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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.
A new focus: 2,000 Apple jobs are thought to be at risk. Some are employees expected to be made redundant, whilst others will be reassigned to work on AI - Apple’s next focus.
Generative AI: Apple has made this decision as demand for EVs has reduced, but surged for AI. Specifically, Tim Cook sees big potential in generative AI, but has held off announcing any further details on what the company will be building.
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.
25% dividend increase: Domino’s is the latest company to up its dividend, with investors set to receive a 25% higher payment, equal to $1.51 payment per share, per quarter.
Billion dollar buyback: The pizza giant also signed off on an additional $1bn share buyback programme, having already repurchased $58m shares in Q4. It’s putting its
pizzamoney where its mouth is.
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, JD.com
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.
