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“Those jobs aren’t coming back.” That’s what Steve Jobssaid when President Obama asked him whether Apple would ever consider manufacturing its popular products in the U.S. But Jobs’ successor, Tim Cook, has other ideas. In interviews with Bloomberg Businessweek and NBC News, Cook has revealed that in 2013, Apple will invest $100 million in manufacturing computers in the U.S. ”I don’t think we have a responsibility to create a certain kind of job,” Cook told Bloomberg. “But I [...] from Zerohedge: Remember Michael Feroli? The JPM economist who “predicted” US Q4 GDP would be boosted by 0.5%due to iPhone sales (don’t laugh: yes, US GDP, not that of China where the iPhone is actually produced, but the US where the consumer merely incurs more record student loans to be able to afford it)? Well, the same JPMorganite has now cut his Q4 GDP expectation to 1.5% for all the same reasons [...] ROSEVILLE (CBS13) – Fists flew during a Black Friday fight at the Roseville Galleria as three men trade blows, knocking down a display. They were possibly fighting over a pair of shoes. It happened in the middle of the mall, as families watched in horror. The sea of chaos was the last thing Lawrence Corpus thought he’d see while Black Friday shopping with his family at the Westfield Galleria. “It could have easily become a riot,” said Corpus. But when [...] Products of all types — cars, incandescent bulbs, your iPad and iPhone — are designed with planned obsolescence in mind. The need or desire to replace products quickly and a shorter product life-cycle are a consistent drain on wealth. In the previous generation, the latest television sets were big household expenses, just like they are today, but they stayed operational and sufficient for a couple of decades. http://www.forbes.com/sites/moneybuilder/2012/11/06/resist-planned-obsolescence-or-accept-the-financial-consequences/ Snapchat is built for teenagers. The website a bright and sunny shot of two young, pretty girls, with matching straightened long blond hair and the kind of precisely thick black eyeliner only people under twenty can pull off, making energetically silly expressions and capturing their faces on an iPhone wrapped in hot pink rubber. On the year-old app’s iTunes page, another pair of pretty white teenagers pose, first in summery shorts and tank tops [...] Not that you’d ever pack all 40—but a quick review of this list of travel accessories should help you remember the essentials no matter what kind of trip you’re taking.
1. Your smartphone (or iTouch or similar) can be used in place of a bunch of individual travel accessories: maps, GPS, currency exchange converter, translation tool, mp3 player. Make sure you have a fresh backup in the cloud and you should be set. Though, [...] Forget the “fiscal cliff.” The real panic on Wall Street is over Apple’s stock. Nearly every mutual and hedge fund has piled into Apple [AAPL 525.62 -11.26 (-2.1%) ]during its spectacular rise over the past few years. Now, these same funds are scrambling for the exits as the stock goes through an equally spectacular decline. Apple plunged to a six-month low Thursday as funds rushed to take profits on the stock before it’s too late. Shares are now off 25 percent [...] From Marketwatch: Samsung Electronics , the world’s largest technology firm by revenue, raised the price of mobile processor supplied to Apple Inc. AAPL -0.25% by 20% recently, Chosun Ilbo reported Monday, citing a person familiar with negotiations between the two tech giants. “Samsung Electronics recently asked Apple for a significant price raise in (the mobile processor known as) application processor,” the person was quoted as saying in the report. “Apple first disapproved it, [...] Oh great…. another regurgitated phone with a few minor tweaks to then be resold again & again. This is called Planned Obsolescence Definition: via Businessinsider: Apple is expected to start “trial” production of its next iPhone, the iPhone 5S, in December, reports Steve Shen of [...] Ed Conway (@edconwaysky) is the economics editor for Sky News and the author of The Real Economy. He recently wrote a letter to Apple CEO Tim Cook explaining why he was done with the company. Ed gave us permission to reprint his letter via an email from his new Samsung.
