iPhone Pro Production Supply Shortened
In the global stock markets, it is very likely that Apple will be forced to shorten its production of iPhone Pro models. It is expected that at least 6 million of these iPhone Pro models would not make up the market.
The reason behind this is the non-easing of Covid-19 related restrictions in China as Apple’s manufacturing plant in China would remain closed.
There is huge unrest in China because of Covid restraints a result of which Chinese people are on the streets protesting against the regime. Although such protests don’t happen occasionally yet China will be implementing a lockdown policy.
One of the people who is associated with Apple and Apple’s Chinese partner-in-arms Faxconn informed Bloomberg that the iPhone Pro production shortened supply is inevitable.
The person also claimed that Apple would however be in a position to make up for the shortened supply of goods in the third quarter of 2023.
Apple Stocks in the Market
In response to the shortened production supply, Apple stocks behaved negatively in the market which resulted in a 1.7% value decline.
Things may become quite difficult for Apple’s shares in the near future. This is because of the latest App Review Guidelines added by Apple for the app store.
The platform is eager to generate more profits and revenues from the app store sector. For this purpose, it wants to implement strict rules over the existing companies.
According to reports, Apple is aiming to target a major cryptocurrency exchange’s (Coinbase) wallet. The policy suggests that every app using the app store is to pay 30% of each transaction fee to Apple.
Value Soared for Taboola Stocks
Tech giants such as Taboola.com, which is involved in the business of software manufacturing, saw a significant increase in their stocks. The soaring of stocks of Taboola was recorded to be more than 65.2%.
The reason behind this massive soar was the agreement that the tech giant has executed with Yahoo for the next 30 years.
As per the agreement between Yahoo and Taboola, Taboola will be looking after the affairs pertaining to Yahoo’s advertisements.
Casino Stocks Rally
Rallies became apparent in the stocks pertaining to several casinos which included MGM Resorts, Las Vegas Sands, Wynn Resorts, Melco Resorts, etc.
The stocks of these casinos rallied for about 2.2% to 8% respectively, wherein the 8% rally belonged to Melco Resorts.
The push behind the casino stock rally came from China when the government there granted provisional operation licenses to these casinos.
Biogen Stock Decline
As regards Biogen, the stocks saw their value shrink by at least 5.5% after news surfaced online. The news item suggested that a woman, who had volunteered for ‘lecanemab’ disease trial had died due to a brain hemorrhage.
It was claimed in the news that the trial was carried out by Biogen in collaboration with Esai, a Japanese company.
Stock Rally for Beer Brewers
Significant value increases were also recorded for beer brewers and amongst them, the biggest gainer was Anheuser-Busch InBev (BUD). These stocks saw their value surge by at least 4.2% which were otherwise treated as ‘underweight’.
The beer brewer is now weighing on the potential of exponential earnings leading to significant improvement in the BUD’s balance sheet.
Overall the market sentiment was neither negative nor positive, however, there were a few gains and losses across entire markets.