Apple To Reportedly Cut IPhone Production Due To Chip Shortage
Tech giant Apple Inc. (AAPL) is reportedly expected to cut iPhone production for its latest iPhone 13 series due to the ongoing global chip shortage. Apple shares dropped over 1% in aftermarket trading on the news.
On Tuesday, Bloomberg reported, citing people with the knowledge of the matter, that Apple is likely to cut its projected iPhone 13 production targets for 2021 by as many as 10 million units. The company had forecast of making 90 million iPhones in the holiday-season quarter.
However, Broadcom Inc. (AVGO) and Texas Instruments Inc. (TXN) are struggling to deliver enough components to Apple, an unidentified source told Bloomberg.
The iPhone 13 Pro and iPhone 13 Pro Max went on sale in September, however, orders won’t be delivered from Apple’s website for about a month. The new devices are listed as “currently unavailable” for pickup at several of the company’s retail stores.
On its last earnings call, Apple had warned that supply chain production problems could impact iPhone supply in the current quarter. Apple is currently set to report its next earnings on October 28.
AAPL closed Tuesday’s trading at $141.51, down $1.30 or 0.91%, on the Nasdaq. The stock further slipped $1.77 or 1.25% in the after-hours trading.
CAA Signs Michelle Williams
EXCLUSIVE: CAA has signed four-time Oscar nominee Michelle Williams.
Williams currently stars opposite Tom Hardy in the Marvel film Venom: Let There Be Carnage, which set a pandemic-era record during its opening weekend and has since earned more than $185 million at the global box office . She reprises her role from 2018’s Venom, which grossed more than $855 million worldwide.
She recently completed shooting on Steven Spielberg’s upcoming film The Fablemans, based loosely on his childhood, as well as Kelly Reichardt’s Showing Up, which marks her fourth collaboration with the filmmaker.
In 2019, Williams earned a Emmy Award and a SAG Award in the category of Outstanding Performance by a Female Actor in a Television Movie or Limited Series for her portrayal of Gwen Verdon in the critically acclaimed FX limited series Fosse/Verdon.
She continues to be represented by John LaViolette at Bloom, Hergott, Diemer, Rosenthal, LaViolette, & Feldman and ID.
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Columbia Banking System Slips 12% On Merger With Umpqua Holdings
Shares of Columbia Banking System, Inc. (COLB), the parent company of Columbia State Bank, are down 12 percent on Tuesday’s trading after the company announced the merger with Umpqua Holdings Corp. (UMPQ), the parent company of Umpqua Bank, in an all-stock deal.
Once the transaction is completed, the combined company will be a West Coast franchise having more than $50 billion in assets. The deal is expected to close in the middle of fiscal 2022.
Currently at $34.15, the stock has traded between $24.84 and $50.68 during the past 52 weeks.
Opinion | What Does a University Owe Democracy?
By Bret Stephens
VOXX International Q2 Profit Down, Shares Slip 5%
Shares of VOXX International Corporation (VOXX) slipped over 5% in extended session on Tuesday after reporting second-quarter results.
Net income for the second quarter was $0.3 million or $0.01 per share, down from $7.3 million or $0.30 per share last year.
Sales for the second quarter increased 11.8% to $143.1 million from $128.0 million last year.
VOXX closed Tuesday’s trading at $11.05, up $0.20 or 1.84%, on the Nasdaq. The stock, however, slipped $0.60 or 5.43% in the after-hours trading.
Netflix CEO: Squid Game might be our 'biggest show ever'
(CNN)Netflix’s latest hit really kills.
“Squid Game” is a South Korean fictional drama in which contestants who are deeply in debt play children’s games in order to win a ton of cash.
The downside is that losers will be killed.
Seriously, if a person can’t nail “Red Light, Green Light,” they are totally a goner.
Oh, and once you are in the game, quitting also has deadly consequences.
To say the horror series is causing a buzz would be an understatement.
It’s a bit of a phenomenon much like the South Korean film “Parasite” turned out to be.
That movie became the first foreign film to ever win a best picture Academy Award at the 92nd Oscars in 2020.
China Sept exports rise 28.1% y/y, better than forecast
BEIJING, Oct 13 (Reuters) – China’s exports in September rose 28.1% from a year earlier, and imports increased 17.6%, customs data showed on Wednesday.
Analysts in a Reuters poll had forecast exports would rise 21% from a year earlier, after growing 25.6% in August.
Imports were expected to have expanded 20% from a year earlier, after rising 33.1% in August.
China posted a trade surplus of $66.76 billion in September, against the poll’s forecast for a $46.8 billion surplus and $58.34 billion surplus in August.
Oil Futures Settle Slightly Higher
Crude oil futures settled marginally higher on Tuesday after prices moved up amid speculation the fuel market could get tighter this winter.
Traders also noted Citigroup Inc.’s comments that oil prices may hit $90 a barrel at times this winter as gas-to-oil switching drives stockpiles lower.
West Texas Intermediate Crude oil futures for November ended higher by $0.12 or about 0.2% at $80.64 a barrel.
The contract rebounded swiftly to $81.62 a barrel after falling to a low of $79.47 a barrel but retreated soon afterward and stayed rangebound just above the flat line till the end of the session.
Brent crude futures were down $0.25 or 0.3% at $83.40 a barrel a little while ago.
Oil continued to climb with power prices rising to record highs in recent weeks as a rebound in global demand contributed to energy shortages in Asia, Europe and the United States. The energy crisis affecting China is expected to last through the end of the year.
The supply side remains tight as the Organization of the Petroleum Exporting Countries and allied producers, or OPEC+, is sticking to plans to gradually bring back output, rather than quickly boost supply.
Markets now look ahead to weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API’s report is due later today, while the EIA’s inventory data is due on Thursday.