Apple's revenue grew considerably during the most recent quarter but iPhone sales were down. The company sold 77.3 million iPhones during the holiday quarter, about one million less than the same time last year. It's the first time Apple has ever seen declining sales on its iPhones during the holiday season. However, the company did post $88.3 billion in revenue, up 13% from last year.
There was good news and bad news in the earnings report for Alphabet, the parent company of Google. The company beat expectations on revenue but fell short on earnings. Ad sales were strong but that profit was offset by increased ad spending.
And Amazon soared past Wall Street expectations thanks to strong holiday sales. The company beat on revenue and earnings. Amazon also set a new record, posting profits above $1 billion for the first time.
We dive into these earnings reports with Gene Munster, Managing Partner at Loup Ventures. Munster believes Amazon's profitability was a one-time thing. He is also predicting that Apple will release a new iPhone soon with a screen that's 25% bigger.
Plus, Cheddar's CEO Jon Steinberg talks to veteran newsman Dan Rather about his new partnership with The Young Turks. Rather now has a half-hour show airing on the network's YouTube channel. "The News with Dan Rather" will offer commentary and analysis on today's news, something he never did on "CBS Evening News." The show airs Mondays at 5:30pm ET.
Nouveau Monde Graphite says it wants to power the sustainable energy revolution. The Canadian company is developing carbon-neutral battery materials to serve the growing EV and cleantech markets and is doing so via a mining and manufacturing operation in Quebec. Eric Desaulniers, founder, president & CEO of Nouveau Monde Graphite, joins Cheddar News' Closing Bell to discuss.
Stocks closed near session lows Wednesday as investors showed concerns about rising oil prices, supply shortages, and renewed risk of inflation. While investors began the week on a confident note, today's jump in oil prices has them once again worried that inflation will not go away any time soon. John Traynor, Chief Investment Officer at People's United Advisors, joins Closing Bell to discuss today's market close, the Federal Reserve's comments and actions taken to combat inflation, and more.
John Logan, Director of Labor and Employment Studies at San Francisco State University, joined Cheddar News to discuss the growing unionization push by employees at Starbucks and Amazon, and the wider implications of employee organization at these big companies.
Adidas is now the first major sports brand to create a program for paying college athletes. The new "name, image and likeness" network will allow more than 50,000 students across NCAA Division 1 schools to become paid spokespeople for the brand. Thilo Kunkel, Associate Professor and Director of Sport Industry Research Center at Temple University, tells us why this new program is only the beginning of an exciting time for student athletes.
The U.S. is bracing for a potential cyberattack as both the FBI and President Biden warn that Russia is 'exploring' a hack. This comes amid a recent rise in hacks on U.S. companies including Microsoft, Okta, and Nestle. Chris Pierson, founder & CEO, BlackCloak joined Cheddar's Opening Bell to discuss.
The co-owner and managing partner at Key Advisors Group Eddie Ghabour joined Cheddar News to break down the many factors impacting the market today, including the war in Ukraine, Fed rate hikes, inflation, and job numbers. Ghabour explained that he sees a bear market bounce currently leading to a downturn as the Federal Reserve is forced to be hawkish — even hinting at a recession. "I can't stress enough, you have a Fed that's telling us they're going to raise rates by 50 basis points in May during this type of environment," he said. "That's gonna be the knockout punch for this market and this economy in the short term and worst case for the consumer, unfortunately, in our opinion."
Michele Schneider, Partner and Director of Trading Research & Education at MarketGauge, talks about the challenges the Fed has in avoiding rising inflation and how the commodity shock is impacting long-term growth.
Craig Erlam, Senior Market Analyst at OANDA, breaks down the geopolitical risks impacting U.S. investors and how one can position their portfolio in a down-trending market.
