On Wednesday, Apple  got a price target cut from  analysts at Bank of America , who were wary of global demand. Bank of America analysts lowered their price target on the iPhone maker’s shares to $320 from $350.The analysts cited coronavirus crisis behind their lowered outlook on calendar 2020 sales of iPhones, iPads, the Mac, Apple Watch, accessories and some services.  However, Bank of America re-iterated its buy rating on Apple shares, on what it believes to be Apple's strong cash position alongwith the expectation of a new stock repurchase authorization in April. 

Apple  has tempered its expectation for second-quarter revenue, citing the ongoing impact of the coronavirus crisis in China. The iPhone maker said that product supplies will be temporarily affected due to the outbreak.  China market demand would also suffer  due to the virus, as indicated by the company. Apple’s China factories are resuming work slower than expected, as indicated by the company, and most of its 42 stores in the country are dormant for now. Apple, therefore,  does not expect to meet the revenue guidance that it issued for the March quarter.The company indicated that while the situation is evolving, it  will provide more information during its next earnings call in April. "Apple is fundamentally strong, and this disruption to our business is only temporary.

Apple Inc. crushed fiscal first quarter earnings expectations, on the back of strong demand for iPhones, wearables and services. The tech behemoth’s earnings for the three months ending on December 28 ( fiscal first quarter) came in at $4.99 per share, handily beating the Street estimate of  $4.55 per share.  Cook also mentioned  that during the holiday quarter, the company’s active installed base of devices grew in each of its geographic segments and has now topped 1.5 billion. iPhone revenues increased +7.6% to $55.96 billion in the latest reported quarter.

(as reported in the WSJ) . Apple is offering one year of Apple TV+ free of cost to buyers of Apple devices.The service otherwise costs $4.99 per month. Disney+, on the other hand, costs $6.99 per month, on an a la carte basis, while certain Verizon wireless and home internet customers were offered a free year of service.  

HBO’s former executive Richard Plepler is ready to turn producer for Apple TV+. Plepler was CEO and chairman of HBO until February 2019 - a few months after its parent company, WarnerMedia got acquired by AT&T. Plepler’s production company, Eden Productions, has clinched a five-year deal to produce exclusive content (including documentaries, television series, and movies) for Apple TV+ - Apple’s video streaming platform which launched in November 2019. Apple TV+ charges its users $4.99 a month.  Meanwhile, HBO is introducing a streaming service (at $14.99 per month charge) in May, which is expected to offer  current and past HBO programming, alongwith original content, plus content from other AT&T brands.

Fans of the Beatles, gear up for Sony merchandise! Sony Music Entertainment  will sell the iconic musical band's merchandise. The company has signed an agreement to be the exclusive North American purveyor of Beatles T-shirts and other memorabilia, according to a Wall Street Journal report. Citing people familiar with the matter, the Journal mentioned that Thread Shop, Sony Music Entertainment's merchandise division, will collaborate with Apple Corps Ltd., the band’s London-based corporate entity, to expand the Beatles brand in the U.S. through apparel and other products and partnerships. Since 2013, the Beatles’ North American merchandise license had been held by Bravado, a subsidiary of Vivendi’s Universal Music Group.Joe Marziotto, who was previously vice president of brand marketing at Bravado, will join Thread Shop as vice president of licensing and marketing.  

The iPhone maker also posted strong guidance for the current quarter.  For its fiscal fourth quarter, the tech behemoth’s adjusted earnings came in at an $3.03 per share for its fiscal year fourth quarter, exceeding estimates of $2.84.Wearables, Home and Accessories, which includes the Apple Watch, was $6.52 billion, climbing +54% year-over-year. Services revenue of $12.511 billion exceeded expectations.  For the current quarter, Apple’s revenue guidance ranges between $85.5 billion and $89.5 billion - the midpoint of the range being higher than analyst's expectation of $86.737 billion.

Amazon reported earnings on October 24 and the company came up short on the earnings estimate, but beat on the revenue side.Fellow FAANG member Netflix reported on October 16 and it beat its EPS estimate and its revenue estimate, but came up short on subscriber growth.

Apple confirmed that it has acquired UK-based 3D animation firm, IKinema.  MacRumors first reported the purchase, later confirmed by Apple to news outlets. IKinema specializes in motion capture software that allows video footage to be translated into animations.Its technology encompasses games and augmented reality experiences.  The startup had 13 employees as of 2018, according to IKinema company filings. Apple did not disclose the purchase price or the specific reason behind the acquisition.

