(MENAFN- Baystreet) Today's Winners and Losers: SQ, NET, ZTS, FSLY
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Apple Faces Sluggish iPhone Sales and Delivers Record Share Buyback
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Shutterstock Falls on Buying Envato Previous Articles Subscribe to Get Small Cap News & Alerts Chris Lau - Friday, May 3, 2024
Friday's Biggest Stock News: Apple Monster Buyback, Jobs Report, and Asian Stocks
Over a year ago when investors started losing confidence in Meta Platforms (META), the social networking giant announced a massive stock buyback plan. After Apple (AAPL) posted a 10% drop in iPhone sales and revenue falling by 4% as expected, it did the same. Apple's board authorized $100 billion in share buybacks, the biggest in the firm's history.
While skeptics may criticize Apple for its use of free cash, the stock repurchase boosts EPS even if revenue keeps falling. The smartphone giant does not have any positive growth initiatives for now. It canceled the electric vehicle project and has no artificial intelligence product.
In economic news, this morning's non-farm payrolls report will jolt the market. Market watchers will look at not only the increase in jobs but the change in wages. A rise in wages would lead to persistent inflation that the Fed cannot address easily.
Short-sellers and those who sold Chinese technology stocks did not expect Thursday's Asian stock rally. Alibaba (BABA), PDD (PDD), Li Auto (LI), Nio (NIO), and XPeng (XPEV) are among the firms soaring. Nio stock soared by 35.35% in only a week after posting strong April delivery figures.
After the Beijing Auto Show ends on May 4, expect Tesla (TSLA) stock to hold its value. XPEV, NIO, and LI stock may face profit-taking in the weeks ahead.
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