoxx 50 Volatility Index surged as much as 49%, the most since the so-called “Volmageddon” of February 2018 -- when Wall Street was rocked by a surge in volatility and a sell-off in stocks.Luxury companies tumbled on fears that the epidemic will hurt sales, with LVMH Moet Hennessy Louis Vuitton SE losing 4.7% and Roche Holding AG dropping 3.2%. The Stoxx 600 Travel and Leisure Index fell 6%, with Air France-KLM declining 8.7%, EasyJet Plc tumbling 17% and Ryanair Holdings Plc losing 14%.“We believe the coronavirus illness will substantially curtail store traffic in China and neighboring countries, may negatively affect incoming Chinese tourism, and is also likely to disrupt supply chains,” Oliver Chen, a retail analyst at Cowen & Co., wrote in a report on Monday.Money managers are selling stocks and looking for havens after South Korea saw a surge in cases to 763 and the concern about a jump in illnesses in Italy intensified. European equities advanced to a fresh record high last week, which is adding to investor anxiety about possibly stretched positioning and valuations.“Markets are in a risk-off mode amid concerns about the global spread of coronavirus, with a growing number of infections outside of China,” said Ulrich Urbahn, head of multi-asset strategy and research at Joh Berenberg Gossler & Co., which recently cut its exposure to commodities and favors quality European stocks. “Given the strong performance and elevated positioning in equities, the risks are clearly skewed to the downside.”The impact from China’s slowdown due to the coronavirus as well as supply, sales and production disruptions at major firms such as Apple Inc., are a major concern for asset managers. European equities are particularly sensitive as Goldman Sachs Group Inc. says the exposure of the Euro Stoxx 50 Index to China is about twice that of the S&P 500 due to such sectors as banks, automakers and luxury shares.Italy’s FTSE MIB Index led the declines among major European benchmarks, retreating as much as 6.1%, the most since June 2016, after Europe’s biggest surge of the coronavirus prompted the government to impose a lockdown on an area of 50,000 people near Milan, and authorities canceled the remaining days of the Venice Carnival, while universities closed. Some of the biggest Italian companies -- from banks to luxury firms -- were battered. Salvatore Ferragamo SpA declined as much as 10% and Juventus Football Club SpA lost as much as 12%.Goldman’s chief global equity strategist Peter Oppenheimer said last week that a 1% drop in global sales-weighted gross domestic product would cut European earnings by about 10%, turning them negative.The U.S. stock market extended the global slump, with the S&P 500 falling as much as 3.2% and the Nasdaq 100 losing up to 4.4%.However, continuous monetary easing by major global central banks and China’s efforts to support its economy are making some investors optimistic that the sell-off in risk assets won’t last for long. The London-based wealth manager Kingswood is currently neutral on stocks and looking to increase equity positions in case of a significant market correction.“The disruption caused by the virus will hit economic activity significantly in the first quarter, with global growth very likely to grind to a halt,” said Rupert Thompson, chief investment officer at Kingswood, which has about 2.5 billion pounds ($3.2 billion) under management. “But we continue to believe that the outbreak is likely to follow the path of previous such health scares with growth rebounding in the second and third quarters.”To contact the reporter on this story: Ksenia Galouchko in London at kgalouchko1@bloomberg.netTo contact the editors responsible for this story: Blaise Robinson at brobinson58@bloomberg.net, Jon Menon, Paul JarvisFor 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.

  • U.S. Supreme Court rejects Apple appeal in patent fight with VirnetX
    Reuters

    U.S. Supreme Court rejects Apple appeal in patent fight with VirnetX

    The U.S. Supreme Court on Monday refused to hear Apple Inc's bid to avoid paying about $440 million (339.4 million pounds) in damages for using patent licensing firm VirnetX Inc's internet security technology without permission in features such as FaceTime video calling. The justices rejected Apple's appeal in the long-running case in which a federal jury in 2016 found that Apple had infringed VirnetX's patents and awarded $302 million. The case dates back to 2010 when Nevada-based VirnetX filed suit in federal court in the Eastern District of Texas accusing Cupertino, California-based Apple of infringing four patents for secure networks, known as virtual private networks, and secure communications links.

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    Investing.com

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    Investing.com - Apple Stock fell by 6.41% to trade at $292.94 by 09:31 (14:31 GMT) on Monday on the NASDAQ exchange.

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