The analyst also emphasized on the iPhone maker’s potential in services and 5G. Apple generates services revenue from every active device of $38 in fiscal 2020, compared $25 in 2017, according to the analyst. McNealy  mentioned that their  iPhone units outlook is ahead of the Street by 9 million for fiscal 2020 with most of these coming from the midrange.Assuming these are mostly new iPhone users, Apple would make $342 million in annual services revenue off of these customers -- or almost a point of services growth, according to McNealy. At Jefferies’ current 13.4x multiple on calendar 2020 base business EPS estimate, they think that Apple shares are “ too cheap” for a business that they expect would drive over +8% top-line growth and +12%-plus earnings per share power sustainable over time.  

On Tuesday, Apple challenged a controversial EU tax ruling in the region’s  second-highest court. In front of the EU General Court in Luxembourg, the iPhone maker opened arguments on Tuesday, against the 2016 EU ruling that deemed Ireland's low-tax rate on the company as an unfair form of state aid.The decision will likely be appealed to the EU’s highest court, the Court of Justice. The European Commission argued that Apple’s effective corporate tax rate on its European profits in 2014 was just 0.005%.

They are expected to have better water resistance, as well as more robust shatter resistance.  It is also rumored that Apple will roll out (not necessarily at the same vent) a new MacBook Pro with a display size over 16 inches.Apple could also be planning to  launch new AirPods, which might be pricier but would come in with added water-resistance and noise-canceling features.

Sonos shares are climbing Monday, following a rating upgrade from Raymond James analysts. Shares of the wireless speaker maker were upgraded to strong buy from outperform by analysts at Raymond James.  The analysts indicated that Sonos has a two-year revenue [compound annual growth rate] that is around twice its peers GoPro and Arlo, and is still trading at the same levels as them.The company's adjusted EBITDA came in at $7 million, compared to a loss of -$2 million in the same quarter last year.  Raymond James analyst Adam Tindle set a 12-month price target of $19 for Sonos stock – which represents over 40% upside.

The analysts indicated that Apple will likely offer 5G at lower price points and enable 5G capabilities for a wider range of iPhone models than previously expected.  However, Raymond James’s analysts did express concerns over the immediate scenario for Apple.They feel that currently Apple's iPhone sales face challenges, since Apple has been increasing prices for its flagship phones at a time when innovation between the different models is slowing.  But the analysts are hopeful that better bandwidth and improved connectivity of 5G technology will further strengthen the case for the rating upgrade. 

Apple Inc. shares fell Monday, following a downgrade by Rosenblatt Securities. Analysts at Rosenblatt Securities lowered their rating on Apple to "sell" from "neutral", on anticipation of disappointing sales of new iPhones,  along with concerns over a slow down in iPad sales growth in the second half of 2019, and what the analysts perceive as insignificant sales growth contribution from products like the HomePod, AirPod, and iWatch. Rosenblatt Securities maintained its $150 per share price target on Apple shares. Apple shares traded around -2% lower Monday.

Taiwan-based electronics automaker, Foxconn, has off-shored 155 jobs from a factory outside Indianapolis to Mexico, following changes in business and production objectives.Foxconn has so far failed to meet job creation targets promised, as part of a massive new factory supported by large tax breaks.

Pour one out for your high school mix tapes: Apple announced Monday at its annual Worldwide Developers Conference (WWDC) that it’s shutting down iTunes, its 18-year-old digital media software.In its place, Mac users will have three individual, dedicated apps for music, podcasts and TV, similar to the current iPhone setup.

Apple executives showed eager consumers a large set of privacy and speed-focused changes to the company's phone and computer software. Apple CEO Tim Cook previewed one of the original shows Apple is producing for its new video-streaming service, "For All Mankind," set in an alternate history where the Soviets were first to land a man on the moon.  Apple's keynote focused largely on minor feature updates to its flagship software but hinted at its shift toward a service-focused company.

Tech giants, civil society groups and Ivy League security experts have condemned a proposal from Britain’s eavesdropping agency as a “serious threat” to digital security and fundamental human rights. In an open letter to GCHQ (Government Communications Headquarters), 47 signatories including Apple, Google and WhatsApp have jointly urged the U.K. cybersecurity agency to abandon its plans for a so-called “ghost protocol.”

The sniping began shortly after Apple unveiled its new credit card with Goldman Sachs. In an elaborate presentation in March, Apple CEO Tim Cook revealed the biggest yet mash-up between the worlds of big tech and big finance, a card that supposedly reimagines consumers’ relationship with plastic.Rivals of the investment bank wasted no time taking shots at the deal.