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☆ Apple is accelerating plans to move production out of China as protests and riots intensify in response to zero-Covid policies, report says
▼ + stars: | 2022-12-03 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Apple is increasing its efforts to shift production outside of China, according to the Wall Street Journal. Production at factories like Foxconn has taken a massive hit amid riots over zero-Covid policies. Shifting production will likely be difficult in the current global economic climate, sources told WSJ. In November, the area known as "iPhone City" erupted into violent protests among employees over withheld pay and strict zero-Covid policies that prompted a lockdown in Zhengzhou. The protests, which coincided with the start of the holiday shopping season in the US, have led to significant supply chain issues and shortages of Apple iPhone products.

☆ Sam Bankman-Fried Chucks the Crisis Communications Playbook
▼ + stars: | 2022-12-02 | by ( Nat Ives | ) www.wsj.com time to read: +5 min

The interviews could be a case study in what not to do in a crisis, some communications executives said. “He’s basically breaking every rule that somebody in the crisis communications field would advise,” said Andrew Gilman, president and chief executive at CommCore Consulting Group, a public relations and communications firm. Asked at the DealBook conference whether his lawyers thought it was wise for him to be speaking, Mr. Bankman-Fried said no. If Mr. Bankman-Fried is determined to say something now, Mr. Gilman said he would have advised putting a statement online and declining to take questions yet. But Mr. Sitrick said he couldn’t fully gauge the results of the mini-media tour because he didn’t know Mr. Bankman-Fried’s goals.

☆ China’s Zhengzhou, home to world’s largest iPhone factory, ends Covid lockdown
▼ + stars: | 2022-11-30 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN Business —The central Chinese city of Zhengzhou, home to the world’s largest iPhone factory, has lifted a five-day Covid lockdown, in a move that analysts have called a much-needed relief for Apple and its main supplier Foxconn. Zhengzhou is the site of “iPhone City,” a sprawling manufacturing campus owned by Taiwanese contract manufacturer Foxconn that normally houses about 200,000 workers churning out products for Apple (AAPL), including the iPhone 14 Pro and 14 Pro Max. The troubles started in October when workers left the campus in Zhengzhou, the capital of the central province of Henan, due to Covid-related fears. Total iPhone 14 Pro and 14 Pro Max shipments in the current quarter would be 15 million to 20 million units less than previously anticipated, according to Kuo. Due to the high price of the iPhone 14 Pro series, Apple’s overall iPhone revenue in the current holiday quarter could be 20% to 30% lower than investors’ expectations, he added.

☆ Apple could sink Elon Musk's Twitter by yanking it from the App Store. But it would put Apple in jeopardy too.
▼ + stars: | 2022-11-30 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +6 min

Elon Musk is claiming that Apple threatened to remove Twitter from its App Store. While Apple could find a reason to take Twitter off the App Store, it likely will not, experts said. Experts say Apple could find a reason to take Twitter off the App Store, and doing so would devastate the company. That could be a basis for Apple to remove Twitter from the App Store, Carolina Milanesi, an analyst with Creative Strategies said. Even then, Apple still likely won't remove Twitter from its App Store, because picking a fight with Elon would exacerbate antitrust criticism of Apple.

☆ Salesforce stock drop a knee-jerk reaction on leadership change, says Wedbush's Dan Ives
▼ + stars: | 2022-11-30 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSalesforce stock drop a knee-jerk reaction on leadership change, says Wedbush's Dan IvesDan Ives, Wedbush analyst, joins 'Closing Bell: Overtime' to discuss Salesforce shares falling amid news of leadership changes.

☆ Asia shares take comfort in China property rally
▼ + stars: | 2022-11-29 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

Shares of Chinese property companies surged after the country's securities regulator lifted a ban on equity refinancing for listed property firms. read moreThat helped Chinese blue chips (.CSI300) bounce 1.1%, while MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) added 0.7%. Markets were still nervous that the widening web of restrictions in China would lead to more public unrest and further undermine growth. read more"The zero China COVID policy has been an absolute gut punch to Apple's supply chain," said Daniel Ives, an analyst at Wedbush. The dollar index rallied to 106.57 , having been as low as 105.31 overnight.

