Apple (NASDAQ:AAPL) will host a "California streaming" launch event on September 14 at 10 a.m. PDT and is expected to debut the so-called iPhone 13 lineup, handsets that follow the launch of the first 5G iPhones last year and the resulting supercycle.
The event will be the "biggest day of the year for hardware," said Loup Ventures analyst Gene Munster in a research note released last week. Munster expects a second launch day in October, with the new models announced at both events "accounting for about 40-50% of the company's revenue over the next 12 months."
"From an investor’s standpoint, the trajectory of the iPhone business over the next year has less to do about specs and pricing, and more to do with the age of the phone," wrote Munster. "Last year, we estimated the pool of iPhones three years or older to be 420M. That base will drive iPhone revenue growth in FY21 of about 40%, compared to a typical year of low single-digit growth."
Wall Street is looking for 5% growth and 260 million units for next year, though Munster sees potential upside to that growth rate due to the pool of about 400 million iPhones that are three years or older. (48 comments)
Jefferies equity strategists map out their reasons for going bullish on Financials. With the U.S. yield curve steepening in the past two months and the U.S. breakeven curve flattening from deep inversion, "the market is beginning to recognize that both tapering and the rate cycle are appearing on the horizon," write the strategists led by Global Equity Strategist Sean Darby.
U.S. bank stocks have been treading water during that time as forward earnings revisions have been stable. And before the Delta variant, surveys were indicating a shift to a lending cycle from an impairment phase, they noted. (19 comments)
The recent eye-catching rally seen in Bitcoin (BTC-USD), which started at $30K level at the end of July, could just be the beginning of an even larger surge to $100K, with Ethereum (ETH-USD) potentially reaching $5K, as both cryptos face increasing demand and diminishing supply, according to the Bloomberg Crypto Outlook, dubbed Onward and Upward. Ether leads Bitcoin on a month-to-month basis, outperforming BTC by almost three-fold year over year.
Bloomberg's report said Bitcoin "is well on its way to becoming the digital reserve asset in a world going that way," but keep in mind that in order for a world reserve currency to function as "money", it must perform as a medium of exchange, unit of account, and a store of value. (100 comments)
Amid surging Delta variant cases in the U.S., COVID-19 vaccines for children ages 5 to 11 could be available as soon as the end of October, The New York Times reports. The timeline is based on the expectation that Pfizer (NYSE:PFE) - BioNTech (NASDAQ:BNTX) will have enough data from clinical trials to seek emergency use authorization for that age group from FDA towards the end of this month.
Dr. Scott Gottlieb, a former commissioner of the FDA who also sits on the board of Pfizer said that getting the green light for younger children will require careful and expeditious review of the clinical data. (5 comments)
In Asia, Japan +0.22%. Hong Kong -1.5%. China +0.33%. India -0.27%.
In Europe, at midday, London +0.55%. Paris +0.55%. Frankfurt +0.84%.
Futures at 6:20, Dow +0.55%. S&P +0.48%. Nasdaq +0.4%. Crude +0.43% at $70.61. Gold -0.04% at $1791.45. Bitcoin -2.7% at $44631.
Ten-year Treasury Yield -7 bps to 1.334%
Today's Economic Calendar
What else is happening...
Dynavax (NASDAQ:DVAX) under pressure after U.K. ends COVID-19 vaccine deal with collaborator Valneva (VALN).
NXP Semiconductors (NASDAQ:NXPI) picks TCS as a strategic partner to drive IT innovation.
Outer Banks,' 'Vivo' pace Netflix (NASDAQ:NFLX) to another easy streaming ratings win.
Stand fast on Consumer Discretionary, BMO says; REITs still strong.
U.K. to terminate COVID-19 vaccine supply deal with Valneva (VALN).
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