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Apple (AAPL) is looking at holding its annual fall product event, including the announcement of its iPhone 14 product line, on Sept. 7, according to a Bloomberg report.
The iPhone 14 lineup may include four models, including a Pro and Pro Max, which some analysts expect will both receive a $100 price increase over last year’s iPhone 13 Pro and Pro Max models. The event is likely to see the unveiling of three Apple Watch models and perhaps new Macs and iPads as well. Bloomberg also reported that the new Apple products could reach stores on Sept. 16.
Supply chain optimism: Separately on Wednesday, investment firm Wedbush Securities said Apple was seeing a “further slight improvement” in its supply chain.
Analyst Dan Ives, who has an Outperform rating on Apple, boosted his price target on the company’s stock to $220 a share from $200. Ives noted that the initial order of 90M iPhone 14 units has “stayed firm”, and despite the weakening economic conditions, strong demand is still there for Apple products. Credit Suisse upgraded Apple to Outperform on Tuesday, citing the company’s massive user base of almost 2B installed devices. (20 comments)
Federal Reserve policymakers discussed downside risks to GDP growth, including the possibility tightening financial conditions “would have a larger negative effect on economic activity than anticipated,” according to the minutes of the Federal Open Market Committee’s July 26-27 meeting. In other words, its rate hikes could tip the U.S. economy into recession.
Other downside risks included more pandemic-related disruptions or that “geopolitical and global economic developments would lead to additional adverse economic or financial disturbances.”
While the July 75 basis point rate hike brought the nominal federal funds rate to within the range of the policymakers’ estimates for the longer-run neutral rate, “with inflation elevated and expected to remain so over the near term, some participants emphasized that the real federal funds rate would likely still be below shorter-run neutral levels after this meeting’s policy rate hike.”
When reading through the minutes, two things stood out for Don Calcagni, chief investment officer at Mercer Advisors: a tone that was softer than expected and the comment that its policy rate range was close to the neutral level – the point at which the rate neither hinders nor fuels economic growth. The second point “suggest that perhaps the Fed will be taking its foot off the brake,” Calcagni said in an interview with Seeking Alpha. (130 comments)
In a setback for big oil companies such as Exxon Mobil (XOM), Chevron (CVX) and Shell (SHEL), the 3rd U.S. Circuit Court of Appeals ruled on Wednesday that lawsuits brought by Delaware and Hoboken, N.J., seeking compensation for the impacts of climate change should be decided in state, not federal courts.
The decision is the latest procedural victory by state and municipal governments, which have sought to bring climate liability cases against major oil companies under state laws, after earlier efforts under federal laws were unsuccessful.
It was the sixth such appeals court ruling this year to keep climate cases by states and cities in state court and represents a growing legal threat to the oil industry. (172 comments)
Sale talks around a stake in soccer club Manchester United (MANU) hit a new phase, with a report that the owning Glazer family has entered talks with Apollo Global Management (APO) over buying a minority stake in the team.
The Glazers have entered exclusive discussions with Apollo over the investment, the Daily Mail reported, adding that any such deal wouldn’t be wrapped up until next month at the earliest. MANU rose 6% Wednesday amid reports that one of Britain’s richest men is interested in a piece of the club action.
Billionaire Sir Jim Ratcliffe, founder of Ineos Group, is “definitely a potential buyer,” a spokesman says according to The Times of London. The under-fire ownership of the team is reportedly open to a minority investment, though it’s not ready to cede control of the team. The Glazers have faced growing fan protests over their ownership and there are calls for fans to boycott the next home game. (6 comments)
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Image and article originally from seekingalpha.com. Read the original article here.