Nasdaq News

While some of its mega cap peers have been able to somewhat harness the COVID-19 pandemic to their advantage, the same cannot be said of Apple (APPL). The coronavirus’ effect on the supply chain and attendant macro impact have put a spanner in the works for the tech giant, disrupting laid out plans for 2020.

The iPhone 12, Apple’s fanfare launch for 2020 - and first model to boast 5G capabilities - was originally slated for a fall release. But rumors have been circulating that due the pandemic and its impact on consumers’ spending power, the launch will go ahead later than originally expected.

Nomura’s Jeff Kvaal believes "the iPhone 12 is running four to six weeks behind plan.” Kvaal points out that the order changes are part of a wider revised plan for 2H20, which will amount to a “modest reduction in Apple’s build plans through calendar 2020.”

The 5-star analyst noted, “The mix is now skewed to the iPhone 11/SE models. Apple’s order reset could also be 1) part of Apple’s commitment to suppliers and 2) concern that the pandemic could mute sales of higher-priced 5G phones. We retain our cautious view of a 5G supercycle. Replacement rates lengthened during the (more clearly beneficial) 4G cycle, and operators are now more targeted in their promotions.”

Moreover, Kvaal expects further reductions, considering Apple’s history of cutting orders in phases. The analyst estimates the orders for CY20 will come in at 190 million, compared to the current estimates which suggest orders remains above 200 million.

As a result, Kvaal reiterated a Hold rating on Apple shares, along with a $240 price target. The figure implies downside of 14% from current levels. (To watch Kvaal’s track record, click here)

The Street, however, remains more upbeat. Apple’s Moderate Buy consensus rating is based on 28 Buys, 6 Holds and 3 Sell ratings. The average price target comes in at $307.91 and could provide returns of 10%, should it be met over the coming months. (See Apple stock analysis on TipRanks)

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More stay-at-home time does not translate into more soda consumption. In fact, Coca-Cola's (NYSE: KO) latest earnings report showed a sharp drop in sales volumes as COVID-19 spread in late March and April.

Dish Network Corp, which vowed to build a 5G network by 2023 to take on the big three U.S. telecommunications giants, said on Thursday it is working with software company Mavenir to build its next-generation wireless network.

AT&T (NYSE: T) recently posted weak first-quarter numbers, and pulled its forward guidance in light of the COVID-19 pandemic. The telecom and media giant's revenue fell 5% annually to $42.8 billion, missing estimates by $1.4 billion.

Motorways and airports operator Vinci said on Thursday its revenues would fall sharply in the months ahead, after sales remained stable year-on-year in the first quarter, boosted by the acquisition of a majority stake in Gatwick airport.

What happened Oil prices continue to rebound following their historic plunge into negative territory earlier this week. The June contract for WTI, the leading U.S. oil benchmark, surged more than 30% by 11 a.m. EDT, pushing it back above $18 a barrel. 

Nasdaq announced the launch of its Nasdaq Cloud Data Service (NCDS), modernizing the traditional data distribution by providing asset managers and investors access to real-time, streaming exchange data, index and fund data through cloud-based technology. 

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London-based refiner and plastics producer LyondellBasell (NYSE: LYB) announced that it had closed an offering of three tranches of debt totaling $2 billion. This likely wasn't part of the company's plan going into this fiscal year. The price of oil and the coronavirus may have

With the country likely plunging into a recession, many U.S. apparel retailers are struggling. Most of their brick-and-mortar stores are closed, and consumers are cutting back on some discretionary spending. However, revenue in the baby and young children's clothing category ten

(RTTNews) - Domino's Pizza, Inc. (DPZ) shares are sliding as it withdrew two-to-three year outlook for global retail sales growth for the uncertainty in the global economy .

(RTTNews) - MGM Resorts International (MGM) disclosed in a regulatory filing that it expects net revenue of $2.3 billion in the first-quarter, a 29% decrease from the prior year quarter, due to the continued impact of the outbreak of COVID-19.