☆ Apple has seen $114 billion in market value erased as investors grow concerned about building iPhone shortages due to China Covid protests
▼ + stars: | 2022-11-28 | by ( Matthew Fox | ) www.businessinsider.com time to read: +5 min

Apple is facing growing iPhone shortages due to protests in China over the government's zero-COVID lockdown policies. The company has seen $114 billion in market value since erased last week on concerns of weak holiday sales. Last week, violent protests erupted at the Foxconn iPhone factory due to the stringent lockdown policies. "The zero China COVID policy has been an absolute gut punch to Apple's supply chain with the Foxconn protests in Zhengzhou a black eye for both Apple and Foxconn. "Now is the painful waiting game to see what ramped production looks like over the next week for Apple to ease some iPhone shortages that are building globally."

☆ Apple shares slip on report iPhone production taking a big hit from unrest at China factory
▼ + stars: | 2022-11-28 | by ( Sofia Pitt | ) www.cnbc.com time to read: +2 min

Shares of Apple fell about 2% in premarket trading Monday after Bloomberg reported the company could see a production shortfall of nearly 6 million iPhone Pro models because of unrest at Foxconn's China factory. Bloomberg, citing a source, said Apple and Foxconn do expect to be able to make up that shortfall in 2023. Protests against the lockdowns have broken out across the country, including at a Foxconn iPhone assembly facility in Zhengzhou. Counterpoint Research released guidance Monday saying delivery times for iPhone 14 Pro and Pro Max are significantly delayed. In a separate note out Monday, Wedbush analyst Dan Ives predicted major iPhone shortages due to China's "head scratching zero-Covid policy."

☆ Experts explain why a Russian oil price cap might fall flat and instead give Putin's biggest crude customers a boost.
▼ + stars: | 2022-11-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

That day marks the beginning of a price cap on Russian oil, as well as a new European Union ban on seaborne Russian crude imports. "What it suggests is that Russian buyers are able to negotiate very favorable terms from Russian oil companies, who have to sell in order to maintain operations," Brew said. Because of that, it's possible that the West's price cap plan will end up falling flat, with the most noticeable result being customers in Asia bidding lower prices for Russian oil. But there's no guarantee European companies even want to handle any Russian oil at all. Nonetheless, oil markets are unlikely to react dramatically to the price cap, in Gallarati's view.

☆ China Covid protests could lead to iPhone production hit of up to 10%, Wedbush says
▼ + stars: | 2022-11-28 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Apple could deal with a major iPhone shortage of up to 10% this holiday season because of Covid protests in China, according to Wedbush's Dan Ives. The protests marked an escalation in dissent in the country after hundreds of workers joined protests at Foxconn's iPhone plant in China earlier this month. For Apple, the Covid restrictions have meant a shortage in iPhones heading into the major holiday season. "The zero China Covid policy has been an absolute gut punch to Apple's supply chain with the Foxconn protests in Zhengzhou a black eye for both Apple and Foxconn," Ives wrote. "Now its the painful waiting game to see what ramped production looks like over the next week for Apple to ease some iPhone shortages that are building globally," he said.

“There’s no such thing as a set forecast right now,” said Sophie Kelly, senior vice president of whiskies at Diageo North America, speaking at the same event. The firm, a unit of Interpublic Group of Cos.’ Mediabrands, cut its growth forecast for next year to 4.8% from an earlier prediction of 5.8% in June. Organic revenue growth is a metric that removes the effects of currency fluctuations, acquisitions and disposals. Airbnb Inc. slashed its advertising spending and invested in brand marketing, lessening its reliance on search-engine marketing. “We knew that people are changing their behavior,” said William White, Walmart’s chief marketing officer.

☆ Apple iPhones in short supply on Black Friday as China's COVID-19 lockdown disrupts manufacturing, report says
▼ + stars: | 2022-11-26 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +2 min

Apple was hit with iPhone shortages on Black Friday while customers shopped for deals. Analyst sees roughly 8 million iPhones sold on the Black Friday weekend, down from 10 million a year ago. Shoppers across the country are reporting shortages of iPhone 14 products, including the iPhone 14 Pro and iPhone 14 Pro Max in Apple stores, online retailers, and big box electronics stores, according to a report by Reuters. Online wait times for orders of the new iPhone 14 Pro are now up to 40 days on Apple's website. Ives expects roughly 8 million iPhones will be sold on the Black Friday weekend, down from 10 million a year ago, mainly due to these supply challenges.

