Morning Reads
- On Himalayan Hillsides Grows Japan’s Cold, Hard Cash
- Azerbaijan Seeks to Settle Climate Finance Fights at COP29
- Arming Ukraine Turns Soviet Tank Refitter Into a Billionaire
- Escaping the Aeschylus Trap in the Middle East
- Gold Holds Below Record Despite Iran’s Strike Against Israel
- Oil Markets Shrug Off Iran’s Attack on Israel
- Big Oil Companies Warm to Biden After Years of Bad Blood
- The Economic Costs of New Protectionism Are Starting to Pile Up
- A Resilient Global Economy Masks Growing Debt and Inequality
- Dollar’s Rally Supercharged by Diverging US Rate Outlook
- Why Better Times (and Big Raises) Haven’t Cured the Inflation Hangover
- A Huge Number of Homeowners Have Mortgage Rates Too Good to Give Up
- Goldman’s Wall Street Machine Revs Up Driving Surprise Profit Surge
- Why Everyone in Finance Is Getting Ripped
- How Electric Utilities Will Handle Booming AI Datacenter Demand
- U.S. Awards Samsung $6.4 Billion to Bolster Semiconductor Production
- Apple Faces Worst iPhone Slump Since Covid as China Rivals Rise
- Microsoft, Beset by Hacks, Grapples With Problem Years in the Making
- Hybrids Extend Lead Over EVs in Green Vehicle Race
- Waymo, Cruise and Zoox Inch Forward Ahead of Tesla Joining Robotaxi Race
- Tesla to Cut Over 10% of Workforce in Global Retrenchment
- Trucking Oversupply Is Weighing on Carriers’ Earnings Outlooks
- Paris Has Plan B If Seine Olympic Parade Too Risky, Macron Says
- Chinese Company Under Congressional Scrutiny Makes Key U.S. Drugs
- Americans Are Spending Billions on Drugs That Don’t Work
- Heinz Hot Pink ‘Barbiecue’ Sauce Is Coming to Grills This Month
Movers
Options
PREMIUM
Prepper
Apple (AAPL) loses top smartphone maker crown to Samsung (OTCPK:SSNLF). (00:27) Tesla (TSLA) employees brace for potential layoffs - report. (01:01) J&J (JNJ) cough syrup recall classified as most serious in South Africa. (01:51)
Samsung (OTCPK:SSNLF) has reclaimed its crown as the top smartphone maker from Apple (NASDAQ:AAPL).
According to preliminary data from the International Data Corporation's Worldwide Quarterly Mobile Phone Tracker, Apple saw its iPhone shipments drop 9.6% in Q1 2024.
Apple's (AAPL) market share at the end of Q1 was 17.3%, while Samsung's (OTCPK:SSNLF) share was 20.8%.
Chinese brands are steadily gaining ground, with Xiaomi (OTCPK:XIACF) taking the third spot with a market share of 14.1%.
Some Tesla (NASDAQ:TSLA) employees are said to be bracing for a round of layoffs that could happen soon.
The Business Insider spoke to seven engineers, including from the Austin gigafactory and the Fremont plant.
One engineer told the publication, "There've been some whispers, and some people are concerned, but you know how fast false rumors can spread at a company this big."
Tesla (TSLA) did not respond to requests for comment.
The speculation comes soon after Tesla (TSLA) informed its employees working on the Cybertruck production line at the Texas gigafactory that their shifts will be shorter.
In addition, multiple customers reported that Tesla (TSLA) cancelled some Cybertruck delivery appointments due to an "unexpected delay."
Tesla also recently cut the price of its Full Self Driving package by 50%.
A recent product recall of Johnson & Johnson’s (NYSE:JNJ) children's cough syrup brand Benylin is classified as Class 1, Type A by South African officials. This classification indicates a serious product quality issue.
The South African Health Products Regulatory Authority (SAHPRA) said it has worked with J&J's consumer care spinoff, Kenvue (KVUE), to identify the affected batches after its Nigerian counterpart initiated the recall a few days ago.
On Wednesday, a Nigerian drug regulator announced its decision to recall a batch of Benylin Paediatric Syrup after finding high levels of diethylene glycol, a toxic substance that can lead to acute kidney injury.
SAHPRA said it is recalling two Benylin batches over the issue, which it said have been distributed in South Africa, Eswatini, Rwanda, Kenya, Tanzania, and Nigeria.
Kenvue (KVUE) said in a statement, "We take this matter very seriously and are acting with urgency to conduct a thorough safety and quality assessment."
Earnings week ahead: BAC, JNJ, TSM, UNH, ABT, SLB, UAL, PG, NFLX and more
Gold upgraded at Goldman Sachs amid geopolitical risks
U.S. hikes royalty fees for drilling on federal lands for first time in a century
On our catalyst watch for the day,
- Ancora's candidates for the CEO, COO position, and board seats at Norfolk Southern (NSC) will participate in a fireside chat with Deutsche Bank.
- TED2024 will run all week. Some of the notable speakers related to the stock market include Bill Ackman talking about the activist investor playbook and Google (GOOG) DeepMind CEO Demis Hassabis talking about the future of AI.
- All week - The four-day NAB Show in Las Vegas will focus on topics such as broadcast cybersecurity, the rise of 5G, and the role of AI in media. Sony (SONY), Verizon (VZ), Sinclair (SBGI), Fujifilm (OTCPK:FUJIY), Beamr (BMR), InterDigital (IDCC), and Backblaze (BLZE) are some of the companies that will be showcasing their products and innovations.
- All week - Ibotta (IBTA) and Centuri (CTRI) are expected to price their IPOs and start trading. The IPO quiet periods expire on Reddit (RDDT), Astera Labs (ALAB), Intelligent Group (INTJ), and Auna (AUNA) to free up analysts to post ratings.
Wall Street's three major averages on Friday shed more than 1% each.
The Nasdaq (COMP:IND) led losses among the indexes, dipping 1.62%. The S&P 500 (SP500) retreated 1.46%, while the Dow (DJI) lost ground by 1.24%.
All three gauges posted weekly losses. For the week, the Dow (DJI) fell 2.37%, the S&P (SP500) fell 1.56%, and the Nasdaq (COMP:IND) fell 0.45%.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. Crude oil is down 0.8% at more than $84 per barrel. Bitcoin is up 3.4% at more than $66,000.
In the world markets, the FTSE 100 is down 0.3% and the DAX is up 1.1%.
The biggest movers for the day premarket: Medical Properties Trust (MPW) is up 15% following the announcement of the sale of its majority interest in five Utah hospitals.
On today’s economic calendar:
- 830am The March Retail Sales report will be released. Economists forecast a 0.4% month-over-month increase in the headline number.
- 10am Housing Market Index