Apple iPhone 12 Gets a Tentative Thumbs Up From Wall Street


Apple’s  (AAPL) – Get Report much-anticipated iPhone 12 lineup revealed Tuesday received a generally tentative set of upward thumbs from Wall Street analysts, who praised the advent of 5G and the pricing of the handsets but were slightly more suspect of how much demand there will be for the new models.

Apple on Tuesday unveiled four different iPhone models, including the iPhone 12 mini, a 5.4-inch model starting at $699; a 6.1-inch device starting at $799, a 6.1-inch Pro model starting at $999, and a 6.7-inch pro model starting at $1,099.

Apple also introduced its HomePod Mini smart speaker, which includes a touch panel on its top for play/pause and volume options, along with a light-up display to indicate use of the Siri assistant.

“The pricing dynamics are the killer app for the phone launch,” Piper Sandler analyst Harsh Kumar wrote in a note to clients. “Pricing was lower than our expectation, which is important in the current global pandemic.”

“iPhone 12 mini hits the magic $699 price point,” Loup Ventures’ Gene Munster wrote on Twitter. “That’s a big deal and slightly expands iPhone’s addressable market. This is the first time in 7 years (iPhone 5S) that smaller form factor is part of flagship lineup.”

Wedbush Securities’ Daniel Ives also expressed optimism that the pricing lineup would be enough to convince current iPhone owners to upgrade, noting that “350 million of 950 million iPhones worldwide are currently in the window of an upgrade opportunity,” which he believes will “translate into an unprecedented upgrade cycle,” particularly in China.

Goldman Sachs analyst Rod Hall also was impressed with the iPhone lineup additions, noting in his own research note that Apple’s iPhone event had a “few unexpected twists,” including the introduction of the iPhone 12 mini and Magsafe charging, though he

The Wall Street Journal announces speaker lineup for its first ever virtual WSJ Tech Live


Press release content from Globe Newswire. The AP news staff was not involved in its creation.

NEW YORK, Oct. 13, 2020 (GLOBE NEWSWIRE) — The Wall Street Journal is set to host its annual WSJ Tech Live conference online on October 19-21, 2020.  

Reimagining the online event experience, this year’s WSJ Tech Live will feature interviews with top executives from across the globe, exclusive demos, virtual excursions, a lively debate and an interactive town hall on the power tech companies wield and their responsibility to users.

The three day conference will cover a number of topics including a look at big tech, antitrust and regulation; the latest breakthroughs in artificial intelligence, quantum computing and their potential to transform business and society; how companies are tackling complex questions of data and privacy while working to regain consumer trust; the new ecosystem of startups; the future of work and workplace culture; tech equality and diversity; and the ongoing U.S.-China battle for tech supremacy. Attendees will have multiple opportunities to keep the conversation going by networking with fellow attendees, speakers and WSJ editors. 

Featured speakers include:

  • Amy Abernethy | Principal Deputy Commissioner Food and Drugs, FDA
  • Jack Antonoff | Producer and Songwriter
  • Stéphane Bancel | CEO, Moderna
  • Wayne Brady | Actor, Singer, Comedian and Producer
  • Julie Brill | Chief Privacy Officer, Microsoft Corp.; Commissioner, Federal Trade Commission (2010-2016)
  • Kimberly Bryant | Founder and CEO, Black Girls Code
  • Priscilla Chan | Co-Founder and Co-CEO, Chan Zuckerberg Initiative
  • David Cicilline | U.S. Representative (D-R.I.); Chairman, House Judiciary Committee’s Antitrust Subcommittee
  • Marcelo Claure | CEO, SoftBank Group International; COO, SoftBank Group Corp.; Executive Chairman, Sprint and WeWork
  • Jim V. Continenza | Executive Chairman and CEO, Kodak
  • Shar Dubey | CEO, Match Group
  • Melinda Gates | Co-Chair, Bill & Melinda Gates Foundation; Founder,

Asian shares lower after tech-driven rally on Wall Street


Shares were mostly lower in Asia on Tuesday as investors awaited the release of Chinese trade data.

An overnight rally on Wall Street, driven mainly by technology companies such as Apple and Amazon, faded amid worries over U.S. economic stimulus and a resurgence of coronavirus caseloads in many countries.

Shares fell in Tokyo, Shanghai and Seoul but rose in Sydney. Hong Kong’s market was closed for a typhoon.

Chinese state media reported that exports jumped 10.2% in yuan, or renminbi, terms in September from a year earlier, while imports rose 4.3%, according to the General Administration of Customs. Dollar-based figures were due later in the day.

