Apple Inc. designs, manufactures, and markets mobile communication and media devices, and personal computers. It also sells various related software, services, accessories, and third-party digital content and applications. The company offers iPhone, a line of smartphones; iPad, a line of multi-purpose tablets; and Mac, a line of desktop and portable personal computers, as well as iOS, macOS, watchOS, and tvOS operating systems. It also provides iTunes Store, an app store that allows customers to purchase and download, or stream music and TV shows; rent or purchase movies; and download free podcasts, as well as iCloud, a cloud service, which stores music, photos, contacts, calendars, mail, documents, and others. In addition, the company offers AppleCare support services; Apple Pay, a cashless payment service; Apple TV that connects to consumers’ TVs and enables them to access digital content directly for streaming video, playing music and games, and viewing photos; and Apple Watch, a personal electronic device, as well as AirPods, Beats products, HomePod, iPod touch, and other Apple-branded and third-party accessories. The company serves consumers, and small and mid-sized businesses; and education, enterprise, and government customers worldwide. It sells and delivers digital content and applications through the iTunes Store, App Store, Mac App Store, TV App Store, Book Store, and Apple Music. The company also sells its products through its retail and online stores, and direct sales force; and third-party cellular network carriers, wholesalers, retailers, and resellers. Apple Inc. was founded in 1977 and is headquartered in Cupertino, California.

  • European Stocks Slump on Rising Coronavirus Fears
    on February 24, 2020 at 4:58 pm

    (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.

  • Takeaways from Warren Buffett's 2019 Shareholder Letter
    on February 24, 2020 at 4:52 pm

    Retained earnings, corporate governance and more Continue reading...

  • Apple, Other Techs Fall As Coronavirus Outbreak Spreads Beyond China
    on February 24, 2020 at 4:15 pm

    Apple and other tech stocks fell ill on Monday amid reports that the China coronavirus outbreak was threatening to turn into a pandemic. Apple stock tumbled beneath a key support level.

  • Dow down 881 points on losses for shares of UnitedHealth, Walt Disney
    on February 24, 2020 at 3:47 pm

    DOW UPDATE Shares of UnitedHealth and Walt Disney are seeing declines Monday morning, sending the Dow Jones Industrial Average into a slump. Shares of UnitedHealth (UNH) and Walt Disney (DIS) have contributed to the blue-chip gauge's intraday decline, as the Dow (DJIA) was most recently trading 881 points lower (-3.

  • Berkshire Hathaway: Steady as She Goes
    on February 24, 2020 at 3:45 pm

    A look at Berkshire's 2019 financial results Continue reading...

  • Apple stock falls but analyst says 'revenue has merely been delayed' amid coronavirus disruptions
    on February 24, 2020 at 3:38 pm

    Apple Inc. shares are down 3.9% in Monday trading as concerns about the novel coronavirus's spread continues to weigh on global markets. The company announced last week that it wouldn't be able to meet its previously issued March-quarter revenue forecast due to supply and demand disruptions in China. Evercore ISI analyst Amit Daryanani wrote over the weekend that he was lowering his March-quarter revenue estimate by about $8.6 billion. "Our estimate reduction is predominantly driven by supply issues and to a lesser extent weaker demand trends in China," he wrote. "However, we think revenue has merely been delayed versus lost and our FY20 estimates are unchanged - though we concede this is a fluid situation and revenues could be pushed out further into the December quarter." Apple's stock has lost 6% over the past month as the Dow Jones Industrial Average has dropped 3%.

  • Stocks Are Getting Pummeled — and It’s Not Just Because of the Coronavirus
    on February 24, 2020 at 3:37 pm

    After dropping 228 points on Friday, the Dow Jones Industrial Average is down another 750 or so as coronavirus fears grow.

  • Google parent Alphabet drops out of trillion-dollar club
    on February 24, 2020 at 3:22 pm

    Shares of Alphabet Inc. sank 3.5% in morning trade, enough to drag the internet giant's market capitalization below the trillion-dollar mark for the first time since Feb. 5. The stock's price decline of $51.34 shaved about $35.3 billion off Alphabet's market cap, which fell to $984.3 billion. The selloff comes amid a sharp broader-market decline\--the Dow Jones Industrial Average tumbled 731 points, or 2.5%, as the global spread of COVID-19 stoked fears of a potential economic slowdown. Alphabet's departure leaves just three companies in the trillion-dollar club, which were Microsoft Inc. with a market cap of $1.319 trillion, Apple Inc. at $1.316 trillion and Amazon.com Inc. at $1.006 trillion.

  • Self-driving vehicle makers say California is looking at the wrong data to measure their progress
    on February 24, 2020 at 3:15 pm

    Companies say that using disengagements — the number of times a human driver must take control from a self-driving system — to measure progress is neither accurate nor relevant.

  • U.S. Supreme Court rejects Apple appeal in patent fight with VirnetX
    on February 24, 2020 at 3:14 pm

    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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