Thursday’s Headlines: Amazon And Apple Are Working Together
1. Tesla looks to be big winners this week as its stock climbed close to 4% on Wednesday, hitting a new all-time high. The car-makers stock has climbed almost 60% this quarter after the company reported a surprise third-quarter profit, and is on pace for its best quarter since Q3 2013. It is also benefiting from reports that its new Shanghai Gigafactory is expected to reduce labor costs and increase profit margins. For the full story, read here.
2. Big Tech looks to have banded together in a bid to make your home gadgets communicate with one another. Amazon, Apple, Google, and the Zigbee Alliance announced a new partnership called Project Connected Home. Despite competing for market share, the competition has supposedly created a really confusing landscape for consumers and manufacturers of smart home products, leading to the team-up. “The project is built around a shared belief that smart home devices should be secure, reliable, and seamless to use,” the companies said in a press release. Get the full story here.
3. The market continued to flirt with all-time highs this week, despite the widespread political upheaval. The focus has been largely attuned to Washington, where President Donald Trump became the third president in history to be impeached. Market reaction has been relatively muted so far, as investors widely expect the Senate to vote against Trump’s removal from office, suggesting there is not too much concern for politics on Wall Street. Read here for a complete update.