Monday’s Headlines: Apple in Trouble Again?
Here were the biggest movers in the MyWallSt shortlist on Friday:
Moving Up ⬆️
Shopify (SHOP) +12.0%
The Trade Desk (TTD) +9.6%
Etsy (ETSY) +7.4%
Upstart Holdings (UPST) +7.4%
GoPro (GPRO) +6.7%
Moving Down ⬇️
Bumble (BMBL) -5.2%
Nautilus (NLS) -3.5%
Lemonade (LMND) -2.9%
Tesla Motors (TSLA) -2.8%
1. Apple (AAPL) announced in June that users would soon be able to use its 'Wallet' feature to store state-issued identification cards, much to the joy of iPhone owners. However, recent reports have unearthed information that Apple is making individual U.S. states foot the bill, along with providing customer support. Criticism of the planned rollout is already high, with many citing Apple’s exorbitant degree of control over such important and confidential information as worrying. According to the documents, states have agreed to “allocate reasonably sufficient personnel and resources (e.g., staff, project management and funding) to support the launch of the Program on a timeline to be determined by Apple.” Read more here.
2. Tesla (TSLA) had its worst one-week performance in 20 months last week on the back of some unorthodox behavior from founder and CEO Elon Musk. Shares in the company dropped by over 15% following the announcement via Twitter (TWTR) that Musk planned to sell off 10% of his stock. As of Friday, Musk had shed roughly $6.9 billion worth of shares in an attempt to satisfy his lofty tax obligations. This caused Tesla’s market value to fall by around $187 billion, more than the combined market cap of rivals Ford Motor Company (F) and General Motors. As Musk put it to his hordes of Twitter followers, “the only way for me to pay taxes personally is to sell stock.” Read more here.
3. Snap Inc. has doubled down on international expansion plans by hiring its first-ever head of telecom carrier partnerships. The social-media giant has appointed former Google (GOOG) executive Anne Laurenson to the role where she will become the first manager within the company to lead a global team from outside of the United States. Snap is currently partnering with multiple Android phone makers to have its app pre-installed on devices at purchase, and Laurenson will be well placed to oversee this following her success in growing the Android operating system through manufacturer deals in her time at Google. Following a poor reaction to its Q3 earnings, Snap will be hoping that this is the win it desperately needs. Read more here.
Get this week’s full earnings calendar here.