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Apple Inc. Nasdaq Global Select
Open: $116.45 High: $116.49 Low: $116.22 Close: $116.3
Range: 2020-11-28 - 2020-11-30
Volume: 30,621
Market: Extended-hours
Powered by Finage Stock APIDelayed data
Apple Inc. 1 Infinite Loop Cupertino CA, 95014
Apple Inc is designs, manufactures and markets mobile communication and media devices and personal computers, and sells a variety of related software, services, accessories, networking solutions and third-party digital content and applications.
  • CEO: Timothy D. Cook
  • Employees: 123,000
  • Sector: Technology
  • Industry: Computer Hardware
Latest news about the AAPL
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  • Apple Says Second Retail Outlet In South Korea Coming Soon

    Apple Inc (NASDAQ: AAPL) is opening its second retail store in South Korea in Seoul's business district of Yeouido. What Happened: The Tim Cook-led company made the announcement of the store opening on its website.The new store is located in the IFC mall located on an island in the Han river. The store can be accessed through a glass pavilion located near Yeouido Park, according to 9to5Mac.Why It Matter: The store is Apple's second retail outlet in South Korea and its capital. In April, the company's other retail location in Seoul became the first to open its shutters outside of China after the tech giant initially closed its outlets in response to the COVID-19 pandemic.Apple's Yeouido store will follow pandemic related safety protocols such as reducing capacity and requiring masks, 9to5Mac noted.The Cupertino-based tech giant runs over 500 retail stores in 25 countries and regions, according to Macrumors.The second retail outlet in South Korea comes following a string of new product launches by Apple this year, including M1 chip-based Mac computers, 5G-enabled iPhone 12, iPad, and Apple Watch.Price Action: Apple shares closed nearly 0.5% higher at $116.59 on Friday and fell 0.13% in the after-hours session.See more from Benzinga * Click here for options trades from Benzinga * Google Thinking Of 2023 With Its Gaming Service Stadia As War With Fellow Tech Giants Heats Up * Apple Seeks Patent For Windshield Crack Detection Tech(C) 2020 Benzinga does not provide investment advice. All rights reserved.

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  • Don’t Let ‘Dazzle’ Brands Deceive You

    (Bloomberg Opinion) -- Having watched warily from the wings, McDonald’s Corp. is finally entering the modern meatless-market with a menu of herbivorous items. Top of the list is the plant-based burger, McPlant:“There are other plant-based burgers out there, but the McPlant delivers our iconic taste in a sink-your-teeth-in (and wipe-your-mouth) kind of sandwich. It’s made with a juicy, plant-based patty and served on a warm, sesame seed bun with all the classic toppings.”Although McPlant is a notable pivot for a company that grinds through a billion pounds of American beef each year, McDonald’s is being a soupçon coy: The “other plant-based burgers” to which they allude include Burger King’s Impossible Whopper, Wendy’s The Plantiful, White Castle’s Impossible Sliders, and Carl’s Jr. Beyond Burger — as well as groundbreaking consumer products from Impossible Foods, Beyond Meat, and Kellogg’s Incogmeato.Because 89% of meatless-burger consumers are neither vegetarian nor vegan, and because the plant-based meat market may soon be worth $35.4 billion, faux-meat firms seem less keen on promoting plants than blurring the plant/meat divide. This explains their use of beet powder, annatto and heme to simulate the ooze of blood, and the carnivorous tone of their branding.It’s surely no accident that McPlant retains its corporate prefix, that Beyond Meat and Incogmeato deploy a muscular suffix and that Impossible Foods toys with a knowing oxymoron. These modern plant-based brands are a world away from the earnest worthiness of meatless 1.0 — Quorn, Linda McCartney’s, Turtle Island Foods — a trick they pull off with all the techniques of “dazzle.”*  *  *In 1917, in response to the increasing threat from German submarines, the British artist Norman Wilkinson pioneered a counterintuitive form of marine camouflage(1) that he called “dazzle painting.”Recognizing that, even before radar, massive ships could never be rendered invisible, Wilkinson proposed making them harder for U-boats to identify, size, track and target.“So-called invisibility against submarine attack [he wrote] is not only impossible, but dangerous, and consequently if a vessel can be seen at all, it does not matter how visible she is, providing her course remains a matter of question for the attacker.”Wilkinson fostered enemy uncertainty by painting crazy monochrome zigzags and stripes across every inch of hull, deck and funnel until some 4,000 British and American vessels resembled bizarre aquatic zebras.The tactical twist of Wilkinson’s dazzle was to ensure that what cannot be concealed should confuse:“The primary object of this scheme was not so much to cause the enemy to miss his shot when actually in firing position … but to mislead him, when the ship was first sighted, as to the correct position to take up.”Naturally, such ingenious misdirection is readily applicable to branding.