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Markets Remain Unsettled Ahead of US (and Canada) Employment Reports

Overview: The sharp sell-off of US equities yesterday weighed on global equities today.  The Asia Pacific bourses were a sea of read with many of the…



Overview: The sharp sell-off of US equities yesterday weighed on global equities today.  The Asia Pacific bourses were a sea of read with many of the large markets off 2%-3%.  Japan, which returned from a three-day holiday was the exception and it managed to eke out a small gain.  Europe's Stoxx 600 gapped lower after yesterday's outside down session and US futures are trading around 0.3%-0.5% lower.  Meanwhile, the US 10-year yield is ending further above the 3% threshold, while European benchmarks are mostly 3-4 bp higher.  Here UK Gilts are an exception with the 10-year yield a couple of basis points lower.  The dollar is mixed.  The Scandis and euro are firm, while the Australian dollar, Japanese yen, and sterling are heaviest.  Among emerging market currencies, most central European currencies are higher as is the peso.  Asian currencies and the Turkish lira are sporting modest losses.  Gold is closing in on its third weekly loss and is trading around $1882.  June WTI is flirting with $110.  It has not closed above it since March 25. US natgas is extending its advance for a sixth session.  It is up about 23.5% this week after rising nearly 11% last week.  Europe's natgas benchmark is off 5.6% today to halt a four-day advance.  It is up 6.6% this week and was up almost 3.2% last week.  Iron ore slumped 4.7% today and is off nearly 5.9% on the week, its third consecutive weekly loss.  Copper is a little heavier after reversing lower yesterday to lose 1%.  It is off 2.7% this week after having fallen in the past two weeks.  July wheat has come back lower after rallying around 5.8% in the past two sessions.  It is up nearly 4% net this week.  


Asia Pacific

Tokyo's April CPI jumped to 2.5% from 1.3%.  This was a touch higher than expected.  The two key drivers were energy prices and the base effect from the cut in last year's mobile phone charges.  Excluding fresh food prices, Tokyo's CPI rose to 1.9% from 0.8%.  Excluding fresh food and energy, Tokyo's consumer prices rose by 0.8% from -0.4%.  Energy prices are up about 25% year-over-year and lifted overall rate by 1.1 percentage points.  The mobile phone charges added 0.8%.  While influences of the Tokyo CPI will be evident in the national figures due out later this month, the BOJ insists on looking through the data on the grounds that the current spurs are not sustainable.  Wage growth is not strong enough.  At the same time, the new economic package is projected to lower inflation by 0.5 percentage points from May through September.  

The US appears to be getting close to adding China's Hikvision to the "Special Designated Nationals and Blocked Persons list on human rights violation grounds.  Hivision sells surveillance software to governments and corporations, including CCTV cameras.  Although it operates globally with some 53k employees, its biggest customer is China itself.  While the US has been escalating and expanding its use of sanctions since 9/11, one of the things that draws attention to Hikvision, in addition to its size, is that the category of violations, human rights, could very broad and elastic. Meanwhile, we note that a bill passed the Senate committee stage yesterday that would allow the US to sue OPEC for manipulating the energy market.  The White House expressed concerns but has not formally opposed it yet.  

Beijing announced that all government and state-sponsored businesses should replace all foreign brand personal computers with domestic ones within two years.  This is the latest effort by Beijing to reduce its reliance on foreign technology.  Estimate suggest there are some 50 mln personal computers at the central government alone. The shares of many of non-Chinese brands sold-off on the news.  Note too that has been an effort elsewhere to reduce the use of Lenovo PCs, which is a Chinese brand.  

The dollar recovered from about JPY128.75 yesterday and closed a little above JPY130 as US yields jumped. Japanese markets re-opened from the extended holiday today, and the greenback rose to JPY130.80 in Asia, a new high for the week.  Initial support now is seen near JPY130.  The US 10-year yield is extending its gains above 3.0%, and this could help lift the greenback above the two-decade high recorded in late April near of JPY131.25. The Australian dollar peaked on Wednesday and Thursday near $0.7265 and between yesterday and today shed two cents to hit a low around $0.7065.  The week's low was set Monday closer to $0.7030 and the low for the year was set in late January by $0.6970.  A close today below last week's low around $0.7055 would a particularly bearish technical development.  The yuan's slide continued.  Recall that at the end of last week, before the holiday, the greenback settled near CNY6.6085.  Today, it reached CNY6.6955, its highest level since November 2020.  The 200-dy moving average, which it has not traded above since September 2020, is now near CNY6.73 and is the next technical target.  The PBOC set the dollar's reference rate lower than expected for the fourth consecutive session.  Today's fix was at CNY6.6332, while the projections (median forecast in Bloomberg's survey) was for CNY6.6379. 


