Thursday’s Headlines: Apple’s New iPhone Isn’t Winning Any Favors

Thursday’s Headlines: Apple’s New iPhone Isn’t Winning Any Favors

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

NLS +16.1%

WORK +10.7%

TDOC +9.18%

ZM + 6.82%

TRIP +6.24%

Moving Down ⬇️

HHC -6.6%

ZG -6.7%

JWN -9.5%

ROIC -9.9%

GPRO -13.64%

1. Apple’s surprise unveiling of its new iPhone was not enough to prevent its stock price from dropping on Wednesday. The new, second-generation iPhone SE carries the same name as the original iPhone SE that launched in 2016 and costs $399, with preorders beginning on Friday. The phone is launching at a difficult time for Apple as it faces an environment where millions have lost their jobs due to the health crisis and production delays that have hit its manufacturing facilities in China. Get the complete story here.

2.  GoPro stock plummeted nearly 14% on Wednesday after the company announced plans to lay off more than 20% of its remaining staff and cut out retailers from its sales as revenue reels from the spread of COVID-19. The company had already conducted multiple rounds of layoffs that have trimmed its workforce from more than 1,500 at the end of 2016 to fewer than 1,000 workers in recent years. This new round of cuts comes as part of a plan to save $100 million in operating expenses this year and $250 million in 2021. Read the complete report here.

3. Shares in Slack jumped more than 10% on Wednesday after CEO Stewart Butterfield detailed the ‘most productive’ week in company history. The San Francisco-based company added 9,000 new paid customers from February 1 to March 25, an 80% increase over the full quarterly total the preceding two quarters. The forced migration of millions of employees to work from home accelerated what was already a fledgling business, with the cumulative number of active minutes on Slack now exceeding 1 billion minutes every weekday. Read the full story here.