Apple’s (AAPL) Top Designer Leaves
Apple's vice president of industrial design, Evans Hankey, is leaving the company, Apple confirmed to CNBC on Friday.
Hankey took over for former Apple design chief Jony Ive three years ago when he left to start his own independent firm. Hankey has been responsible for much of Apple's industrial design work, from the look and feel of the company's hardware to the methods used to produce them in large volumes.
She was never as well recognized as Ive, who is known in Apple lore as one of the key minds behind the introduction of the iMac, iPod and iPhone. Still, she was often quoted in the media after new products were launched, discussing specific design decisions and the way Apple's design team works.
Ive was close with Apple founder Steve Jobs and reported directly to Apple CEO Tim Cook. Hankey reported to Jeff Williams, Apple's COO.
Hankey worked closely with Alan Dye, who was in charge of the look and feel of Apple's software, and who will remain at the company, according to Bloomberg News, which first reported Hankey's departure.
Apple hasn't named a replacement for Hankey, according to Bloomberg News, but the company told CNBC in a statement that she will remain at the company to manage the transition.
"Apple's design team brings together expert creatives from around the world and across many disciplines to imagine products that are undeniably Apple. The senior design team has strong leaders with decades of experience. Evans plans to stay on as we work through the transition, and we'd like to thank her for her leadership and contributions," an Apple representative said in a statement.
Apple today announced a new Savings account for Apple Card that will allow users to save their Daily Cash and grow their rewards in a high-yield Savings account from Goldman Sachs.1 In the coming months, Apple Card users will be able to open the new high-yield Savings account and have their Daily Cash automatically deposited into it — with no fees, no minimum deposits, and no minimum balance requirements.2 Soon, users can spend, send, and save Daily Cash directly from Wallet.
“Savings enables Apple Card users to grow their Daily Cash rewards over time, while also saving for the future,” said Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet. “Savings delivers even more value to users’ favorite Apple Card benefit — Daily Cash — while offering another easy-to-use tool designed to help users lead healthier financial lives.”
Apple Card users will be able to easily set up and manage Savings directly in their Apple Card in Wallet. Once users set up their Savings account, all future Daily Cash received will be automatically deposited into it, or they can choose to continue to have it added to an Apple Cash card in Wallet. Users can change their Daily Cash destination at any time.
To expand Savings even further, users can also deposit additional funds into their Savings account through a linked bank account, or from their Apple Cash balance. Users can also withdraw funds at any time by transferring them to a linked bank account or to their Apple Cash card, with no fees. Once set up, Apple Card users can watch their rewards grow in Wallet through an easy-to-use Savings dashboard, which shows their account balance and interest accrued over time.
Apple Card users get 3 percent Daily Cash on Apple Card purchases made using Apple Pay with Apple and select merchants, including Uber and Uber Eats, Walgreens, Nike, Panera Bread, T-Mobile, ExxonMobil, and Ace Hardware, as well as 2 percent Daily Cash when they use Apple Pay at other merchants, and 1 percent on all other purchases. There is no limit to the amount of Daily Cash users can receive.
The new Savings account from Goldman Sachs expands upon the financial health benefits and valuable Daily Cash that Apple Card already offers. Built into Wallet on iPhone, Apple Card has transformed the credit card experience by simplifying the application process, eliminating all fees, encouraging users to pay less interest, offering the privacy and security users expect from Apple, and offering Daily Cash on every purchase.3
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Apple is down 16%, yet it's the best FAANG(+) stock on the market, protecting investors against mayhem experienced in other growth stocks.
Thanks to its advanced supply chains, successful products, and healthy balance sheet, Apple has pricing power, high and steady margins, and the ability to buy back shares.
While challenges persist, I am convinced that Apple remains the best tech stock to buy on any weakness. I believe that the downside is somewhat limited, with a strong upside.
Apple Card, Apple’s take on the traditional credit card, with focus on “simplicity, transparency, and privacy.” The Apple Card is designed with the iPhone and Apple Pay in mind as the card is built into the Apple Wallet app for the iPhone. Apple promises a fuss-free application process and the card comes without the much-dreaded annual fee as well as other charges for late, international or over-the-limit fees. However, late payment of bills will result in additional interests for outstanding charges.
Apple Card aims to enhance user experience with its dashboard; it makes use of machine learning and Apple Maps to label card transaction with merchant names and location. Apple wants to eliminate esoteric merchant codes and other confusing transactional information.
It's "Not Unusual" that Apple have firmly decided on Taiwan Semiconductor for reliable chip supply.
Apple and Intel don't have the best relationship, obviously. Apple kind of kicked them to the curb, as the kids say. And you know, I think that might be part of it.
But they are trying to build up their own fab [? four-- ?] third-party companies. So they might be part of this in the long run. But at this point, Apple has worked with TSMC. They know what Apple wants, right?
So it's that quality control I think that really is part of it. Apple is crazy about that. And so the fact that they have TSMC already and this could be a TSMC-- building that plant, this could be the illusion that Tim Cook was making to that plant. It just makes more sense, I think, for them to stick with them instead of going with Intel in a completely different country and for a new product that would be going into potentially an iPhone.
$Apple(AAPL)$
Bearish outlook for Apple (AAPL) how do you think of December rally hopes? @BenjiFuji @koolgal @ISSEY1413 @AdamKhoo @shirlyn_lee @moliya @MasterStonker @MillionaireTiger @TechnicalMaster @AAPL11
The snippet :
We are short-term bearish on Apple, but outline a trade for when the stock falls again.
We are still in a rate hike cycle, and the general market has rallied hard.
Valuation is stretched considering growth has slowed to a crawl, and that does not even account for what a mild or moderate recession could look like.