It almost seems that the Bank of England goes out of its way to keep the market wrongfooted.  The BOE delivered the 25 bp rate hike, indicated that rates would likely rise further, and said, by the way, the economy will contract sharply in Q4, and 2023 as a whole, before stagnating in 2024.  And by the way, a technical recession (two quarters of shrinking output) may be avoided.  The vote to hike was with a 6-3 majority.  Despite the dour economic forecast, the dissenters favored a 50 bp hike, concerned about wage growth.  The swaps market has 30 bp of tightening priced in for the June 16 meeting.  The BOE also announced it would sell its corporate bond holdings in September.   It has a more passive approach to its government bond holdings.  As they mature, the proceeds will not be reinvested.  The BOE estimates that it may cost 600k jobs to bring inflation under control.   

Reports indicated that BOE Governor Bailey will not take a raise this year, but the focus is on what the government says about the tips for employees in the Queen's speech that lays out the parliamentary program.  The Tories have long promised to ensure that employees keep the tips have not carried through with it.  The reduction of cash payments also means that the tips are increasingly charged taking it out of the employee hands.  The issue may also take on a larger political significance given the largest cost-of-living squeeze in a generation and in the face of regressive policies.  Separately, the votes are still being counted in the yesterday's local elections, in which the Tories appear to have lost many councils.  However, the fact that the Lib Dems may emerge as the chief beneficiary rather than Labour is notable.  

Following the sharp slide in factory orders yesterday, Germany reported that industrial output collapsed by 4.7% in March.  This is more than four-times more than the median forecast in Bloomberg's survey.  Spain's industrial production was forecast to fall by 0.5%.  Instead, it contracted by 1.8%.  The aggregate figure for the eurozone will be reported at the end of next week and the 0.8% median forecast in Bloomberg's survey will have to be re-thought.  

The euro came within about a tenth of a cent from the multi-year low set in late April slightly above $1.0470 before bouncing in early European turnover to $1.0580. It stalled there.  The market may be hesitant to take it further ahead of the US jobs report.  There are options for almost 600 mln euros at $1.06 that expire today.  The high for the week was recorded yesterday near $1.0640.  A move above there would target $1.07.  After an outside up day on Wednesday, sterling reversed lower yesterday despite the BOE's hike.  It collapsed 2% and fell to $1.2325.  The losses were extended to nearly $1.2275 today.  A break of the $1.2250 area could spur losses toward $1.2075 on the way to $1.20.  Of note, the lower Bollinger Band (two standard deviations below the 20-day moving average) is around $1.2235 now.  Initial resistance is seen in the $1.2380-$1.2400 area. 


The main narrative that seems to have emerged is that Fed Chair made what some have dubbed an "unforced error" in taking a 75 bp off the table.  But was it ever really on the table?  Yes, the Fed funds futures market had thought it was possible in the coming meeting or two.  This was a fantasy of speculators and was not a policy signal.  The market and some in the media who cover them simply read the Fed wrong and then blamed the Fed.  The most hawkish FOMC member is the St. Louis Fed President Bullard.  In the context of talking about how the central bank is not as far behind the curve as it may appear, using his own calculation of the Taylor Rule, which links the GDP and labor market output gaps to the overnight target rate, Bullard, said 75 bp move could be considered at some juncture.  He quickly added that was not his base case.  It does not seem as if any other Fed official endorsed a 75 bp hike and some pushed against it. Central bankers seem to be characterizing their challenge as threading a needle.  Push the inflation genie back into the bottle without driving the economies into recessions.  

Powell is leading down the middle.  A steady and predictable course might be the best tactic now. Strategic ambiguity may be the more traditional approach, but these are not traditional times. It seems common at recent FOMC meetings for the market to react one way initially and subsequently reverse it. This time it was exaggerated in both directions.  The market "corrected" itself yesterday with a word from a Fed official.  In fact, the market has about a one-in-four chance that the Fed hikes by 75 bp at the June 15 meeting.   We note that several Fed presidents will be speaking today (Williams, Kashkari, Bostic, and Daly). As the Vice Chair of the FOMC, NY Fed President Williams has a permanent vote.  He can also be expected to articulate the opinion of the leadership.  Governor Waller speaks with Bostic and is seen as among the more hawkish governors.  

