Wednesday’s Headlines: Will Apple Miss Out On Holiday Sales?
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
Coupa Software (COUP) +7.4%
Upstart Holdings (UPST) +7.1%
Etsy (ETSY) +5.3%
Cloudflare (NET) +4.6%
Zendesk (ZEN) +4.0%
Moving Down ⬇️
DocuSign (DOCU) -2.6%
Trupanion (TRUP) -2.6%
Boston Beer Co. (SAM) -2.5%
1. Apple (AAPL) might be feeling a holiday pinch this year after it was confirmed that it is slashing iPhone 13 production amid the global chip shortage. The tech titan might end up selling 10 million less of its latest model, which could result in fans missing out on getting a new iPhone during the holiday season. Apple’s chip suppliers, Broadcom and Texas Instruments (TI), are finding it difficult to deliver components, forcing the California-based company to reconsider its sales targets. Another burden for the company has been China’s energy crisis, which has forced its subsidiaries in the region to cut production schedules to abide with local government power restrictions. Following the news, shares of Apple fell 1.6% yesterday. Read the full story here.
2. Ahead of its latest e-commerce push, Twitter (TWTR) has rolled out new advertisement features and a revamped algorithm. In a bid to grow its ad business, which made up 86% of Twitter's revenue last year, the new additions should help it achieve its goal of doubling annual revenue by 2023 by helping brands decide which ads to show different users. In other Twitter-sphere news, the micro-blogging site is also deepening its investment in its Clubhouse copy-cat audio service, Spaces, by launching an audio creator program. The initiative aims to “discover and reward great Spaces on Twitter with financial, technical, and marketing support.” Those accepted into the program will be compensated $2,500 a month to run an audio room twice a week for three months. See more on the story here.
3. The rumors were true, crypto king Coinbase (COIN) is getting involved with the weird and wonderful world of NFTs. On Tuesday, the cryptocurrency exchange unveiled its plans to launch an NTF, or non-fungible tokens, marketplace that lets users mint, collect, and trade the digital assets. While many companies are tapping into the flourishing creator economy, critics say the NFT space is just another bubble in the crypto market that is likely to burst soon. To capitalize on the booming NFT market, which topped $10 billion in transaction volume in Q3, Coinbase users were able to sign up to a waitlist, with reports emerging that hundreds of thousands of people have already done so. Read more here.