Wall Street - page 2

Samsung will take $5.3 billion hit from Note 7 recall

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Galaxy Note 7 water wet
The Note 7 is all washed up.
Photo: Killian Bell/Cult of Mac

Issuing a global recall for the Galaxy Note 7 is going to cost Samsung even more money than it expected.

Samsung released a statement to investors today revealing that its fiery phablet will hurt overall profits for the next two fiscal quarters, costing the company a total of $5.3 billion.

AirPods point to Apple’s domination of ‘ambient paradigm’

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AirPods may miss Christmas while Apple works out audio problems.
Photo: Apple

The Apple Watch and new AirPods may seam like silly side projects to fans, but some analysts on Wall Street believe the company is using the two new products to lay the groundwork for the next era of personal technology.

While Silicon Valley is obssessed with virtual reality headsets, Apple is obsessed with making gadgetry less visible. UBS analysts Steven Milunovich and Benjamin Wilson told clients that while many firms see a lot of downside for Apple, the company’s “ambient paradigm” could be a huge money maker.

Liveblog: Apple’s surprising Q3 earnings report

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Will Apple reach its own targets for Q2?
Will Apple reach its own targets for Q2?
Photo: Ste Smith/Cult of Mac

All eyes are on Apple this afternoon as the company is set to report its Q3 2016 earnings and Wall Street isn’t expecting anything great.

Apple CEO Tim Cook warned in March that the company will post declining revenues compared to a year ago, but with iPhone sales on the decline as customers wait to upgrade to the iPhone 7, the numbers could be a bit lower than investors are hoping for.

Today’s earnings call for Q3 2016 is set to kick off at 2 p.m. Pacific, when analysts from the top firms around the world will have a chance to ask Tim Cook and CFO Luca Maestri whether iPhone sales have finally bottomed out, or if things are still going to get worse before they get better.

Get in on the action below:

Warren Buffett is betting big on Apple

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Berkshire Hathaway's investment in Apple could send the price back up.
Photo: Ste Smith/Cult of Mac

Some of the world’s biggest investors have ditched their Apple shares lately, but where others see doom and gloom Warren Buffett sees an opportunity to make some serious money. 

Warren Buffet’s legendary investment firm Berkshire Hathaway has taken a large position in Apple stock, scooping up 9.81 million shares, worth about $1.07 billion.

Apple stock hit with biggest drop since 2013

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Apple shares are taking a dive.
Photo: Ste Smith

Apple’s Q2 2016 earnings have been disasterous for the company’s share price, as AAPL stock suffered its worst week in three years.

Wall Street has suddenly soured on Apple, including Carl Icahn, who revealed earlier this week that he dumped all of his shares. With investors offloading shares, the company watched its market capitalization shrink by $65 billion in a mere three days, which is about the equivalent of Cambondia’s net wealth. 

Liveblog: Apple’s toughest earnings call in a decade

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How bad is peak iPhone?
Photo: Ste Smith

Apple earnings calls are usually a time for celebration and gloating, but for the first time in over a decade the company is poised to post declining profits.

Tim Cook warned Wall Street that this would likely happen due to declining iPhone sales. Have we really reached “peak iPhone”?

Analysts and reporters will be grilling Cook and Apple CFO Luca Maestri during today’s Q2 2016 earnings call. Investors will be looking for signs that Apple still has room to grow. And Cult of Mac will be right here, liveblogging the entire Apple earnings call — and translating the financial gibberish — when the big event starts at 2 p.m. Pacific.

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Here’s definitive proof of Apple’s legendary reality distortion field

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What AAPL stock looked at close Monday.
What AAPL stock looked at close Monday.
Photo: Finviz

You might remember that on Monday, AAPL stock had a bit of a bad day before rebounding. It wasn’t just a bad day for Apple stock, though: Fueled by fears of a total collapse of the Chinese stock market, the whole S&P 500 collapsed that day.

In the first 24 hours, only Apple rebounded. It’s proof positive of Apple’s fabled “reality distortion field.”

‘Unusual’ trading spurs sharp drop in Apple shares

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Apple shares took an inexplicable beating from investors on Monday morning, leading to the stock’s single biggest fall since January 28th, 2014. And no one really know why.

An unusual spike in trading volume this morning sent the price of AAPL shares falling as much as 6.4 percent to $111.27 in early trading this morning, leading to a loss of more than $40 billion in market value in just a few minutes.

Big investors think Apple could hit $1 trillion market cap in 2015

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You know what's cool? A new kind of social network. Photo: Columbia Pictures
Apple could be set for a trillion dollar valuation in 2015. Now that's cool. Photo: Columbia Pictures

“A million dollars isn’t cool,” says Justin Timberlake’s Sean Parker during one scene in The Social Network. “You know what’s cool? A billion dollars.”

If that’s the case, then people are going to need to come up with new words to describe Apple, because according to some of Wall Street’s best and brightest, the company could hit a trillion dollar valuation as early as next year.