Traders were keeping an eye on the Chinese currency after the central bank scrapped a requirement for currency traders to post cash deposits, opening the way for more negative speculation on the country’s yuan, which might help to restrain its rise in value.

The change took effect Monday and eliminates a requirement imposed in 2018 for a 20% deposit on yuan trades to discourage speculators.

The recovery of the world’s second biggest economy has been a rare bright spot as investors wait to see if the U.S. Congress will manage to provide further economic aid for Americans and businesses struggling due to the coronavirus pandemic. With caseloads in the U.S., Europe and many other countries gaining pace, risks of further disruptions to trade, business and other daily activities are rising in some regions.

Tokyo’s Nikkei 225 index edged 0.1% lower to 23,525.64, while the Shanghai Composite index shed 0.6% to 3,339.76. South Korea’s Kospi also gave up 0.6% to 2,388.96. Shares were mostly lower in Southeast Asia.

Australia’s S&P/ASX 200 climbed 0.9% to 6,188.50, led by banks’ shares. Strong Chinese demand is good news for Australian exporters, though unconfirmed reports that Beijing is slowing

Apple and Amazon drive rally on Wall Street


(Reuters) – Wall Street ended sharply higher on Monday, fueled by expectations of a coronavirus relief package and by a rally in Amazon, Apple and other technology stocks ahead quarterly earnings season.

Apple Inc jumped 6.4%, adding $128 billion to its stock market value, ahead of an event on Tuesday, when it is expected to unveil its newest iPhones.

Amazon rallied 4.8% ahead of its annual Prime Day shopping event on Oct. 13 and 14. Microsoft jumped 2.6%, helping lift the S&P 500 information technology index 2.7%.

The S&P 500 was about 1% below its record closing high from Sept. 2, nearly recovering from most of a 9% pullback last month.

“Apple is crushing it. There’s some euphoria around the name,” said Phil Blancato, chief executive of Ladenburg Thalmann Asset Management in New York. “The market leaders are once again the tech names, supported by the fact that the economy continues to expand.”

Optimistic sentiment dominated after the Trump administration on Sunday called on Congress to pass a stripped-down coronavirus relief bill as negotiations on a broader package ran into resistance.

“It looks like the administration wants a deal done before the election,” said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago. “Now it’s up to the Republican Senate to figure out how big the number is going to be.”

Many investors view Democratic candidate Joe Biden as more likely to raise taxes, and for months have seen a second term for Trump, who favors deregulation, as better for the overall stock market.

However, with growing expectations of a Democratic win in next month’s presidential election, investors are increasingly pointing to potential benefits of a Biden presidency, such as greater infrastructure spending and less global trade uncertainty.

FILE PHOTO: A Wall Street sign is pictured outside

Snowflake draws bullish calls from Wall Street, though some analysts say stock is fully valued


  • At least 19 investment banks initiated coverage of Snowflake on Monday, with price targets ranging from $214 to $350.
  • The stock rose 2.5% to close at $243.97.
  • Analysts agree that Amazon, Microsoft and Google are Snowflake’s top competitors, but they have differing views on how much of a threat those companies pose.

Frank Slootman wearing a suit and tie: Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.

© Provided by CNBC
Frank Slootman, CEO of Snowflake Inc. on Sept. 16th, 2020.

Less than a month after Snowflake debuted on the stock market with the biggest software IPO in history, Wall Street analysts are rushing to make predictions on the cloud database company, which is already valued at over $67 billion.


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At least 19 analysts initiated coverage of Snowflake on Monday following the post-IPO quiet period, according to reports collected by CNBC.

Among the nine buy ratings, the most bullish prediction came from Truist, which gave Snowflake a price target of $350, or 47% above Friday’s close.

Another nine analysts started coverage with the equivalent of a hold rating. Only Atlantic Equities recommends selling the shares, with a price target of $214.

Snowflake climbed 2.5% to $243.97 on Monday, a mostly strong day for tech stocks. The company, which sells cloud-based software to help companies store, process and visualize vast amounts of data, closed its IPO on Sept. 18, raising $4.2 billion. The stock more than doubled in its first day of trading but has been flat since, meaning only investors who got in at the IPO price have made much money so far.

a close up of a sign: Snowflake since IPO

© Provided by CNBC
Snowflake since IPO

Bulls to bears

The predominant opinion is that Snowflake has plenty of business momentum as companies move from traditional on-premises databases into the cloud. Revenue increased more than 130% in the first half of the year

But some analysts are concerned that the