Welcome back from the Christmas weekend.
A shortened week of trading could be a quiet one for investors, but that doesn’t mean it’s completely dead out there. Even if stocks may be ready to coast into the new year, bitcoin looks primed to keep things spiced up for investors this week (see our chart of the day below).
The tech sector also has some potential to keep the week from getting too dull. But first, a question: How many of you lucky folks got an iPhoneX under the tree?
Apple shares are down about 1.9% in premarket action. Sure, volume is thin, but it’s notable given this is a fairly dead day for markets overall. It seems there’s some fresh rumbling about weaking demand for the iPhone X.
And that brings us to our call of the day from Sinolink Securities Co. analyst Zhang Bin, who has predicted that a circa $1,000 price tag on the iPhone X may cut into first-quarter demand. His research, cited in a Bloomberg report on Monday, said handset shipments of Apple’s newest phone could be as much as 10 million less than he expected for the first quarter, to as low as 35 million units.
Apple investors may also be taking a nervous glance at a Christmas Day report in a Taiwan newspaper, the Economic News Daily, which may have spooked some Apple suppliers. Sources told the newspaper (see a Google translation of that article) that supplier Hon Hai has frozen some hiring at one factory and Taiwan Semiconductor 2317, -0.98% was told by Apple to slow down on production of some processors for the phone. Both shares were under pressure Tuesday, with Hon Hai 2330, -1.09% also taking a Monday hit.
Still, the company remains a longtime investor favorite and has rewarded the faithful this year with a 51% gain so far. Notably, that’s a step or two behind Netflix NFLX, +0.70% and Amazon AMZN, -0.54% . Barron’s over the weekend had a bullish Apple cover, saying a peak for shares isn’t close and the iPhone X and service revenue may help carry it higher.
Key market gauges
It’s looking like a slightly sluggish return to action, S&P ESH8, -0.04% futures are flat. DJIA YMH8, -0.17% and Nasdaq NQH8, -0.42% futures are off a bit, with techs looking slightly soggy. In Asia, Taiwan and South Korea stocks took a hit. Europe is shut for an extended holiday break.
Bitcoin BTCUSD, +8.00% is back above $15,000 after some pretty volatile Christmas weekend trading. Here’s a chart showing the action from the long holiday weekend. Remember that bitcoin tapped $20,000 just over a week ago.
Crypto bull John McAfee tweeted out that investors should hang in there, because bitcoin will be 10 times its current price in 2018.
For you who are long term investors like myself: (those who allways make the most returns), BITCOIN is still the crypto giant. It is at a low price, and will never be cheaper. It will be ten times this price in 2018. Remember – it has the lowest circulating supply of any coin.
— John McAfee (@officialmcafee) December 25, 2017
Apple is down in premarket, though other techs seem to be in OK shape so far.
Under Armour UA, -1.08% shares are down about 5%. The Wall Street Journal has a story on investors being bothered by the CEO’s multitasking.
Fresh data shows shoppers haven’t slacked off this holiday season. A survey from Mastercard SpendingPulse shows retail sales rose at their best pace since 2011 over the festive stretch.
By the look of it, preholiday delivery was pretty crazy for UPS UPS, +0.05% as it had to recruit accountants and other office staff to handle packages.
United apologized and paid up after a woman accused the airline of booting her out of her first-class seat for Dem. Rep. Sheila Jackson Lee.
In the oil patch, regulators under the Trump administration want to roll back safety measures that were set up after the 2010 Deepwater Horizon oil spill.
“Star Wars: The Last Jedi” dominated the box office over the holiday weekend. According to Variety, the Disney-backed DIS, -0.82% film took in $32 million on Christmas Day, the second-highest takings ever on that day. It’s second only to “Star Wars: The Force Awakens,” which took in $49.3 million in 2015. The Jedi flick drew the second-highest weekend opening ever a week or so ago.
“I’m gonna trickle my fat ass down to the jewelry store to get me a new Rolex. I’m not gonna pass it to nobody. Thank you Republicans, I know I can always count on y’all to take care of us rich people…sorry poor people, I’m hoping for y’all, but y’all ain’t got no chance.” — That was former NBA star Charles Barkley delivering some sarcasm over the Republican tax bill on his Christmas Day stint as an NBA commentator.
Christmas in Venezuela was about as grim as you could imagine.
Trump’s Twitter holiday greeting is still bouncing around. That whole saving “Merry Christmas” thing has been grinding on some:
Congratulations to your cherished and beautiful self, sir! People are SO proud of you… It’s even MORE impressive when you consider you “led the charge” despite your crippling bone-spurs. HAPPY HOLIDAYS!!!!!#FakeWarOnXmas #AsinineAssault https://t.co/SYK0M9C4Ep
— @HamillHimself (@HamillHimself) December 25, 2017
U.K. government is reportedly begging Prince Harry not to invite the Obamas to his wedding.
Two best friends find out they’re actually brothers.
Geography sealed the fate of a desperately ill pregnant woman and her baby in D.C.
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