Photo by Laurenz Heymann on Unsplash
Apple Hits Sky-High Shares Amid Tech Stock Rally
December 14, 2023
Wednesday saw a record-breaking performance for Apple Inc. as its shares closed at an unparalleled high. This achievement is attributed to an expansive surge in tech stocks, fuelled by speculations of impending rate cuts by the Federal Reserve as the monster of inflation begins to retreat.
Apple’s Stellar Performance
Apple’s shares took a 1.7% leap to hit $197.96, toppling its previous record set in July. This impressive run sees the stock up by 52% for the year, amounting to a market capitalization of nearly $3.08 trillion. This firmly establishes Apple’s reign as the world’s most valuable company.
During the past month, Apple has been riding high along with other tech stocks as U.S. Treasury yields have taken a dip. This comes in the wake of indications that inflation is finally on a downward slope, and the economy is retaining its robustness. These sentiments were strengthened on Wednesday as central bankers decided to maintain steady interest rates for the third consecutive meeting, with a projection of a series of cuts in the upcoming year. The 10-year Treasury currently hovers around its lowest since August and is on the brink of dipping below 4%.
Turnaround for Apple
Apple’s recent triumph marks a significant turnaround from the situation in October when the stock hit a five-month low. The fears regarding China sales and revenue growth had cast a shadow over the company.
Fiscal 2023 witnessed a consistent decline in Apple’s revenue each quarter compared to its performance the previous year. A recent forecast predicted stagnant sales in the holiday quarter compared to last year, leaving some investors underwhelmed. However, current viewpoints from Wall Street project a revamp in Apple’s revenue growth by 2024. This positivity comes from expectations of increased demand for smartphones, laptops, and computers.
Recent News
Massive Data Breach Hits Ticketmaster, Affecting 560 Million Customers
Ticketmaster has fallen victim to a significant cyber-attack, potentially compromising the data of up to 560 million customers. The breach was confirmed by Ticketmaster’s parent company, Live Nation, which revealed that a notorious hacking group, ShinyHunters, is behind the attack. The hackers are demanding a ransom of approximately £400,000 to prevent the data from being sold on the dark web.
Toyota Recalls 100,000+ Tundra and Lexus LX SUVs Over Engine Debris Issue
Toyota has announced a recall for over 100,000 Tundra pickups and Lexus LX SUVs in North America due to potential engine issues caused by machining debris. This recall affects certain 2022-2023 models of the Tundra and LX, which are equipped with the new V6 twin-turbo engine. The V6 twin-turbo engine has faced considerable scrutiny regarding its reliability, especially when compared to the previous naturally aspirated V8 engines.
Wordle and Worldle Battle Over Names
A legal dispute has erupted between the wildly popular word game Wordle and the lesser-known geography game Worldle, centering on the similarity of their names. Wordle, which was developed by Josh Wardle in 2021 and later acquired by the New York Times in 2022 for a substantial sum, has gained immense popularity. In this game, players have six attempts to guess a five-letter word.
FDA Issues Recall for Crecelac Goat Milk Infant Formula
The U.S. Food and Drug Administration (FDA) has issued a safety alert regarding Crecelac Goat Milk Infant Formula and other infant formula products imported and distributed by Dairy Manufacturers Inc. The alert highlights Cronobacter contamination concerns with Crecelac Infant Powdered Goat Milk Infant Formula. Although Dairy Manufacturers Inc. initiated a recall on May 24, 2024, due to non-compliance with FDA regulations, new findings of Cronobacter contamination have prompted further action.