Tuesday’s Headlines: Apple Releases Major Security Update

Tuesday’s Headlines: Apple Releases Major Security Update

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

IMAX (IMAX) +8.4%

Eventbrite (EB) +5.1%

Tripadvisor (TRIP) +5.0%

Evolent Health (EVH) +3.1%

Zillow (Z) +2.9%

Moving Down ⬇️

Calavo Growers (CVGW) -9.2%

Bumble (BMBL) -6.1%

Trip.com Group (TCOM) -5.1%

Trupanion (TRUP) -4.4%

Under Armour (UAA) -4.2%

1. As if Apple (AAPL) wasn’t busy enough releasing new hardware at its annual event today, the tech giant has had to rush out an urgent update to address a critical vulnerability. The California-based company is introducing new updates to its iPhones, Apple Watch, and AirPods, but the hype-filled fall launch has been slightly overshadowed by the emergency update. Researchers say there was a vulnerability in iPhones systems which may have been exploited by surveillance software since February to spy on journalists and human rights advocates in multiple countries. Upon hearing the news, Apple urgently released an update on Monday that will plug a hole in the iMessage software which allowed hackers to infiltrate iPhone user's phones. See more on the story here

2. The rumors were true, Intuit (INTU) confirmed yesterday that it is buying Mailchimp for a whopping $12 billion. Intuit is well-known for its TurboTax software but this acquisition marks its first move into the email marketing space. The company is spending 10% of its market capitalization in a cash and stock deal to snap up Mailchimp. The firm believes the buy will advance two of its Big Bets strategies: “to become the center of small business growth; and to disrupt the small business midmarket.” Intuit shares moved slightly in the green in after-hours trading upon the confirmation implying a shrug from investors, but as the news was already leaked, the acquisition may have already been priced into the stock. Get the full story here

3. Salesforce (CRM) rival Freshworks disclosed yesterday that it is targeting a $9 billion U.S. IPO. Hoping to raise over $800 million in its stock market debut, the company is planning to offer 28.5 million shares at a price range of $28 to $32. The startup serves over 50,000 customers, including Sequoia Capital India, Tiger Global, and CapitalG, but believes that they still have an addressable market of approximately $120 billion left to capture. While its sales revenue for the first six months reached $169 million, up from $111 million year-over-year, Salesforce has brought in over $12 billion in the same time period meaning the CRM giant might not be worried about the competition yet. Check out the full story here


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