American tech giant Apple (AAPL) is set to hold a special event at the Steve Jobs Theater in Cupertino, California, on March 25. The company is expected to launch its video streaming services and “unveil a subscription service for news outlets” during the event, according to Bloomberg.
Apple TV services versus Netflix
Yesterday, Netflix (NFLX) CEO Reed Hastings put an end to rumors about the inclusion of Netflix on Apple’s upcoming TV streaming service. Hastings said, “We prefer to let our customers watch our content on our service,” and that Netflix has “chosen not to integrate with” Apple’s upcoming video streaming services.
As reported by Reuters, Hastings sees not getting “too distracted” by rising competition from “large, well-funded companies with very significant efforts” as a challenge for Netflix. He added, “They are going to do some great shows. I’m going to be envious. They’re going to come up with some great ideas. We’re going to want to borrow those.”
Stock price movement
Hastings’ confirmation follows experts’ prediction that Netflix may not be included in Apple’s TV service. Investors’ fear of the stiff competition Apple may pose for Netflix could be why Netflix has mostly underperformed the broader market this month while Apple has outperformed it. As of yesterday, Apple had risen 8.6%, whereas the NASDAQ Composite (QQQ) (COMP-INDEX) had risen 2.4% and Netflix had risen 1.5%.
This morning in a tweet, President Donald Trump continued his fight with the media, branding it “the Corrupt Media.”
Broadcom (AVGO) stock fell ~8.5% after markets closed yesterday following the semiconductor giant's fiscal 2019 second-quarter earnings release. It missed analysts' revenue estimate and cut its fiscal 2019 revenue guidance by $2 billion to $22.5 billion due to sluggishness in its semiconductor solutions business.
The SPDR Gold Shares ETF (GLD), which tracks physical gold prices, has underperformed the broader markets year-to-date, rising just 4.4% compared to the S&P 500’s (SPY) gain of 15.9% as of June 14. The sentiment for gold, however, has been turning around.
Safe havens such as Treasuries and gold were back in favor on June 14 as stocks fell due to rising tensions in the Middle East, concerns over growth, and the looming threat of the US-China trade war. The tech-heavy Nasdaq Composite Index fell 0.67% in the first hour of trading.
Lululemon (LULU) stock rose 2.1% on June 13 in reaction to better-than-expected first-quarter results and an upgraded outlook for fiscal 2019 overall. The company's first-quarter adjusted EPS grew 34.5% to $0.74 on revenue growth of 20.4% to $782.32 million. Analysts had expected EPS of $0.70 and revenue of $755.31 million. Here's why the outlook got an upgrade.
As of 4:40 AM Eastern Time today, US crude oil active futures were at $51.83, ~4% below their closing level in the previous week. If US crude oil prices stay at those levels today, they'll mark their third week of decline in five weeks.
Amazon is discontinuing its Amazon Restaurants service, which has been delivering food for restaurants in parts of the United States. Amazon Restaurants launched in the United States in 2015 and entered the British market the following year. However, it met strong opposition in the British market.