Solid but a bit slower job growth may be exactly to the Fed's liking.  The median forecast in Bloomberg's survey has slipped recently but at 380k, it is still a "good" number.  At the same time, it would the slowest since last April.  Nonfarm payrolls rose by an average of 562k in the first quarter.  In Q1 21, average job growth was 645k. The risk may be on the downside after the ISM and ADP reports.  Weekly jobless claims rose a little.  A rise in the participation rate is also something that the Fed would like to see.  A greater participation rate would ostensibly help curb rising labor costs. The participation rate was at 63.3% before the pandemic and was at 62.4% in March.  Anecdotal stories suggest it ticked up.  Canada, which also reports its April jobs data has seen its participation rate nearly fully return to pre-pandemic levels.  It was at 65.5% at the end of 2019 and 65.4% in March.  Canada grew 70k jobs a month in Q1, of which 44k were full-time positions.  In Q1 21, job growth averaged 114k a month, and 88k of them were full-time. The market goes into the jobs data with 50 bp hike priced in for Canada on June 1.

After approaching CAD1.27 yesterday, the US dollar surged to nearly CAD1.2870 as US stocks cratered.  The greenback's high recorded on Monday was the high for the year by CAD1.2915. It is consolidating ahead of the job reports and is holding above CAD1.2800.  A convincing break of CAD1.2770 would weaken the US dollar's technical tone.  There is an expiring option for $1.4 bln at CAD1.2840.  The equity market performance may be just as important for the exchange rate today as employment reports.  The US dollar has been in a roughly MXN20.00-MXN20.31 range for the past two sessions.  It peaked on Monday near MXN20.50.  Initial support is in the MXN20.10-MXN20.15 area.  April CPI will be released next week, and it is expected to have accelerated, but the highlight next week is the central bank meeting.  A 50 bp hike is widely expected and the risk is a 75 bp move rather than 25 bp.  


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The investment case for copper miners – elevated prices are firmly supported by supply bottlenecks

A combination of the Covid pandemic disrupting production and supply chains across the globe and Russia’s invasion of Ukraine almost a year…
The post…



A combination of the Covid pandemic disrupting production and supply chains across the globe and Russia’s invasion of Ukraine almost a year ago has led to significant volatility in commodity prices in recent years. Copper prices have been no exception, shooting up 127.66% from a low of $2.17 in mid-March 2020 to an all time record high of $4.94 on February 28 2022.

They subsequently dropped almost 35% between that high and a recent low last July before climbing over 30% against since. It’s been a rollercoaster couple of years for copper, which is used for everything from electronics to equipment manufacturing, building construction, infrastructure and transport.

Copper prices – 10 year chart

Source: MacroTrends

Why are copper prices rising as the economy slows?

Ordinarily, a backdrop of the highest inflation levels in decades, rapidly rising interest rates, geopolitical challenges and a Covid hangover degrading near-term global growth prospects would be expected to weigh on the price of copper and other industrial commodities. But over the past 3 months the price of copper has risen by over 20% as the world economy has deteriorated and demand outlook dwindled.

The recent surge in the price of copper is partly the result of a softer dollar and the end of China’s zero-Covid policy leading to market optimism demand for the metal and other industrial commodities will rise again. However, it’s mainly down to a supply squeeze that has in large part been due to temporary factors such as weather conditions and labour challenges reducing the output of currently active mines.

But while those issues will abate, supply tightness appears baked in for copper for several years to come as a result of underinvestment in new mines and extending current projects. There have been very few significant new copper deposit discoveries in recent years and that is expected to lead to a disconnect between supply and forecast demand over the next several years.

Electric vehicles and renewable energy infrastructure should see demand for copper rise significantly over coming years. Cyclical industries like construction should also bounce back as the global economy recovers from its current downturn, recovering to at least previous levels, on top of new demand resulting from electrification.

Based on current mining output and known new discoveries and miner pipelines, the evidence suggests copper supply will remain tight for years into the future. With that in mind, which copper miners could be worth a closer look from investors?