*  *  *Some of the most conspicuous “dazzle” proliferates with “hedonic” brands — those where pleasure-seeking consumers must be persuaded that “bad” is “good”:That “good” is “bad”:Or that “bad” is “bad” — but, hey, what the hell:Modern meatless burgers operate in the intersection of all three dazzles: They are simultaneously meaty (“bad” but delicious), vegetarian (“good” but boring) and a fast-food treat (“naughty but nice”)(2). This dazzling triad also distracts from the complex question of whether meatless burgers are as good for one’s wallet, health or the environment as might be hoped.Inevitably, hedonistic dazzle is used by a range of adult brands, not least Las Vegas’s hugely successful “What happens here, stays here” campaign — which slyly encouraged the sins of Sin City, even as it elided the wages of sin.*  *  *Many brands, most notably in the auto sector, hide behind bait-and-switch safety disclaimers that dangle the rush of danger while evading its results. Given that 1.35 million people died on the roads in 2018 (including 36,835 Americans), the deployment of “dazzle tags” like “Professional driver on a closed course” and “Demonstration only, do not attempt” seems more akin to using Freddy Krueger to sell kitchen knives than offering a satisfactory deterrent to vehicular mayhem.Indeed, it’s probably no coincidence that health-related “dazzle tags” often achieve the opposite of their purported aim. In 2017, research by the U.S. Food and Drug Administration concluded that snack foods labelled as “vitamin-fortified” confused consumers into making “poor dietary decisions.” And in 2014, research from Johns Hopkins Bloomberg School of Public Health indicated that alcohol “responsibility messages” (“drink responsibly,” “enjoy in moderation”) were “overwhelmingly used to promote products rather than convey relevant public health information.”One of the oddest “danger dazzles” was that attempted by Death Cigarettes, a short-lived ’90s venture that trumped the “distraction dazzle” of Big Tobacco (cool camels, rugged cowboys, cut silk) with tombstone packs adorned with a skull and crossbones. While traditional cigarette brands attempt to subvert popular culture, Death Cigarettes set up shop where the unstoppable force of addiction meets the immovable object of death. This is not hiding in plain sight, so much as hiding in the spotlight — and as Rochefoucauld said, “neither the sun nor death can be looked at steadily.”(3)The impact of such blatant dazzle is similar to the optical effect of Anish Kapoor’s deeply pigmented “Void” sculptures, which draw in one’s gaze while defocusing one’s vision. Kapoor defined the illusion thus:“You can see it with your eyes. Then you can’t see it. Yet you know it. You know it with your body. Your imagination senses it.”*  *  *Just as dazzle painting helped warships to conceal their size, so dazzle branding helps underdogs bark above their bite. There are numerous examples of such shape-shifting strategies, including Volkswagen’s 1959 “Think small” slogan, which neatly mocked the muscle car, and Apple’s 1997 “Think different” campaign, which strove to mainstream the marginalized:“Here’s to the crazy ones, the misfits, the rebels, the troublemakers, the round pegs in the square holes … the ones who see things differently — they’re not fond of rules, and they have no respect for the status quo.”Such campaigns echo the actions of those animals that change their size and shape in order to deter predators and attract mates — two goals shared by brands of every dimension.One of advertising’s longest underdog dazzles was that deployed by Avis between 1962 and 2012. Unable to conceal its ranking, Avis sought instead to confuse the idea that “biggest is best”:Significantly, Avis was not defending its second place status but attacking the market leader for being number one and, by extension, for complacence and slapdashery. So effective was this insurgency that the alpha-brand Hertz felt compelled to respond — the advertising equivalent of forcing a U-boat to surface.An elegant variation on the underdog dazzle was successfully launched in 2000 by the British Teacher Training Agency. Facing the challenge of luring high-caliber candidates into classrooms, they confronted the sneering cliché “Those who can, do; those who can’t, teach” with a splendidly contrarian campaign, “Those who can, teach.”One of Britain’s best-loved adverts arose from a similar desire to upend accepted wisdom. In 1983, unable to conceal that its telephone directory was used primarily for “the nasty things in life, like a blocked drain,” Yellow Pages ran an advert that was deeply human, sentimental and above