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The tech sector had a relatively quiet week compared to last year during the sector’s earnings reports, but that didn’t stop some big tech names from performing. It will attract some noise and attention on Wall Street.
The process between Elon Musk and TwitterNYSE:TWTR) Mook picked up some steam recently when he announced that he had sold $7B of Tesla ( TSLA ) stock. The sales, which occurred between Aug. 5 and Aug. 9, were contrary to Musk’s statement in April that he had “no plans to sell Tesla any further.”
Selling a large Tesla ( TSLA ) holding, Musk has been seen by some on Wall Street as more likely to pass on acquiring Twitter ( TWTR ), but perhaps less than the original 44B price tag.
A few notable earnings reports have come in, with one of the most closely watched coming from The Walt Disney Company.NYSE:DIS).
On Wednesday, Disney ( DIS ) reported its second-quarter results, which included a strong performance from the company’s parks division as attendance continued to return to pre-Covid-19 pandemic levels. Disney’s ( DIS ) performance pleased investors, sending the company’s shares up for four months.
Semiconductor companies remained active as President Joe Biden signed the CHIPS Act into law. Some analysts see semiconductor giant Intel ( INTC ) as the biggest beneficiary of the move, but say the measure won’t be a “silver bullet” for the industry.
Meanwhile, Micron Technology ( MU ) issued a weak earnings forecast after signing the CHIPS Act, which created a setback for the chip sector.
NVDA threw a monkey wrench into the chip industry when it released its first second-quarter results showing weak gaming product sales results.
Meanwhile, Qualcomm ( QCOM ) and GlobalFoundries ( GFS ) announced that they have reached a new long-term extension of their existing chipmaking agreement. The deal includes doubling the companies’ manufacturing levels and expanding the capacity of Global Foundries’ (GFS) chip manufacturing facility in Malta, New York. Global Foundries (GFS) also analysts said the company could benefit from the impact of the CHIPS Act.
apple (NASDAQ:AAPL) is at least a month away from the announcement of the next version of the iPhone. But that hasn’t stopped the year-end smartphone market from booming, which is always Apple’s ( AAPL ) performance of any year.
Foxconn ( OTCPK:FXCOF ), one of Apple’s ( AAPL ) iPhone manufacturing partners, reported better-than-expected quarterly results, but threw a wet blanket over things by warning that smartphone demand will slow in the coming months. But fresh on the heels of Foxconn’s ( OTCPK:FXCOF ) reports that Apple ( AAPL ) has told its iPhone partners to ramp up production, the company is said to want to produce at least that many iPhones through 2021.
Meanwhile, as Apple ( AAPL ) prepares to launch the so-called iPhone 14 during the year-end Christmas and holiday shopping season, an influential Apple ( AAPL ) analyst says the company is likely to raise prices on average. Up to 15% off the next iPhone in the iPhone 13 line.
And, as the iPhone remains Apple’s ( AAPL ) biggest source of revenue by a wide margin, and sales of its services compare favorably with the Mac and iPad, some analysts say Apple’s ( AAPL ) move into digital advertising could be the next big thing to boost sales.
Among other notable tech events, shares of Netflix ( NFLX ) rallied after the company released its second-quarter results in late July; SoftBank ( OTCPK:SFTBY ) said it sold the rest of its Uber stock, and divested itself of nearly half of its ownership stake in Alibaba, and broadcast TV platform company FuboTV ( FUBO ) made headlines when it added SportsGrid. , a live, 24-hour streaming sports betting network to the offer, and some speculations have appeared suggesting that FUBO may take over.
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