One of the world’s biggest copper miners, FTSE 100 constituent Antofagasta’s activities are mainly concentrated in Chile. While it also produces gold and silver like most copper miners (the metals are typically found in close proximity to each other), Antofagasta’s valuation is most influenced by copper prices and tracks them relatively closely.

The miner is also expected to increase its copper output over the next several years so will be even more tied to the metal’s price trends than now. Antofagasta published a Q4 production update earlier this month, revealing that it exceeded its revised full-year target of producing 646,200 tonnes of copper. It aims to produce between 670,000-710,000 tonnes in the current year, despite rising global inflation that has increased input costs. The net cash costs per pound, however, are expected to stay similar to last year’s.

If the company goes ahead with a proposed second concentrator at its Centinela operation, its annual production could reach 900,000 tonnes by 2026. In the first half of last year the miner had a net-debt-to-equity ratio of 5% and operating profits 64 times higher than net interest costs. The means the company is in the financial position to expand production as part of its five-year plan and absorb potential disruptions or delays to capital investments.

But after a 53% rise in the Antofagasta share price over the past six months, does it still represent the kind of value that should tempt investors to take a closer look? The Telegraph’s Questor investment column thinks it does based on the miner’s long term prospects and a price-to-earnings ratio of just 15 that offers a good safety margin with the FTSE 100 close to its all time high.

BHP Group

BHP Group

Headquartered in Australia with a dual listing in London BHP is one of the world’s biggest miners and was last year the second largest copper producer behind the Chilean state-owned miner Codelco. It’s not as pure a play on copper prices as Antofagasta because it also produces larges quantities of iron ore, nickel, coking and energy goal and gold amongst its metals and minerals portfolio.

But copper prices are very important to BHP and it is investing in increasing its output. Its dominant market position and the volume of its output means it will benefit if prices do hit record levels in 2023 as some analysts predict. However, with share price gains of 25% in the past 6 months and a potential hit to iron ore demand if the global economy struggles for a period, upside at the current valuation is questionable.

Southern Copper

Southern Copper

NYSE-listed Southern Copper is another relatively pure play on copper, though it does also produce smallish quantities of other metals and minerals. Its mines are located across Central and South America, in Mexico, Peru, Argentina, Ecuador and Chile.

The companies gross profits have have rising in recent years from $3.79 billion in 2019 to $7.15 billion in 2021. That’s expected to have dropped for 2022 when full year accounts are released but due to investment in expanding existing projects which should allow it to increase production, and profits, in the long term.

Basically, if the copper price stays strong over the next several years, Southern Copper could prove a wise investment. But it is very closely tied to copper prices so vulnerable to any negative turn the market for the commodity might take.

Investors convinced of the prospects for copper prices in the medium to long term might also consider copper ETFs, which build in some diversity across miners. The biggest is the U.S.-traded Global X Copper Miners ETF.

The post The investment case for copper miners – elevated prices are firmly supported by supply bottlenecks first appeared on Trading and Investment News.

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Growing Number Of Doctors Say They Won’t Get COVID-19 Booster Shots

Growing Number Of Doctors Say They Won’t Get COVID-19 Booster Shots

Authored by Zachary Stieber via The Epoch Times (emphasis ours),




Growing Number Of Doctors Say They Won’t Get COVID-19 Booster Shots

Authored by Zachary Stieber via The Epoch Times (emphasis ours),

A growing number of doctors say that they will not get COVID-19 vaccine boosters, citing a lack of clinical trial evidence.

I have taken my last COVID vaccine without RCT level evidence it will reduce my risk of severe disease,” Dr. Todd Lee, an infectious disease expert at McGill University, wrote on Twitter.

A vial of the Pfizer-BioNTech COVID-19 vaccine is seen in a file photograph. (Justin Sullivan/Getty Images)

Lee was pointing to the lack of randomized clinical trial (RCT) results for the updated boosters, which were cleared in the United States and Canada in the fall of 2022 primarily based on data from experiments with mice.

Lee, who has received three vaccine doses, noted that he was infected with the Omicron virus variant—the vaccines provide little protection against infection—and described himself as a healthy male in his 40s.

Dr. Vinay Prasad, a professor of epidemiology and biostatics at the University of California, San Francisco, also said he wouldn’t take any additional shots until clinical trial data become available.

