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Dow Jones futures rose slightly on Sunday night, as did S & P 500 futures and Nasdaq futures. Last week, growth stocks were sold, with the Nasdaq composite losing 2.55%, the S & P 500 index 1% and the Dow Jones 0.2%. On Wednesday, new Apple iPhone handsets will be unveiled. Apple's shares fell after warned Friday that the escalation of China's trade war by President Donald Trump would affect a large number of its products. Trump says Apple (AAPL) should manufacture in the United States in the meantime, You're here (TSLA) turns around after a wild month for Elon Musk. Finally, CBS President and Chief Executive Officer (CBS), Les Moonves, is expected to resign while six other women are accusing him of sexual harassment or worse.
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Dow Jones Futures Today
Dow Jones futures advanced 0.1% relative to their fair value. S & P 500 futures were up 0.1%. Nasdaq 100 futures advanced 0.1%. Keep in mind that futures on the Dow Jones and other overnight stocks often do not translate into real transactions at the next regular session. Futures contracts did not indicate that the Nasdaq Composite would drop significantly in the last three sessions.
New Apple iPhone handsets, impact of Trump Trade War
On Wednesday, Apple will unveil several products. The headliners are Apple's new iPhone models, refreshing the iPhone X which debuted last fall. They should include 5.8-inch and 6.5-inch iPhone Xs with OLED displays, as well as a less expensive 6.1-inch iPhone. Apple's average iPhone prices continue to rise as the company tries to increase margins in a generally stagnant smartphone market. Apple is also expected to introduce the new Apple Watch and iPad Pro models.
On Friday afternoon, Apple said Trump's threat of a trade war to impose tariffs on all Chinese imports would affect many of its products. Trump's tariffs could drop another 200 billion dollars for Chinese products at any time, with Trump threatening another $ 267 billion worth in the near future.
"We are concerned about these tariffs because the United States will be the hardest hit, which will lead to a decline in US growth and competitiveness and higher prices for US consumers," said Apple in its letter to the office. from the US representative.
Apple shares, slightly higher, closed down 0.8% Friday. Equity market averages moved closer to the lows of the session. Apple's shares are members of the Dow Jones Industrial Average, the S & P 500 Index and the Nasdaq Composite.
For the week, Apple's stock fell 2.8%, outperforming the major averages. But the stock chart Apple looks healthy. Shares hit a record Wednesday and jumped nearly 20% in August.
Trump responded Saturday, reiterating his long-standing call for Apple to make products in the United States. But Apple, if it decided to move the production of China, could go to other areas at low cost.
Commercial war to hit consumers directly
More generally, by targeting all Chinese imports, the Trump trade war will have a direct impact on a wide range of consumer products, rather than just industrial products and components. The United States imports a large amount of mobile phones, laptops, toys, video game consoles and more. Americans may not see the link between steel prices and their wallet, but they will increase the cost of handsets and laptops by 25% and they will notice it.
Elon Musk takes Tesla shares during a strange trip
From August 7th to September 7th, Elon Musk took shares of Tesla for a strange trip. On August 7, Musk announced that it was considering a privatization project for Tesla, with "secured financing." It quickly became clear that there was nothing close to guaranteed funding. After a few weeks going through the motions, Tesla canceled it. But the episode sparked a SEC investigation, shareholder lawsuits and a disturbing New York Times interview. Musk also continued to blame a Thai cave rescuer for being a pedophile. And to put an exclamation point on this span, Musk smoked pot on a podcast while Tesla said that two other top executives were gone, including the chief accountant after less than a month.
The Tesla stock fell 32% from its peak of 387.46 recorded on August 7th. It's about 26% lower than it was just before Musk's private tweet on August 7th.
Elon Musk on Friday announced a reshuffle of Tesla staff, including the promotion of Jerome Guillen as the new president of auto operations. Many observers have long urged Tesla to hire a farm manager or manufacturing manager to improve production and quality. Even assuming that Guillen is the right person to do it, will Musk pull out of everyday micromanagement and random decision-making?
There were also signs that Tesla's demand could reach its peak. Tesla encouraged Model 3 reservation holders to come to the Fremont, Calif. Plant last weekend to pick up a vehicle, even if it was not what they wanted. This includes people waiting for a basic $ 35,000 Tesla model. 3. This would help increase delivery figures for the third quarter.
Coming back from Elon Musk and Tesla, Tesla's stock is in top form. At Friday's close of 263.24, it is actually below its peak in February 2014. The shares are close to their April low of 244.59. Worse, relative strength, which tracks a stock's performance against the S & P 500 Index, is at its lowest level in 20 months and is close to reaching its lowest level in four years.
CBS The Moovnes Out
According to several reports, the CEO of CBS, Les Moonves, will probably resign before Monday. Talks intensified on Sunday after the New Yorker reported six other women accusing him of sexual misconduct. The Moonves will likely not receive any compensation pending an investigation into allegations of sexual harassment and sexual assault. Then the CBS board will negotiate a final pay package for Moonves.
The foreclosure of the Moonves is part of a wider settlement with the control of the national shareholders of CBS. National Amusements, owned by Sumner Redstone and his daughter Shari, will not push a CBS merger with Viacom (VIAB) for 18 months. National Amusements is also the majority shareholder of Viacom shares. The CAS Board will likely receive a major revision.
CBS investors will probably be happy to abandon the Moonves saga and suspend a merger with Viacom, but it could already be profitable. CBS shares rose 5.7% last week on reports that the parties were working on a broad settlement. The Viacom stock fell by 1%.
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