☆ Apple has a huge problem at Foxconn's iPhone factory in China
▼ + stars: | 2022-11-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +5 min

“Every week of this shutdown and unrest we estimate is costing Apple roughly $1 billion a week in lost iPhone sales. Now roughly 5% of iPhone 14 sales are likely off the table due to these brutal shutdowns in China,” he said. Security forces clash with workers during a protest outside Apple supplier Foxconn's factory in Zhengzhou, China, on November 23. Covid outbreakEarlier this month, Apple said shipments of its latest lineup of iPhones would be “temporarily impacted” by Covid restrictions in China. Even before this week’s demonstrations, Apple had started making the iPhone 14 in India, as it sought to diversify its supply chain away from China.

☆ Supply chain issues will be a headwind for Apple through holiday season, says Wedbush's Dan Ives
▼ + stars: | 2022-11-25 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSupply chain issues will be a headwind for Apple through holiday season, says Wedbush's Dan IvesDan Ives, Wedbush Securities managing director, joins 'Closing Bell' to discuss Apple's supply chain issues and how it could affect it's 'Black Friday' and overall holiday sales.

[1/2] The Apple iPhone 14, The Apple iPhone 14 Pro and the Apple iPhone 14 Pro Max are seen at the Apple Fifth Avenue store in Manhattan, New York City, U.S., September 16, 2022. Similarly, Abisha Luitel wanted to get an iPhone 14 Pro for her 21-year old cousin. In a statement on Nov. 7, it said it expected lower iPhone 14 Pro and iPhone 14 Pro Max shipments than previously anticipated. Foxconn's plant in China makes Apple's premium models including the latest iPhone 14 Pro, a source told Reuters. At an Apple store in a Bethesda, Maryland mall, an employee said there were almost no 14 Pro and Pro Max in stock.

☆ Tesla stock bulls and bears react to Elon Musk's $700 billion crash. Here's what Morgan Stanley, Citi and others say could happen next
▼ + stars: | 2022-11-24 | by ( Brian Evans | ) www.businessinsider.com time to read: +4 min

In fact, even a noted Tesla bear has upgraded the stock to "neutral" from "sell," saying it has likely bottomed. "We believe the year-to-date pullback has balanced out the near-term risk/reward," Citi analyst Itay Michaeli said in a note Wednesday. Here are the latest comments surrounding Elon Musk's Tesla from firms like Citigroup, Morgan Stanley and Wedbush. He has an "overweight" rating on Tesla stock with a $330 price target. Cathie Wood, Ark Investment CEOWood has been a Tesla super bull and set a price target of $4,600 earlier this year, before its stock split.

☆ Apple supplier Foxconn apologises for hiring blunder at COVID-hit China plant
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +4 min

Workers said on videos circulated on social media that they had been informed that Foxconn intended to delay bonus payments. The person said the company had reached "initial agreements" with employees to resolve the dispute and production at the plant continued on Thursday. The Zhengzhou plant employs more than 200,000 people to make Apple Inc (AAPL.O) devices including the iPhone 14 Pro and Pro Max. Apple said it had staff at the factory and was "working closely with Foxconn to ensure their employees' concerns are addressed”. Wedbush Securities analyst Daniel Ives expects the shutdowns to cost Apple about $1 billion a week in lost iPhone sales.

A source familiar with the situation in Zhengzhou said production at the plant was unaffected by the worker unrest and output remained "normal". It makes most of the phones at the Zhengzhou plant, though it has other smaller production sites in India and southern China. Shares of Foxconn have slipped 2% since the unrest emerged in late October. Before the unrest, the Zhengzhou plant employed some 200,000 people. To retain staff and lure more workers Foxconn has had to offer bonuses and higher salaries.

☆ Elon Musk's focus on a Twitter turnaround creates 3 factors that put Tesla stock at risk, Wedbush says
▼ + stars: | 2022-11-23 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Elon Musk's focus on revamping Twitter puts Tesla's stock price at risk, Wedbush said in a note. "At the end of the day Musk is Tesla and Tesla is Musk," Wedbush analyst Dan Ives said. There are three risk factors to Tesla's stock price created by Musk's increased focus on Twitter. Specifically, Musk's new Twitter turnaround project creates three risk factors for Tesla's stock and its shareholders, according to the note. Ives ultimately thinks the Twitter overhang on Tesla stock is overdone given the sharp stock price decline in recent weeks.