all nice.Brands that strongly divide consumer sentiment occasionally use dazzle to negate opprobrium or laugh it off. Marmite’s response to 33% of Brits loathing its yeast-extract spread was not to hug the haters but double down on the hate. In so doing it created the instantly viral campaign, “Marmite: You either love it or hate it.”Similarly, certain fans of the British football club Millwall revel in their unpopularity with the defiant chant “No one likes us we don’t care” (sung to the tune of Rod Stewart’s “Sailing”) which, over time, has evolved into a sub-brand of its own:*  *  *For obvious reasons, dazzle is a finely honed tool of political communication — as the BBC’s Yes Minister elegantly satirized:Sir Humphrey: As long as we can head him off this Open Government nonsense.  Bernard: But I thought we were calling the White Paper “Open Government”?Sir Humphrey: Yes, well, always dispose of the difficult bit in the title. It does less harm there than in the text. Sir Arnold: It’s the law of inverse relevance. The less you intend to do about something, the more you have to keep talking about it.This chimes with the Fox News slogan “Fair and Balanced,” which was devised by Roger Ailes when he launched the network in 1996. As Gabriel Sherman wrote in 2017, when the slogan was retired:“In the annals of modern advertising, ‘Fair & Balanced’ will be considered a classic. The slogan was Ailes’s cynical genius at its most successful. While liberals mocked the tagline, it allowed Ailes to give viewers the appearance of both sides being heard, when in fact he made sure producers staged segments so that the conservative viewpoint always won.”Brands regularly turn to dazzle when they find themselves edging toward the wrong side of history.It is often claimed that Alfred Nobel established his eponymous prizes after reading his own damning obituary (“The merchant of death is dead”) which was erroneously published after his brother’s demise. Whether or not this legend is true, the legacy dazzle worked: How many more people associate the name Nobel with literature, science and peace than with the invention of dynamite?In 2004, Unilever hired Wolff Olins to transform its impersonal, industrial and Twin Towers-ish identity into something more sensitive, playful and environmentally beguiling:The result — with its casual script, dazzling sparkles and 24 cute icons — is more akin to a fossil agglomeration than the branding of a global behemoth that emits 100 million metric tons of carbon dioxide equivalents each year. And this exculpatory effect was surely the point.Similarly, the “green rush” of airlines using carbon offsets to sell “net-zero carbon flights” may be less ecological, than a tactical response to “flygskam” — the Swedish “flight shaming” trend that has taken wing. The dazzle of consumer carbon offsetting was deftly skewered by Camilla Cavendish:“EasyJet, in pledging to offset the emissions from its flights for what will be less than £1 a ticket, is effectively offering a ‘get out of hell free’ card. Passengers can tick the ‘offset’ box and continue on their merry way, unaware that the offer prices carbon dioxide well below its trading value. … Carbon offsetting is shaping up to be the greatest mis-selling scandal since the Dominican friar Johann Tetzel sold pardons to redeem the dead.”In 2000, Landor helped British Petroleum transition from a “part of the problem” “big oil” giant to a “part of the solution” “leading energy company.” It did so by dumping the company’s 70-year-old shield for a “helios” sunburst, next to which the lower-case, superscript “bp” name is almost an afterthought.This (literally) dazzling redesign stumbled in 2010, when BP’s drilling rig Deepwater Horizon exploded, killing 11 and disgorging 4 million barrels of oil into the Gulf of Mexico. It’s likely nothing could have limited the damage to BP’s brand after such a disaster, but the chasm between the environmental ostentation of BP’s sunburst and the bleak reality of oil exploration added insult to injury, as evinced by the logo-redesign competition Greenpeace launched:(Greenpeace is itself arguably something of a dazzle brand. Although the organization espouses non-violence, given its advocacy of dramatic and sometimes damaging direct action, Greenpeace may be green but it is far from entirely pacific.)Of course, there are limits to what even dazzle can achieve. The story of Monsanto’s brand can be told in three logos:*  *  *It’s a pleasing coincidence that capitalism’s ultimate dazzle brand dazzles literally as well as metaphorically — so much so that almost everything consumers know and feel about diamonds was concocted by De Beers and its roster of advertising talent. As Edward Jay Epstein detailed in his legendary 1982 essay and book:“The diamond invention — the creation of the idea that diamonds are rare and valuable, and are essential signs of esteem — is a relatively recent development in the history of the diamond trade.”Although