Apple shares close above $600 for first time since 2012

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AAPL shares have been extremely undervalued for years, according to CEO Tim Cook, but it looks like Wall Street is starting to warm on Apple as the share price crested above $600 this afternoon for the first time since 2012.

After hitting an all-time high of $702.10 in September 2012, Apple’s stock has failed to regain its old luster despite record iPhone sales and earnings. Tim Cook announced last month that the stock would be split 7-to-1 in June, sending shares prices on a steady climb since hitting $524 per share the day after the announcement.  

Apple Has Bought Back $14 Billion Of Its Own Shares Over The Past Two Weeks

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From Tim Cook to Jony Ive,
From Tim Cook to Jony Ive,

Tim Cook has acknowledged that Apple has bought back $14 billion of its own shares over the past two weeks — reacting to an 8 percent decline in shares following the recent financial quarter results.

In an interview with the Wall Street Journal, Cook admitted that he was “surprised” by Wall Street’s reaction to Apple’s last quarter, in which the company broke records by selling 77 million iOS devices over the holiday season.

Apple’s recent share repurchase is the largest of its kind for a company of Apple’s size over a similar timespan. During the past 12 months, Apple has bought back $40 billion of its own shares — part of a plan to repurchase a total of $60 billion. In the past two weeks Cook says that Apple bought $12 billion of its shares through an “accelerated” repurchase program, and a further $2 billion on the open market. Apple plans to disclose updates to its buyback program either next month or in April.

Good News Pushes Apple Stock to Highest Close in Almost a Year

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Apple stock closed at a new 2013 high on Tuesday — rising 2.7 percent (or $15) over the course of the day to finish at $566.32.

For those keeping score, that’s the best close Apple’s stock has had since December 4, 2012, and means that the company is up by 6 percent so far this year — although still down on the $700 all time high which accompanied the iPhone 5.

Apple Will Announce Q4 2013 Earnings On October 28th

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Photo: CNET
Photo: CNET

Apple announced today that its financial earnings call with investors for Q4 2013 will be held on October 28th at 2PM PT.

AAPL shares have been slowly recovering from a recent slump after hitting a high of over $700 per share in 2012. The recent announcement that iPhone 5s and iPhone 5c sales shattered past iPhone sales records with 9 million units sold should portend good things for Apple’s earnings and the share price, but Wall Street is always pretty fickle with AAPL, so we’ll have to wait and see if the good news will be enough to get more of Wall Street on board.

Like its previous earnings calls, Apple is allowing the press and its shareholders to listen in to a live audio webcast, which is available via its website and can be accessed on iOS devices. Cult of Mac will be on hand to liveblog the results as they come in, along with any commentary from Tim and the gang.

Apple Curb Stomps Exxon, Once More World’s Most Valuable Company

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Apple logo on store
Apple has a backup plan.
Photo: Cult of Mac

Two years ago, Apple overtook Exxon as the world’s most valuable company. It was a heck of a feat for a Silicon Valley company: for the first time, the world seemed to value silicon computer chips more than the bubbling, black goo of long dead dinosaurs. The future seemed rosy, and in the following months, Apple’s share price eventually rose to over $700 a share… before cratering thanks to bizarre Wall Street pessimism.

Somehow, though, even though analysts are bleaker about Apple’s futures than they have ever been, Cupertino has once more managed to claw the title of world’s most valuable company from Exxon. How?

We’re Live Blogging The Apple Q2 2013 Earnings Call At 5PM/2PM EDT/PDT [Update: Nope!]

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Update: Guys, sadly, we’re having server issues that makes this impossible. Stay tuned for the front page for updates on the call as it happens.

In just a few hours, Apple will be hosting its Q2 2013 financial earnings call, and it’s bound to be an interesting call. It’s no secret that Wall Street is expecting a bloodbath, and is calling for Tim Cook’s head amongst fears of stagnating iPhone growth, but can Apple outperform the Street’s expectations?

Check out our summary of what to expect if you want to know more about the expectations going into this thing. Starting at 5PM Eastern/2PM Pacific, we’re going to be live blogging the call, so make sure to check back at this space then. We’ll be covering quotes and questions from the call, as well as posting our own live commentary. Hit the jump for our live blog, and make feel free to listen along if you want.

Analysts Expect Apple To Announce Revenues Between $41 Billion And $43 Billion

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Apple will announce its second quarter financial results at 5 p.m. EST today, and this could be one of the company’s most interesting earnings calls for some time. Wall Street has been less than optimistic about the Cupertino company’s recent performance, and some believe that Apple will post its first quarter of negative growth income for over a decade.

But some analysts are a little more positive. According to averages put together by Yahoo! Finance, Apple is likely to announce revenue between $41 billion and $43 billion for the second quarter, with margins between 37.5% and 38.5%.