The stock market continued to limp toward the end of the year, and it appeared increasingly unlikely that Wall Street would be able to mount a successful rally to build momentum into 2023. Gains from early Wednesday turned into losses across the board for major market benchmarks,
The Invesco PureBeta MSCI USA ETF is seeing unusually high volume in afternoon trading Wednesday, with over 310,000 shares traded versus three month average volume of about 26,000. Shares of PBUS were down about 0.1% on the day.
Wall Street's main indexes fell on Wednesday as a rise in U.S. Treasury yields pressured growth stocks, while the energy sector took a hit from a slide in oil prices.
The stock market has dealt a tough hand to many investors in 2022, as prolonged volatility has afflicted virtually every sector to a certain degree. Even so, strong businesses with diverse catalysts for future growth can succeed beyond the current challenging period and enrich in
Netflix NFLX is keeping no stone unturned to make its international shows a hit. The company is spending heavily on content that is helping it to win international subscribers as the U.S. streaming market becomes saturated.In third-quarter 2022, Netflix witnessed subscrib
Wall Street's main indexes rose on Wednesday, boosted by a rebound in growth stocks as U.S. Treasury yields dipped, with sentiment bolstered by optimism around China's moves to reopen its economy.
Alphabet’s GOOGL division Google is bolstering its presence in the music streaming market on the back of updated features on YouTube Music.Reportedly, the company has started testing a feature called ‘live scrolling lyrics’ with the new Casting UI.While casting YouTube Mu
In this video, I will talk about Tesla (NASDAQ: TSLA) and Apple (NASDAQ: AAPL) and explain why I'm choosing the former going into 2023, especially now that the stock has become cheaper than Apple's.
Netflix NFLX recently revealed that Glass Onion: A Knives Out Mystery has grabbed the top spot in the list of films (English) for the week Dec 19-25 with 82.1 million hours viewed.Glass Onion is the sequel to the 2019 movie Knives Out that introduced Daniel Craig as the d
U.S. stocks ended mostly lower at the start of a holiday-shortened week on Tuesday as Treasury yield rose to build pressure on interest-sensitive megacap companies and investors assessed the economic outlook for 2023. The S&P 500 and Nasdaq ended in negative territory
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Shiba Inu (CRYPTO: SHIB) is a quintessential meme cryptocurrency -- it earned that reputation not for its utility as a currency, but for the speculation that drove it to a historic 43,800,000% return during 2021. Investors with perfect timing would have become millionaires for th
Some investors could have a case of the "metaverse mehs." There was a lot of buzz initially about a virtual universe that could generate trillions of dollars in annual revenue. But after the hype wore off, many once high-flying stocks with metaverse connections lost their luster.
The tech sector has sailed into one of the worst sell-offs since the dot-com bust of 2000, and a potential recession is threatening to make things worse. While 2023 may be a year of pain for most tech firms, it could see the re-emergence of a tech trend that's since cooled off — the metaverse. That could accompany a battle for mixed-reality headset supremacy, with Apple (
NASDAQ:AAPL
) and Meta Platforms (
NASDAQ:META
) at the forefront.
Indeed, Meta is looking past the troubles weighing down its social media "Family of Apps" to the metaverse with its latest and greatest VR/AR headsets. The company has reportedly spent around $36 billion on metaverse projects with the hopes of becoming a pioneer in the space and having a front-row seat to the next big thing. Indeed,
Mark Zuckerberg wants to get back at Apple by innovating its way to its own ecosystem. Maybe then, Zuckerberg can take bigger jabs at the iPhone maker.
Many investors view Meta's metaverse bets as a cash sink. Arguably, the company doesn't really have much to show that can justify its lofty $36 billion (and counting) investment. It may take more than VR "legs" and facial expressions to excite investors as metaverse hype continues to sag along with most other expensive forward-thinking technological endeavors.
The Meta Quest Pro may be equipped with all the most intriguing technologies. However, the price tag is steep, and the value for the average tech-savvy consumer seems to be limited.
For now, Meta's latest headset seems to be more appealing to a very niche audience of early adopters. I think it's safe to say that most budget-constrained consumers are not willing to take the plunge into the metaverse until there's a truly game-changing experience.
Nobody knows when VR and AR will be ready for their prime. Rising interest rates and spending cutbacks could push the metaverse's prime time a few years later. Indeed, many investors and analysts already think Meta is too early to the game.
Could Apple's Headset be Weeks Away from an Unveil?
It's no mystery that Apple's working on its own headset. Apple analyst Ming-Chi Kuo recently noted that an AR/MR headset launch will be pushed out to late 2023 from early 2023. Still, Kuo thinks Apple will likely reveal such a headset as early as January - that's just weeks away!
Such an announcement could garner hype that rivals the iPad reveal or perhaps the first iPhone. Kuo believes Apple's offering could be a "game-changer for the headset industry."
In any case, such a shocker could help Apple stock break out of its nasty funk while applying even more pressure to Meta Platforms stock.
AAPL stock is down around 27% from its highs amid growing recession fears and negative news surrounding iPhone shipment cuts. Meanwhile, Meta stock is off just shy of 70% from its 2021 peak.
Even if Apple pulls the curtain on a new headset, there are no guarantees that investors will applaud the move. In recent years, many Apple events have been met with muted reactions. Given that the metaverse has been a term going into hibernation amid the tech sell-off, it remains to be seen whether Apple can reignite interest in the firms looking for the next step after smartphones.
In any case, I think AAPL and META shares present value as we look to close off 2022.
Apple stock goes for 21.6 times trailing earnings, while Meta stock commands a ridiculously-low
11.2 times trailing earnings multiple.
Even though Meta is the current headset leader, there are doubts as to whether it will be in a year or so from now. Regardless, things will be interesting as Apple looks to apply pressure to a rival it loves to manhandle.
What is the Price Target for Meta and Apple Shares?
Wall Street is bullish on both stocks for 2023. The average META stock price target of $148.12 implies 26.73% in gains, while the average AAPL stock price target stands at $179.10, implying 37.74% upside potential.
Conclusion: Apple Could Give Battered Metaverse Stocks a Second Look
Dismiss 2023 as an uneventful recession year that will see the bear market drag on, if you will. Despite fading economic conditions, the year could be significant for headsets and the metaverse. An Apple headset unveil could be a boon for both Apple and Meta shares as investors give battered metaverse companies a second look. As a result, I am bullish on both AAPL and META.
Disclosure
What happened
Apple (NASDAQ: AAPL) stock wasn't particularly shiny or tasty on Tuesday. The tech giant's shares fell by 1.4%, a steeper drop than that experienced by the flat-lining S&P 500 index. One catalyst was a new analyst report, which although generally positive, highl
Apple (AAPL) closed the most recent trading day at $130.03, moving -1.39% from the previous trading session. This change lagged the S&P 500's daily loss of 0.41%. At the same time, the Dow added 0.11%, and the tech-heavy Nasdaq lost 6.67%.
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