‘Apple’s Announcement Rattles the Market’ Video Recap Week Ending January 4th, 2019 News Commentary

U.S. stocks opened lower to begin the new year over concerns of China”s slowed economic growth. Despite the weaker start, stocks quickly rebounded throughout Wednesday, led by technology and bank stocks. Tech stocks like Inc. gained as much as 4.2% from the opening bell on Wednesday, while Facebook jumped by as much as 5%. Bank stocks also saw a sharp rebound, led by The Goldman Sachs Group, which saw its shares rise by 4.6%, while JPMorgan Chase & Co.”s shares rose by 3.2% and Bank of America Corporation”s shares jumped by 3.9%. Despite the rebound occurring throughout Wednesday, markets crashed during extended trading hours after Apple, Inc. lowered its first-quarter revenue guidance. Apple shares fell by as much as 9% during after-market hours following Chief Executive Officer Tim Cook revised revenue expectations. Now, Apple projects revenues of USD 84 Billion, as opposed to its previous forecast of USD 89 Billion – USD 93 Billion. Cook said the lowered guidance is primarily a result of weaker economic growth in Greater China, as Apple faced a 100% revenue decline year over year across its iPhone, Mac and iPad products in China. Since Monday, the Dow Jones Industrial Average fell by 604.13 points or 2.5%. The Nasdaq Composite declined by 169.85 points, or 2.5%, while the S&P 500 Index fell by 54.91 points or 2.1%. Tesla, Inc. (NASDAQ: TSLA), Apple Inc. (NASDAQ: AAPL), Celgene Corporation (NASDAQ: CELG), Delta Air Lines, Inc. (NYSE: DAL), General Motors Company (NYSE: GM)

‘We ended 2018 with worries about growth and earnings, and in the first two days of 2019 we”ve received more bad Chinese data and an AAPL revenue guidance cut,’ Tom Essaye, president of the Sevens Report, wrote in a Thursday-morning note to clients, according to MarketWatch. ‘Neither of those events should be material surprises (China”s been weak for a while and analysts have been cutting estimates on AAPL for months), but if we”re going to sustain a rally this market needs actual good news, and there hasn”t been much lately,’ he added.

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Tesla, Inc. (NASDAQ: TSLA) shares fell by over 8% on Wednesday morning after the electric automaker reported on Tuesday that less than expected Model 3 deliveries were made in the fourth quarter. Tesla delivered 63,150 Model 3s in the quarter, lower than estimates of 64,900. However, deliveries fell in line with the Company”s expectations. Previously in the third quarter, Tesla forecast increased production rates for the fourth quarter, which set expectations higher. Despite the weaker than expected Model 3 deliveries, Tesla still delivered a total of 245,240 vehicles.

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Apple Inc. (NASDAQ: AAPL) shares plummeted on Wednesday after Chief Executive Officer Tim Cook slashed the Company”s first quarter revenue guidance. Apple shares fell by as much as 9% during after-market hours, which led to a short halt. Cook said in the letter to investors that Apple now expects revenue of approximately USD 84 Billion compared to its previous guidance of USD 89 Billion to USD 93 Billion. Cook said the lowered revenue expectations is primarily due to economic weakness in Greater China, as Apple faced a 100% revenue decline year over year across its iPhone, Mac and iPad products in China.

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Celgene Corporation (NASDAQ: CELG) shares skyrocketed on Thursday after Bristol-Myers Squibb Company (NYSE: BMY) announced that it will acquire the biotechnology company in a transaction valued at approximately USD 74 Billion. Celgene shares rose by 26% after the opening bell. The two major biotechnology companies will further accelerate medicine for patients with cancer, inflammatory, immunologic disease and cardiovascular disease. Bristol-Myers is expected to own approximately 69% of the Celgene, while Celgene maintains the remaining 31%. The transaction is expected to close in the third quarter of 2019.

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Delta Air Lines, Inc. (NYSE: DAL) shares slipped by 10% on Thursday after the Company forecast slightly lower revenue growth in its December operational update. Delta said that it expects fourth-quarter earnings per share to fall in between the range of USD 1.25 to USD 1.30 per share, at the high end of its initial guidance provided in October. The airline projects total unit revenue to rise about 3%, compared to its previous forecast of 3.5%. Total revenue is expected to increase by approximately 7% year over year, however. Delta is expected to report its fourth quarter financial results in mid-January.

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General Motors Company (NYSE: GM) shares fell by 3.2% on Thursday after the automaker reported its 2018 vehicle delivery results. General Motors reported that fourth-quarter sales fell by 2.7%, with declines across its Chevrolet, Cadillac and Buick brands. As for the full year, General Motors reported total vehicle deliveries of 2.95 million, which fell by 1.6% year over year. The weaker than expected deliveries was driven by declines among the Company”s popular models like the Buick Cascada, Buick Envision, Cadillac Escalade, Chevrolet Impala and GMC Savana.

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NEW YORK, January 4, 2019 /PRNewswire/ —

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