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Apple unplugs EV plans

This week, Apple pulls the plug on its electric vehicle, Domino’s enjoys tasty gains, and Bumble takes a tumble.

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💡 But first, the macro wrap-up:

The stock market had a quiet start to the week, being largely overshadowed by the crypto rally. But yesterday, the market had a small boost thanks to US inflation figures falling to 2.4%, with the S&P 500 gaining 0.5%.

Apple slips 2% 📉

Apple’s scrapping its EV: A decade's worth of work, billions of dollars invested and 2,000 jobs reassigned - business decisions don’t come bigger than this. Apple is scrapping its self-driving car. Tesla fans, you can breathe again. Elon Musk certainly is

Domino’s tasty 5% gain 🍕

Mouth-watering gains: Shares in the world's largest pizza company are up, thanks to a dividend hike and its latest share buyback programme.

Bumble tumbles 10% 🐝

Buzz kill: Despite the dating app reporting better Q4 earnings than a year ago, it still closed 2023 with a net loss of $32m. To cut down on losses, Bumble has announced mass layoffs.

  • Job cuts: 30% of the company (350 employees), have been made redundant as the company looks to strengthen its “operating leverage”. 

  • App makeover: CEO Lidiane Jones informed investors that the app will undergo a revamp. It seems investor confidence was shaken, amid the drop in share price.

What have we learned this week? 🤓

  • Apple X AI: Apple has been pretty quiet on the AI front. Expect that to change now that it’s become one of the company’s top focuses. 

  • Domino’s "Hungry for MORE" strategy is working: CEO Russell Weiner outlined his vision to focus on product taste, operations, and value. And so far, it’s paid off. 

  • Tech layoffs continue: Bumble is the latest tech comp. to trim headcount, joining Google, Amazon and over 170 tech companies who have cut 44,000 jobs.

Stock announcements 👀

Here are the key earnings dates to look out for next week:

  • Tuesday: NIO, CrowdStrike, Target

  • Wednesday: Abercrombie & Fitch,

  • Thursday: Costco, DocuSign

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*Figures and ratings correct as of February 29th 2024.

Past performance does not guarantee future results. Capital at risk when investing. This content is for educational purposes only. Shares does not provide investment advice. If you are unsure about anything, please seek advice from an authorised financial advisor.

Meet the authors

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James Ashoo

Senior Content Writer

James has been investing for over five years. His aim is to explain the hard stuff, easily! When he's not chewing your ear off about stocks and crypto, he'll most likely be telling bad jokes.

Harjas Singh

Harjas Singh

Chief Product Officer & Co-Founder

With a wealth of experience in fintech, Harjas is the man in the know when it comes to all things product. Investing features, chatting capabilities and thriving communities – he oversees all development on the Shares app!

Harry Harrison

Harry Harrison

Finance Writer

Harry is an experienced business writer, with a love for all things tech. In his free time, he enjoys reading, playing sport and winning at chess. He also loves posting inside the Shares app!