“I took at least 1 dose against my will. It was unethical and scientifically bankrupt,” he said.

Allison Krug, an epidemiologist who co-authored a study that found teenage boys were more likely to suffer heart inflammation after COVID-19 vaccination than COVID-19 infection, recounted explaining to her doctor why she was refusing a booster and said her doctor agreed with her position.

She called on people to “join the movement to demand appropriate evidence,” pointing to a blog post from Prasad.

“Pay close attention to note this isn’t anti-vaccine sentiment. This is ‘provide [hard] evidence of benefit to justify ongoing use’ which is very different. It is only fair for a 30 billion dollar a year product given to hundreds of millions,” Lee said.

Dr. Mark Silverberg, who founded the Toronto Immune and Digestive Health Institute; Kevin Bass, a medical student; and Dr. Tracy Høeg, an epidemiologist at the University of California, San Francisco, joined Lee and Prasad in stating their opposition to more boosters, at least for now.

Høeg said she did not need clinical trials to know she’s not getting any boosters after receiving a two-dose primary series, adding that she took the second dose “against my will.”

I also had an adverse reaction to dose 1 moderna and, if I could do it again, I would not have had any covid vaccines,” she said on Twitter. “I was glad my parents in their 70s could get covid vaccinated but have yet to see non-confounded data to advise them about the bivalent booster. I would have liked to see an RCT for the bivalent for people their age and for adults with health conditions that put them at risk.”

The U.S. Food and Drug Administration (FDA) granted emergency use authorization to updated boosters, or bivalent shots, from Pfizer and Moderna in August 2022 despite there being no human data.

Observational data suggests the boosters provide little protection against infection and solid shielding against severe illness, at least initially.

Five months after the authorization was granted, no clinical trial data has been made available for the bivalents, which target the Wuhan strain as well as the BA.4 and BA.5 subvariants of Omicron. Moderna presented efficacy estimates for a different bivalent, which has never been used in the United States, during a recent meeting. The company estimated the booster increased protection against infection by just 10 percent.

The FDA is preparing to order all Pfizer and Moderna COVID-19 vaccines be replaced with the bivalents. The U.S. Centers for Disease Control and Prevention, which issues recommendations on vaccines, continues advising virtually all Americans to get a primary series and multiple boosters.

Professor Calls for Halt to Messenger RNA Vaccines

A professor, meanwhile, became the latest to call for a halt to the Pfizer and Moderna vaccines, which are both based on messenger RNA technology.

At this point in time, all COVID mRNA vaccination program[s] should stop immediately,” Retsef Levi, a professor of operations management at the Massachusetts Institute of Technology, said in a video statement. “They should stop because they completely failed to fulfill any of their advertised promise[s] regarding efficacy. And more importantly, they should stop because of the mounting and indisputable evidence that they cause unprecedented level of harm, including the death of young people and children.”

Levi was referring to post-vaccination heart inflammation, or myocarditis. The condition is one of the few that authorities have acknowledged is caused by the messenger RNA vaccines.

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Tyler Durden Thu, 02/02/2023 - 19:10

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Apple Pares Much Of Drop During Earnings Call

Apple Pares Much Of Drop During Earnings Call

Update 6:00pm:  Apple has staged a remarkable reversal after hours, and erased almost the entire…



Apple Pares Much Of Drop During Earnings Call

Update 6:00pm:  Apple has staged a remarkable reversal after hours, and erased almost the entire loss after the company said that it expects a 5% impact from FX rates in Q2, and also expects iPhone revenue growth to accelerate in Q2. CEO Tim Cook was also asked whether the move to higher ASPs for the iPhone is sustainable in light of the sharp decline in sales, and whether this will continue in a worsening economy. Cook said the 14 Pro and 14 Pro Max did extremely well until the supply-chain constraints. He says this is definitely a “strong Pro cycle” and credits the new features in the device. He says he’s happy that Apple is now shipping to the demand.

Tim Cook also said that AI is critical to Apple and mentions features like crash-and-fall detection and the use of AI in features like EKG on the Apple Watch. He says AI will effect everything the company does, including all products and services.

Apple is quite bullish on India and other emerging markets, with CEO Tim Cook saying the company will soon open its first retail stores in India. He also said Apple saw marked improvement in China in December (versus November) after another round of Covid re-openings.

