Apple Stock Falls Flat After Raft Of Product Announcements

S&P 500: +0.5% Tuesday, +5.3% YTD (SPY, SPX)

Dow Jones Industrial Average: 0% Tuesday, -1.9% YTD (DIA)

Nasdaq Composite: +1.2% Tuesday, +24.7% YTD (COMP)

Ocado leads way after 52% sales jump

London-listed stocks made gains yesterday, with the FTSE 100 closing 1.3% higher, despite official data showing that UK jobs were lost at the highest rate since 2009 in the three months to July. Over the three months, 156,000 people were made redundant in the UK, an increase of 48,000 versus the three months to the end of May. The headline unemployment rate increased to 4.1% from 3.9%, but that figure may escalate sharply when the Government’s furlough scheme ends on October 31. 

In the FTSE 100, Ocado Group (OCDGF) led the way, after announcing a 52% jump in quarterly sales from its Ocado Retail venture with Marks & Spencer, with profits expected to grow this year. The firm reported that customers have responded well to a September 1 switch from Waitrose to M&S produce, and Ocado stock closed the day more than 10% higher. At the other end of the spectrum, cruise firm Carnival (CCL) sank 6.1% after the firm said it will accelerate the removal of 18 ships from its fleet, representing a substantial uptick in capacity reduction. The firm expects a huge third quarter loss.

FTSE 100: +1.3% Tuesday, -19.1% YTD

FTSE 250: +0.8% Tuesday, -18.6% YTD

What to watch

Next: British high street fashion retailer Next is (NXGPF) down 13% year-to-date, although that is substantially ahead of the broader market. The firm delivers its latest set of quarterly earnings today, days after the revelation that it plans to acquire a majority stake in Victoria’s Secret’s UK business. The firm went into administration in June, and now via a joint venture with parent firm L Brands will acquire the majority of the firm’s assets. Ownership will be split 51% in favour of Next, with other deal terms not revealed. The deal will be a significant focus of the firm’s earnings call, and investors will also be watching closely for insight into what demand the firm has seen at stores it has been able to reopen with the COVID-19 pandemic ongoing.

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Barry Glassman 3 days ago Member's comment

Surprised people aren't more excited about these new Apple announcements. $AAPL