Dear Tim, There’s no easy way to put this so I’ll just come right out with it. I’m leaving you. It’s been great (mostly) but it’s [...] Scott Forstall asked to leave after refusing to take responsibility for maps problems The man behind Apple’s maps software has been sacked in a major restructuring of the computer giant’s executives after he refused to apologise for its Maps software. Scott Forstall, a long-time lieutenant of late Apple co-founder [...] From Market Watch: Tim Cook: “Regarding iPhone 5, Tim Cook says demand is “extremely robust” and the company is in a “significant state of backlog right now.” But he adds that output has improved, calling this the “largest volume ramp in Apple’s history.” He says he is feeling “very confident in our ability to supply quite a few iPhones.” No specific timeline on bringing supply in line with demand.” … First question asks why [...] Apple’s earnings are out!
Revenue is right in line, but EPS is worse than expected. Apple beat on iPhone sales, but was below expectations for the iPad, Macs, and iPods. The stock is halted right now, so we don’t have a market reaction. Click here for the latest, or just refresh your browser. Here is what Apple reported versus expectations here. (Expectations via Gene Munster at Piper Jaffray.): Revenue: $36 billion versus $36 billion expected. EPS: $8.67 versus $8.81 expected. iPhone: 26.9 million versus [...]  On This Date In 1929, The Black Thursday Selling Has Begun Last week, the misty eyed reminiscences were recalling the 25th anniversary of Black Monday. Today, we look even further back. 83 years back to be precise to this date in hallowed antiquity, when in 1929 the selling had officially begun, with what would ultimately culminate as the Great Crash. Cue Art Cashin: “on this Thursday morning, the market opened nervous [...] Gadget believed to have a 7.85inch screen – compared to the 9.7in on the most up-to-date version of the full-size iPad Estimates claim Apple has ordered 10 million iPad minis from suppliers iPad Mini, Microsoft Surface and Kindle Fire all set to go on sale this month At 6pm tomorrow evening, Apple boss Tim Cook is set to take to the stage in a San [...] This Is Turning Into A NASDAQ Rout Really ugly. NASDAQ off 2%. Apple down 2.33%.
EARNING SHOCK: Apple Analysts Are Cutting Estimates For Next Week’s Earnings Here’s one reason Apple’s stock has been tanking lately. Analysts are cutting back their estimates for fiscal fourth quarter (calendar third quarter) which Apple reports next week. Philip Elmer DeWitt has a round up of three recent notes. Essentially, all three blame iPhone 5 supply issues for a worse than expected quarter. The iPhone 5 has been sold out [...] EARNING SHOCK: Apple Analysts Are Cutting Estimates For Next Week’s Earnings Here’s one reason Apple’s stock has been tanking lately. Analysts are cutting back their estimates for fiscal fourth quarter (calendar third quarter) which Apple reports next week. Philip Elmer DeWitt has a round up of three recent notes. Essentially, all three blame iPhone 5 supply issues for a worse than expected quarter. The iPhone 5 has been sold out around the world since day one. It could be because [...] Here’s one reason Apple’s stock has been tanking lately.
Analysts are cutting back their estimates for fiscal fourth quarter (calendar third quarter) which Apple reports next week. Philip Elmer DeWitt has a round up of three recent notes. Essentially, all three blame iPhone 5 supply issues for a worse than expected quarter. The iPhone 5 has been sold out around the world since day one. It could be because Apple is struggling to make the phones, or it could be [...] Oct. 10 (Bloomberg) – Apple Inc.’s iPhone 5 supply shortfall is being exacerbated by a quality-control crackdown at Foxconn Technology Group that’s designed to cut the number of devices shipped with nicks and scratches, according to a person familiar with the matter.
