It's a big week for tech earnings. Apple, Amazon and Alphabet report on Thursday after the bell. Angelo Zino, Senior Equity Analyst at CFRA and John Petrides, Managing Director & Portfolio Manager at Point View Wealth Management join The Long and The Short to discuss.
According to the Wall Street Journal, Apple will cut production of the iPhone X after weak demand. Zino says its safe to say that it could impact next quarter's earnings report. Apple's production cuts are usually 30%-50%, but it seems a bit extreme this year. He's warning investors to brace for a top-line miss on its next earnings report. However, Apple won't lower its prices anytime soon. Zino says it will always lean towards selling at a higher price because of the quality it produces.
Plus, the Dow Jones slid triple digits on Tuesday. Petrides says some pullback is healthy, especially when the market is having one of the best starts of the year to date. One of the reasons we're seeing this drop is that Apple is 4% of the S&P 500. When it isn't performing at its highest it will have a trickle-down impact on the rest of the index.
Elon Musk is demanding his Tesla employees to return to the office full time, a minimum of at least 40 hours a week. The CEO also took a shot at other companies who have some form of work-from-home status. The ultimatum comes at a tumultuous time for Musk with the reveal of a sexual misconduct scandal and his attempted Twitter purchase.
Bindu Sundaresan, Director, AT&T Cybersecurity, joins Cheddar to discuss best practices and important cybersecurity milestones to hit for any organization, and how small business owners can think about cyber beyond technology and compliance.
Memorial Day rang in the unofficial start of summer here in the United States -- and with it, the unofficial start of summer travel. Whether consumers traveled by air or by land, they probably experienced some form of frustration over the weekend. Flyers faced delays and cancellations, and drivers faced the most expensive gas prices ever recorded on Memorial Day. Zach Griff, Senior Aviation Reporter for the Points Guy, joins Cheddar News' Closing Bell to discuss.
Next-generation gaming ecosystem Joystick recently raised $8 million in a seed round and is in the process of raising a $110 million Series A funding round. Gaming ecosystems are a relatively new type of platform in the Web3 space, allowing users to maximize their play-to-earn gaming opportunities, exchange crypto-currencies, and sell their digital assets. Joystick says its platform is flipping the current model on its head by giving players the opportunity to keep 100% of the revenue they earn. Robin Defay, co-founder and CEO of Joystick, and Michael Le, co-founder of Joystick and TikTok content creator, join Cheddar News' Closing Bell to discuss.
The dating app Bumble has sponsored bills and pushed lawmakers to criminalize the online practice of sending unsolicited nudes or “cyberflashing." Payton Iheme, Bumble's head of public policy for the Americas, joined Cheddar News to discuss why the app was going after the harassing behavior beyond its own platform. "Now, while we went to work internally in the company, and we created something called private detector to automatically blur those images so the user can decide if they want to see them, there's nothing for the rest of the internet," she said. "And so that's why we went to work with these laws."