As Bloomberg notes, the company also stuck to a line that revenue and sales of individual product categories would have been higher if not for supply-chain constraints and issues stemming from the macroeconomic environment.

* * *

With both Amazon and Google sliding after reporting disappointing earnings and mixed guidance, it was all up to the world's biggest company, AAPL, to provide some hail mary for the tech earnings season which for better or worse is concentrated in a one hour stretch this afternoon. Alas, it was not meant to be and after missing on the top and bottom line, AAPL has joined the parade of selling and tumbled after hours due to numbers which the market was clearly not impressed with.

  • EPS $1.88 vs. $2.10 y/y, missing estimate $1.94
  • Gross margin $50.33 billion, -7.2% y/y, missing estimate $52.03 billion
  • Revenue $117.15 billion, -5.5% y/y, missing estimate $121.14 billion
    • Products revenue $96.39 billion, -7.7% y/y, missing estimate $98.98 billion
    • IPhone revenue $65.78 billion, -8.2% y/y, missing estimate $68.3 billion
    • Mac revenue $7.74 billion, -29% y/y, missing estimate $9.72 billion
    • IPad revenue $9.40 billion, +30% y/y, beating estimate $7.78 billion
    • Wearables, home and accessories $13.48 billion, -8.3% y/y, missing estimate $15.32 billion
    • Service revenue $20.77 billion, +6.4% y/y, beating estimate $20.47 billion
    • Greater China rev. $23.91 billion, -7.3% y/y, beating estimate $21.8 billion
  • Cash and cash equivalents $20.54 billion, -45% y/y, estimate $29.91 billion

And here is AAPL's diluted EPS in context: needless to say, could have been better.

Commenting on the quarter, Tim Cook said that “during the December quarter, we achieved a major milestone and are excited to report that we now have more than 2 billion active devices as part of our growing installed base.”

CFO Luca Maester chimed in: “our record September quarter results continue to demonstrate our ability to execute effectively in spite of a challenging and volatile macroeconomic backdrop. We continued to invest in our long-term growth plans, generated over $24 billion in operating cash flow, and returned over $29 billion to our shareholders during the quarter. The strength of our ecosystem, unmatched customer loyalty, and record sales spurred our active installed base of devices to a new all-time high. This quarter capped another record-breaking year for Apple, with revenue growing over $28 billion and operating cash flow up $18 billion versus last year.”

Going back to the results, Apple missed consensus revenue in most product categories, with the exception of iPads, to wit:

  • IPhone revenue $65.78 billion, missing estimate $68.3 billion
  • Mac revenue $7.74 billion, missing estimate $9.72 billion
  • Wearables, home and accessories $13.48 billion, missing estimate $15.32 billion
  • IPad revenue $9.40 billion, beating estimate $7.78 billion

Of note: Apple recorded its first decline in iPhone revenue since the third quarter of 2020; yet in context, the 8% drop was still less than the 20% decrease reported by Samsung. Other major smartphone providers that have yet to report are expecting to see double-digit losses. Ironically, Apple may have fared comparatively well on smartphone revenue.

The silver lining: service revenue $20.77 billion, +6.4% y/y, beating estimates of $20.47 billion...

... and rose 6.5% Y/Y, an improvement from last quarter's 5.0%

One other place where investors were pleasantly surprised was China sales, which at $23.91 billion, beat the estimate of $21.8 billion by more than $2 billion.

None of that changes the fact that AAPL's sales by region were uniformly negative across the board.

And another potential problem: AAPL's gross cash continues to slide, dropping to $165 billion, the lowest since June 2014...

... while cash net of debt rebounded modestly from $49 billion to $54 billion, just above a 12 year low with the company having spent hundreds of billions on stock buybacks. Let's hope that Apple doesn't actually need to use that cash.

Commenting on the results, Bloomberg writes that the results show that Apple hasn’t been able to dodge the tech slowdown afflicting many of its competitors. Demand for smartphones and computers has slumped in the past year, and Covid-19 restrictions in China added to Apple’s woes during the holiday sales period. Timing was another issue: The company didn’t launch new Macs and HomePods until recent weeks, missing the end of the first quarter.

In response to these disappointing earnings, the stock predictably slumped as much as 4% before recouping some losses, although even with the drop it is back to where it was... yesterday.

Tyler Durden Thu, 02/02/2023 - 18:05

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