Apple shrugs off further iPhone crackdown in China, but ends week lower
Apple Inc closed higher on the day, but ended the week 6% lower as worries about China-led demand weakness weighed ahead of the iPhone 15 launch next week. China reportedly expanded its ban of iPhones to local government workers and state-owned companies. The move followed a day after reports also suggested that Beijing prohibited from central government employees from using foreign devices including iPhones amid national security concerns.Any China government agency iPhone ban is way overblown,” Wedbush said in a note.” The China government agency makes up “less than 500,000 iPhones of roughly 45 million, “we expect to be sold in China over the next 12 months,” it added.
Kroger also said it would pay more than $1 billion to settle opioid claims, and announced that it would sell 413 stores and other assets to C&S Wholesale Grocers in a $1.9 deal to satisfy antitrust concerns.DocuSign earnings beat offset by macro fears; Planet Labs falters on earnings stage) reported quarterly results that topped estimates, but the company warned of macro pressures ahead that are likely to dent growth, sending its shares closed more than 3% lower.
“While we are pleased with our results, like many others, we’re seeing continued macro pressures tempering expansion rates,” chief executive Allan Thygesen said the earnings call that followed the results.
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