Wall Street Today | Apple's market cap briefly tops $3 trillion
Stocks in Asia eye steady start after U.S. record
Asian stocks are set to open cautiously on Tuesday with investors assessing the spread of omicron and an uncertain outlook for the new year. The $S&P 500 Index(.SPX.US$ closed at a record high on the first trading day of 2022 and Treasuries extended losses.
Markets trade for the first time this year in Japan, China and Australia, where equities edged higher at the open. U.S. futures wavered after the $NASDAQ 100 Index(.NDX.US$ outperformed.
Apple becomes first U.S. company to reach $3 trillion market cap
$Apple(AAPL.US$ hit a market cap of $3 trillion briefly during trading on Monday. The milestone is mostly symbolic but it represents investor recognition of Apple's success over the past few years as the company has reported several record-breaking quarters of big growth in all of its product lines.
Apple's cash flow also makes the stock a safe haven during times of market uncertainty.
Apple's wearable gadget business grew like gangbusters over the holidays
Apple sold 27 million pairs of its newest AirPods model over the holidays, according to top Apple analyst Ming-Chi Kuo of TFI Asset Management Limited. Kuo expects 20% year-over-year growth for Apple's wearables business for the holiday quarter.
This year is expected to be a big one for Apple's wearables business thanks to the impending launch of its augmented reality headset.
AMC's new year's resolution: Trim sky-high rescue debt expenses
"In 2020 and early 2021, $AMC Entertainment(AMC.US$ took on debt at high interest rates to survive," CEO Aron tweeted Monday. "I'd like to refinance some of our debt to reduce our interest expense, push out some debt maturities by several years and loosen covenants."
AMC paid more than $320 million in interest on its borrowings in the nine months through Sept. 30, according to company regulatory filings, up from about $219 million in the same period in 2019.
Elon Musk's fortune climbs $30 billion on Tesla's record quarter for deliveries
Musk's fortune jumped by $30.5 billion Monday to $300.8 billion, according to the Bloomberg Billionaires Index. $Tesla(TSLA.US$ shares rose 12.2% to $1,186.31 at 2:21 p.m. in New York after fourth-quarter results handily exceeded analysts' estimates for auto deliveries.
Tesla's stock surged nearly 50% in 2021, sending its market valuation above the $1 trillion mark.
Cheap stocks to finally have their day in 2022, investors say
Banking on cheap stocks to outperform shares of faster-growing companies has been a losing proposition for years. Plenty of fund managers say they expect that to change in 2022, thanks in part to the prospect of higher interest rates.
Value was the most popular investing theme for this year among 106 institutional investors informally surveyed by Bloomberg News in the first half of December. About a fourth of them said cheaper, old-economy stocks such as banks are the place to be, over ideas such as green energy, growth, U.S. technology and emerging markets.
Ford beats out Tesla to become the auto industry's top growth stock in 2021
$Ford Motor(F.US$'s shares jumped by roughly 140% last year, making it the top-performing auto stock. Since auto veteran Jim Farley took the CEO helm more than 15 months ago, the stock is up by more than 200%.
Morgan Stanley analyst Adam Jonas said it was "truly a breakthrough year for Ford … easily the most important year strategically for the company since the financial crisis."
Dennis Gartman sees stocks falling 15% in 2022 on aggressive Fed hikes
Stocks could face a "slow, laborious" decline in 2022 as a result of a more hawkish Fed that may raise interest rates four times, according to Dennis Gartman.
The University of Akron Endowment Chairman said in an interview with Bloomberg Radio Monday that stocks could trade 10% to 15% lower this year. While Gartman has long been calling for a bear market, he said the catalyst for the decline could be the central bank raising interest rates over 100 basis points in 2022.
Source: Bloomberg, CNBC
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FearGreed : Apple market cap is bigger than UK GDP, just behind Germany. Apple revenue is 1/7 of UK GDP. Stock goes up 3% with no news. The news is it hits $3T and the discussion is how long it will take to hit $4T. Truly exciting times