Apple stock has drifted lower. After shares reacted well to the iPhone 12 announcement, last week, they began a steady descent to late September levels. Between the close on October 16 and October 23, Apple was down about -3.3%.
No one specific factor or development seems to have pushed Apple lower in the past five trading days. With current-year P/E of 35 times still looking a bit rich and the stock still up about 90% in the past 12 months, investors might have been more inclined to lock in gains ahead of earnings week.
The FAAMG ex-Apple group, on the other hand, performed much better: 1.8% for the week. The S&P 500 sat between Apple and the rest of Big Tech, down 0.5%. The graph below summarizes this week’s price action.
The best day of the week for Apple was Tuesday. On every other day, shares
Any way you look at it, it’s no fun being an airline in 2020. United Airlines Holdings (UAL) reported third quarter earnings last week, and surprising nobody, the results were pretty bleak.
Revenue came in at $2.49 billion, a year-over-year decline of 78.1% and missing the estimates by $50 million. Non-GAAP EPS of -$8.16 also came in below the Street’s forecast by $0.61.
On the plus side, due to aggressive cost cutting, the company managed to meet its Q3 $25 million daily cash burn target, improving by 38% on the June quarter’s $40 million a day leak.
Looking ahead, management said demand is steadily improving and expects a 10-point sequential increase in demand for the December quarter. Still, as expected, the demand is significantly lower than last year’s, and UAL plans to run at capacity levels 55% below 4Q19.The company currently anticipates a 67% year-over-year revenue drop in
Users of the state coronavirus app in England and Wales were alarmed to see their area’s risk level fluctuate out of nowhere on Friday in what turned out to be a technical glitch, the Guardian reports. As if anyone needed more stress this year.
The Department of Health and Social Care said on Saturday that the bug affected updates to the app’s postcode alert system and it has since been resolved.
“We are aware of an issue which impacted updates to postcode alerts for some app users this evening,” an agency spokesperson told the outlet. “This was identified and resolved within an hour and users’ phones will automatically update to show the correct local alert level for their area,