Apple’s Magical New iPhone Lineup ✨

Apple spent the afternoon rolling out the red carpet for its swath of new products. 🎬 🌟

Apple announced a new iPad, iPad Mini, iWatch, and four new iPhones during a 77-minute keynote held this afternoon. All of the devices featured some meaningful hardware upgrades. The best part? None of the devices saw significant increases in price, which was an imminent concern given ongoing shortages. πŸ‘

The standout products from today’s keynote were Apple’s four new phones. All of the phones flexed more powerful chips, brighter and sturdier displays, bigger batteries, and more storage than previous generations. But the real standout features were Apple’s latest iPhone cameras. πŸ“Έ

The two mid-range phones β€” the iPhone 13 Mini ($699) and iPhone 13 ($799) β€” have two upgraded camera sensors for wide and ultra-wide pictures. The two premium phones in the lineup β€” the iPhone 13 Pro ($999) and iPhone 13 Pro Max ($1099) β€” have three (telephoto, wide, and ultrawide).

All four phones run on the backbone of Apple’s new A15 Bionic chip, which Apple claims is the “fastest chip ever in a smartphone.” The high-end Pro and Pro Max have an even-stronger version of the A15 than the midrange phones. All phones will be available for preorder starting this Friday, with shipping beginning on Sept. 24.

$AAPL stock closed -0.96% on the day.Β 

March Madness Continues At NYCB

When regular people talk about March Madness, they’re referring to college basketball. But when traders and investors talk about March Madness, they’re referring to a regional bank stock imploding.

We’re about a year out from three regional banks failing and/or being rescued, and now the sharks are circling New York Community Bancorp. The long story short, until today, is that the regional lender has too much commercial real estate exposure, weak internal controls over financial reporting, and a new CEO trying to right the ship. πŸ—žοΈ

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Adobe Leads Day Of Breakups

Most of today’s stories were related to hookups in the market, but we also need to touch on some major breakups. πŸ’”

The first and most prevalent news story was that Adobe and Figma have called off their $20 billion acquisition. The two companies have faced intense scrutiny from European regulators, today saying, “There is no clear path to receive necessary regulatory approvals from the European Commission and the U.K. Competition and Markets Authority.” ❌

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Musk Threatens Tesla’s AI Ambitions

The primary bull case for Tesla is that it’s not an automobile company but a technology one. Part of the reason it’s able to command such a high valuation relative to its peers is because of that technology’s potential business impact way down the line, especially as it introduces newer developments like artificial intelligence (AI).

However, that bull case is facing an unlikely opposition…from Elon Musk himself. 🀦

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Investors Are Losing Trust

It’s been a rough eighteen months or so for real estate investment trusts (REITs), with higher interest rates giving investors alternative sources of yield and pressuring commercial real estate’s asset values. Unfortunately for Medical Properties Trust (MPT), that pain continuesΒ today, with its shares falling back to their Great-Financial-Crisis lows. 😬

The medical-related real estate property operator revealed to investors that one of its tenants, Steward Health Care System, is roughly $50 million behind in rent payments. As a result, MPT will take a $225 million noncash charge to write off rent receivables and other items.Β 

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