☆ Apple's Pro iPhones will be harder to find in stores this holiday -Best Buy
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Apple Inc's (AAPL.O) high-end iPhones will be in short supply at stores this holiday season, Best Buy Co Inc's (BBY.N) chief executive said on Tuesday, as the tech giant grapples with production issues at a virus-blighted plant in China. read moreThe supply issues are expected to most significantly impact Apple's premium iPhone 14 Pro and iPhone 14 Pro Max models, which start at nearly $1,000. Best Buy CEO Corie Barry said the electronics retail giant was seeing a shortage in stocks of the premium iPhones and had factored the expected loss in sales into its holiday quarter forecast. Apple's iPhones and other products draw a lot of customers to Best Buy stores and often trigger impulse buying of other gadgets as well. Wedbush analyst Dan Ives estimates 8 million iPhone 14 units will be sold over the Black Friday weekend, about 2 million fewer than a year ago.

☆ Warren Buffett's first big semiconductor investment in his career is also a bet on Apple's future
▼ + stars: | 2022-11-19 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The disclosure sparked a big rally in the stock as Buffett made Taiwan Semi Berkshire's 10th biggest holding at the end of September. Taiwan Semi is the biggest chip producer in the world by revenue, with clients like Nvidia and Qualcomm. By betting on Taiwan Semi, Buffett is essentially backing the Apple ecosystem and iPhone demand in coming years, he said. It's about 25% of their revenue... when you are betting on TS, you are really betting on Apple." 'Moat' Taiwan Semi has a unique quality that Buffett always looks for – and that is a competitive edge or the so-called wide moat.

"He's probably going to spend more time on Twitter than any Tesla investor feels comfortable about." Sales of Musk's own Tesla shares - totaling $20 billion since he disclosed his Twitter stake - have added to the pressure. "I think he's finally reached a point where he's really challenging himself. 'MINIMAL TIME'The Tesla board has expressed concerns about Musk's commitment to SpaceX and several smaller companies. So I think Tesla would continue to do very well even if I was kidnapped by aliens or went back to my home planet maybe."

☆ Inflation is getting less hot - and the best-case scenario for stocks just played out.
▼ + stars: | 2022-11-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The stock market just had its best day of the year. We can chalk that up to the Thursday morning inflation data that showed prices cooled faster than expected in October. Specialist trader Chris Malloy (C) gives a price to traders on the floor of the New York Stock Exchange, October 18, 2013. As far as a single day is concerned, yesterday looked like a perfect storm for the stock market. Does the latest inflation report change your outlook on the economy or predictions for what the Fed will do next?

☆ Cathie Wood, unfazed by crypto collapse and Twitter mayhem, doubles down on Coinbase and Tesla
▼ + stars: | 2022-11-10 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

A crypto crash, worsening results and insider selling didn't faze Ark Invest's Cathie Wood, who this week doubled down on a of host of her innovation stocks, including Coinbase , Tesla and Roblox . Wood snapped up shares of six companies for her flagship ARK Innovation ETF on Wednesday, including adding to some of her largest holdings, Zoom Video and Tesla. The popular investor has been adding to her Coinbase stake for two straight days, purchasing 420,000 shares Tuesday and 207,527 shares Wednesday for ARKK. Shares of the crypto exchange plunged 19.3% over the past two days as bitcoin dropped to its lowest since November 2020 amid the potential collapse of popular crypto exchange FTX. Wedbush's Dan Ives removed Tesla from the firm's "Best Ideas list" after what he called a "very nervous few months" for Tesla shareholders amid the "Twitter train wreck disaster."

Rep. Sean Casten defeated Republican Keith Pekau in Illinois' 6th Congressional District. Casten became the first Democrat to represent the 6th Congressional District in decades when he won in 2018. The 6th District race was one of many suburban races that could've helped Republicans tip the balance of power in Washington. Democratic Rep. Sean Casten defeated Republican Keith Pekau in Illinois' 6th Congressional District. Voting history for Illinois' 6th Congressional DistrictIllinois' 6th Congressional District encompasses many of Chicago's southwestern suburbs and extends from Tinley Park to Lombard.

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