Sell The Rumor & The News

Unlike the excitement over the pizza at Casey’s General Store, Apple’s annual iPhone launch event was an absolute snoozefest. 😴

Investors had been looking for exciting changes to the product to help justify higher-priced phones or at least entice customers to upgrade; they were left disappointed. That’s because the iPhone 15 price was not raised and will again start at $799 for the base model and $999 for the pro model. The only model to see a change was the Pro Max, which will start $100 higher at $1,199.

These pricing decisions likely reflect the lack of significant changes and the ongoing global smartphone slump. 🔻

A new action button, USB-C charging port, a titanium shell, 72-hour battery life, camera improvements, and several other changes were announced. But nothing that caused investors (or users) to be that impressed. 📱

In addition to those iPhone changes, the company announced several other products, including the Apple Watch Ultra 2, iOS 17 and other software updates, satellite-based roadside assistance, etc.

As for the stock, shares fell about 2% on the day and remain stuck below their 2022 highs near 180-183. Technical analysts have been concerned about the stock since its post-earnings trend break in early August. They say its inability to reclaim those highs signals potentially more pain ahead. ⚠️

We’ll have to wait and see. In the meantime, we can all continue to enjoy the many memes the internet spun out about the lackluster event. 😂

Japan’s Nippon Takes Over U.S. Steel

After months of bidding, U.S. Steel finally has a buyer. However, the auction’s winner has some parties concerned. 🤔

Japan’s Nippon Steel emerged as the top bidder for the 122-year-old steelmaker, beating out offers from Cleveland-Cliffs, ArcelorMittal, and Nucor. Its $55 per share price represents a 142% premium to where $X shares were trading before Cleveland-Cliffs’ $35-per-share offer kicked off the bidding war.

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Nio & Nikola’s Never-Ending Story

No matter the day, there seems to be an endless stream of electric vehicle (EV) industry news. Let’s get into today’s headlines. 📰

First up is China’s Nio, which just received an additional $2.2 billion investment from Abu Dhabi’s CYVN Holdings, which raised its stake to 20.1%. The fund had last invested in Nio during July, with a $1 billion investment. 

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Pfizer’s Flop Continues

It’s been a rough ride for pharmaceutical giant Pfizer since the end of the pandemic, and that rollercoaster ride continues today. 🎢

The company last announced earnings in October but needed to update Wall Street on its 2024 forecast. It cited weak demand for its Covid products as the reason for a weaker-than-anticipated revenue and earnings forecast.

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Justice Department Targets UnitedHealth

With the upcoming presidential election looming, the current administration is itching to accomplish more before a potential shakeup. While antitrust regulators have had a field day with big tech, airlines, grocery chains, and others this year, they’re taking another look at UnitedHealth, especially given its recent cybersecurity issues. 🕵️‍♂️

The Justice Department is poking around to figure out the relationship between the company’s UnitedHealthcare insurance unit and its Optum health-services division. They’ve asked how UnitedHealth’s acquisitions of doctor groups might affect competitors and consumers. 🤔

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