There are major issues with production.
Let it fall.
$Taiwan Semiconductor Manufacturing(TSM)$
Apple is planning to source some chips from the still unfinished Taiwan Semiconductor plant in Arizona. That's in an effort to diversify its supply chain and pivot from Asia. This is according to a report from Bloomberg.
And for more on this, let's bring in Yahoo! Finance's tech editor Dan Howley. And you know, Dan, there's been so much attention on chips and the buildout of the chip manufacturing business in the US. We already knew that Apple is sort of going in this direction but this is an interesting development.
Warren Buffett's injection into TaiwanSemiconductor (TSM) is very timely indeed.
Apple iPhones are facing massive orders and suppliers, mainly Foxconn arescrambling to cope.
Foxconn, formally Hon Hai Precision Industry Co Ltd, is Apple's biggest iPhone maker, producing 70% of iPhone shipments globally. It makes most of the phones at the Zhengzhou plant where it employs about 200,000 people, though it has other smaller production sites in India and south China.
Which Big Tech company is not like the others?
Apparently it’s Apple Inc. AAPL, which is set to become the only mega-cap technology company not to see a sharp post-earnings decline in its stock price this week, after the smartphone giant delivered a somewhat mixed earnings report but seemed to reassure Wall Street just enough about the state of its demand.
I and a lot of people told you so, haveyou benefited from Apple's rally ?
Apple stock rose 7.5% on Friday, a day after it reported September quarter earnings that modestly beat expectations on revenue and profit and showed global demand for its premium hardware remains high.
"Sometimes in-line results are most exciting," wrote JPMorgan analyst Samik Chatterjee in a note Friday.
Mark Down 27th October 2022
Apple Inc. is expected* to report earnings on 10/27/2022 after market close. The report will be for the fiscal Quarter ending Sep 2022. According to Zacks Investment Research, based on 12 analysts' forecasts, the consensus EPS forecast for the quarter is $1.26. The reported EPS for the same quarter last year was $1.24.
Apple Inc on Sunday said it expects even lower iPhone 14 Pro and iPhone Pro Max shipments than it previously anticipated as COVID-19 restrictions temporarily impact an assembly facility in Zhengzhou, China.
Customers will experience longer wait times to receive their new products, the iPhone maker said in a statement.
Separately, Taiwan's Foxconn, Apple Inc's biggest iPhone maker, said on Monday it was working to resume full production at a major plant in Zhengzhou that had been hit by COVID-19 curbs, and revised down its fourth quarter outlook.
The impact on production comes amid a traditionally busy time for electronics makers ahead of the year-end holiday season, which is also a prime time for vendors of consumer goods like Apple.
Apple, the world's most valuable company, has slowed some hiring, according to CEO Tim Cook, amid a wave of layoffs in Silicon Valley and an unpredictable economic future.
"What we're doing as a consequence of being in this period is we're being very deliberate on our hiring," Cook told "CBS Mornings" at Apple's headquarters in California. "That means we're continuing to hire, but not everywhere in the company are we hiring."
$Foxconn Technology Co., Ltd.(FXCOF)$
Apple earnings this Thursday will be up as Foxconn already announced record breaking revenue. Foxconn said September revenue totaled 822.3 billion new Taiwan dollars ($25.9 billion), up 40.4% year-on-year and 83.2% higher than August, a monthly sales record for the company.
That massive revenue growth was driven by a “new product launch and smooth mass production” as well as strong performance of its smart consumer electronics products division, which includes its key smartphone business. Foxconn does not name its customers, including Apple, in its earnings releases.
Neil Shah, a partner at Counterpoint Research, said Foxconn’s record revenue came on the back of “storming demand” for the higher priced iPhone 14 Pro and Pro Max models, which were launched last month.
Berkshire Hathaway (BRK.A -0.52%) (BRK.B -0.26%), the huge conglomerate run by legendary investor Warren Buffett, released its always anticipated 13F filing on Monday afternoon, detailing the company's portfolio moves from the third quarter of the year. We already knew from Berkshire's latest earnings report that it had purchased close to $9 billion in stock and sold $5.3 billion worth in the third quarter. But the 13F, which is required for large institutional investment managers, removes the mystery. Let's take a look.
A key part of Apple's business
Arguably the most notable move by Buffett and Berkshire in the quarter was their investment in the world's largest chipmaker, Taiwan Semiconductor Manufacturing Company (TSM -1.40%), also known as TSMC. Berkshire purchased roughly 60.06 million shares in the company, amounting to $4.1 billion at the time of the purchase. That equates to a roughly 1.2% stake in the company.
According to TipRanks, Vogt is a 4-star analyst with an average return of 12.1% and a 48.48% success rate. Vogt covers the Technology sector, focusing on stocks such as Apple, International Business Machines, and Cisco Systems.
Apple has an analyst consensus of Strong Buy, with a price target consensus of $179.21, a 29.00% upside from current levels. In a report released yesterday, Credit Suisse also maintained a Buy rating on the stock with a $184.00 price target.
The market has been brutal for big technology companies. Microsoft MSFT, Alphabet GOOG, and Amazon AMZN saw their shares shellacked following their earnings releases.
However, Apple AAPL has escaped unscathed, with the stock price rising more than 5% upon reporting. Widen the horizon to the past year, Apple has been like the Rock of Gibraltar, while the others have seen their valuations walloped.
Target Price - $174 By Dec 31 2022 !
Based on 28 Wall Street analysts offering 12 month price targets for Apple in the last 3 months. The average price target is $181.68 with a high forecast of $220.00 and a low forecast of $136.00. The average price target represents a 21.57% change from the last price of $149.45.