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.
Alia Kemet, vice president of creative and digital at McCormick, joins Cheddar News to discuss Frank's RedHot releasing an edible NFT ahead of the Super Bowl.
A new analysis shows that sales in the metaverse real estate land topped $500 million in 2021. The recent surge in sales came as a result of Facebook's decision to rebrand itself as Meta in hopes to focus more on the metaverse. According to investors and analytic firms, those numbers could jump even higher and reach a billion bucks by 2025. Ceo of Republic Realm, Janine Yorio, joined Cheddar to discuss more.
In January alone, the gaming sector has seen three major acquisitions. Yesterday, Sony added to the flurry of M&A activity in the gaming space, snatching up game developer 'Bungie' for $3.6 billion dollars. Renee Gittins, executive director at the International Gaming Developers Association, joins Cheddar News to discuss.
Google’s philanthropy arm, Google.org, recently announced a $10 million grant for the AARP Foundation to aid in teaching digital skills to low income older workers. As the implementation of hybrid work expands, a greater emphasis is being placed on helping workers 50 years old and up — especially among women and people of color — to be digitally literate in order to keep the workplace generationally diverse. Lisa Marsh Ryerson, president of the AARP Foundation, joined Cheddar News to talk about the curriculum of the partnership. "Those of us who are 50 and older are not digital natives, so we do have a learning curve that we have to address," she noted.
AT&T announced earlier today it is spinning off its media properties in WarnerMedia in a merger with Discovery in a $43 billion deal.Scott Rostan, founder and CEO at Training The Street, joined Cheddar to talk about what the unwinding of the telecom giant's Time Warner media properties means for investors. "I think the investor sentiment is they're digesting the new information, and they're looking into the dividend, especially the reduction of the dividend," said Rostan, noting the transaction allows AT&T to focus on its core telecommunications business.