The scrapes, which sparked complaints with the iPhone’s debut last month, are due to Apple’s decision to use a type of aluminum that helps make the smartphone thinner and lighter. Senior Apple managers [...] From Eric Peters: … Tucked into the U.S. Supreme Court’s agenda this fall is a little-known case that could upend your ability to resell everything from your grandmother’s antique furniture to your iPhone 4. At issue in Kirtsaeng v. John Wiley & Sons is the first-sale doctrine in copyright law, which allows you to buy and then sell things like electronics, books, artwork and furniture, as well as CDs and DVDs, without [...] APPLE SHOCK: Apple’s Stock Is Crashing It seems, just as everyone knew but really did not want to admit, that AAPL is the core (pun intended) of the entire risk-rally. With the re-appearance of the bond-market this morning after their long-weekend, risk-assets everywhere have caught the tech companies’ cold with EURUSD at one-week lows – back under 1.2900, S&P futures tumbling back towards pre-QEternity levels and having wiped out all of last [...] From LewRockwell.com: … [T]oday I am embarked on a new mission: putting lefties in their place, starting with Paul Krugman. I had long eschewed this sort of thing, thinking it akin to taking candy from babies, intellectually speaking. I was glad that [men] like Robert Murphy have long been doing this sort of dirty work… I greatly admire all of Bob’s work, particularly his willingness to step down into the trenches with [...] This update corrects the spelling of Georgetown Law School’s Jonathan Band. CHICAGO (MarketWatch) — Tucked into the U.S. Supreme Court’s agenda this fall is a little-known case that could upend your ability to resell everything from your grandmother’s antique furniture to your iPhone 4. At issue in Kirtsaeng v. John Wiley & Sons is the first-sale doctrine in copyright law, which allows you to buy and then sell things like [...] Thousands of workers at Foxconn in China have gone on strike over working conditions related to production of the iPhone 5. Three to four thousand employees walked out of Foxconn’s Zhengzhou factory on Friday, according to China Labor Watch. It said Foxconn andApple had “raised overly strict demands on product quality” without providing adequate training. The strike comes just weeks after Foxconn was forced to close a plant in Taiyuan, when a brawl involving as many as [...] Hundreds of loyal Apple customers are furious after the technology giant failed to release adaptors needed for the new iPhone 5. The highly anticipated gadget –which sold five million units worldwide during the first weekend of its release on September 21 – has a new charging connector which is 80 per cent smaller than previous models. The change means millions who rushed to buy the new phone at prices of up to [...] Apple’s iPhone 5 is on track for record-breaking sales – but another problem seems to be plaguing the new phone. Users are reporting that images taken on the camera are ringed with a ‘purple haze’ on any image containing a bright light. They are now complaining to Apple in droves, with Apple forums littered with complaints from users hoping Apple can solve the problem without a product recall. The issue adds to a [...] UBS analyst Steve Milunovich is slashing his iPhone estimate for the holiday quarter to 38 million, down from 44 million, citing supply issues:
“Poor outlooks from Skyworks and Jabil along with our checks indicate that iPhone supply issues limit near-term shipments. In-cell display manufacturing yields ramping gradually likely is the culprit. This shortfall mostly appears to be a timing issue though we assume some lost sales in an effort to be conservative.” (Skyworks and Jabil [...] From Zero Hedge: As America’s mania with cell phones as an aspirational status fad hits new records every day, this borderline addiction to “thinner, longer” mobility and a sub-1 year upgrade cycle, is starting to extract its pound of flesh: average cell phone bills that have risen by over 10% in one year (from $1,110 to $1,226), even as total household spending rose by half, or $67. In a word: iNflation. It gets [...] As America’s mania with cell phones as an aspirational status fad hits new records every day, this borderline addiction to “thinner, longer” mobility and a sub-1 year upgrade cycle, is starting to extract its pound of flesh: average cell phone bills that have risen by over 10% in one year (from $1,110 to $1,226), even as total household spending rose by half, or $67. In a word: iNflation. It gets worse. [...] |
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Conditions Worse Now Than On Black Monday: Safe Haven Flows Moving Into Gold, Not Treasurys, Japan Is In Danger of Imminent Technical Default, China’s Real Growth Is 0%, Stock Market Is Heading To An Earning Shock And Spain Is Totally Beyond Saving
Stock Market Is Going To Crash Tomorrow? Breaking: Apple Earnings Miss, But iPhone Crushes, Cut Q4 Forecast To $11.75 From $15.45, And iPad Is Weak
Here is what Apple reported versus expectations here. (Expectations via Gene Munster at Piper Jaffray.):
Revenue: $36 billion versus $36 billion expected.
EPS: $8.67 versus $8.81 expected.
iPhone: 26.9 million versus 25.3 million expected.
iPad: 14 million versus 15 million expected (See below for explanation on this estimate).
Mac: 4.9 million versus 5 million expected.
iPod: 5.3 million versus 5.5 million expected.
Gross Margin: 40% [...]