the disco-ball of diamond’s dazzle is multifaceted, a few examples from Epstein and others will suffice:The “salary rule” that an engagement ring should cost one month’s salary was devised in the 1930s to draw the middle-class into diamond ownership; in the 1980s the rate mysteriously rose to two month’s salary, or three in Japan.The image of men surprising women with a diamond was insinuated into Hollywood movies both to associate diamonds with romantic love, and because men spend more on jewels when shopping alone.The “eternity ring” was devised not as a celebration of everlasting love, but to create a new market for a vast cache of miniature Russian diamonds.In addition to emphasizing the emotional resonance of diamonds, the slogan “A diamond is forever” helped discourage women from selling their jewels and thereby discovering that diamonds may not be the appreciating investment they believed.*  *  *In February, Burger King trumpeted the removal of artificial additives from its sandwiches with an advertisement that depicted a Whopper slowly rotting over 34 time-lapsed days:This unsettling film (more Peter Greenaway than Bobby Flay) proved as contentious as Burger King’s global CMO Fernando Machado clearly intended:“I don’t have the media money to throw something at people that’s not going to stand out or get noticed. In this case specifically, we were expecting some controversy and debate.”Machado also alluded to the power of dazzle:“The essence of the idea is to show something that you know, in theory, is bad — mold — but it’s shown in such a beautiful, stunning way and you’re talking about it as a positive. … It almost messes with your mind. You know mold isn’t good, but it looks so beautiful!”Burger King’s spot was unarguably a hit, but what actually “messes with your mind” is the advert’s slight of brand.While eliminating unnecessary additives is admirable, it’s hardly the defining challenge of fast food compared, say, with its role in obesity, diabetes, addiction, academic performance, depression and social inequality.Like an arms dealer singing the praises of a gun’s silencer, the “moldy” Whopper’s real success may be diverting our gaze from the uncomfortable nutritional truth that even an Impossible Whopper with unsalted medium fries delivers 1,010 calories, 50 grams of fat, 13 grams of saturated fat, 1,440 milligrams of sodium and 13 grams of sugar.Kander and Ebb were right:Give ’em the old razzle dazzleRazzle Dazzle ’emGive ’em an act with lots of flash in itAnd the reaction will be passionateGive ’em the old hocus pocusBead and feather ’emHow can they see with sequins in their eyes?(1) Although Wilkinson was decisive in the military application of dazzle, the idea of disruptive camouflage owes much to the work of the American artist Abbott Handerson Thayer and the Scottish zoologist John Graham Kerr — both of whom draw the origins of “dazzle” back to the animal kingdom.(2) “Naughty but nice” was a National Dairy Council campaign to promote fresh cream cakes (!) in the 1970s and ’80s; the slogan was devised by none other than Salman Rushdie.(3) Le soleil ni la mort ne se peuvent regarder fixement” in the original French.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Ben Schott is a Bloomberg Opinion visual columnist. He created the Schott’s Original Miscellany and Schott’s Almanac series, and writes for newspapers and magazines around the world. For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • A Giant Fund Sold Alibaba, Apple, and Intel Stock. Here’s What It Bought.

    South Korea’s sovereign-wealth fund sold Alibaba, Apple, and Intel stock in the third quarter. It also more than doubled a position in GM stock, a move that is paying off so far in the fourth quarter.

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  • Apple Suppliers’ Exodus From China Won’t Slow Down Under Biden

    (Bloomberg) -- The splintering of the global tech supply chain that began during President Donald Trump’s watch looks set to persist under his successor.Apple Inc., the largest of the many tech giants that rely on Chinese factories to make their gadgets, will move some production of its iPads and MacBooks to Vietnam. Key assembly partner Hon Hai Precision Industry Co., known also as Foxconn, has allocated $270 million in new investments to the Southeast Asian country. Those moves presage a larger and longer-term migration that may have ramifications for the iPhone maker as well as China’s role as workshop to the world.Foxconn founder Terry Gou coined the term “G2” to describe the trend of a unified supply chain splitting into at least two. Company Chairman Young Liu said in August that the likes of India, Southeast Asia and the Americas could each in the future end up with a dedicated manufacturing ecosystem of their own. The trend now looks irreversible as other countries including India and Vietnam are boosting their infrastructure and efforts to lure manufacturers through lower costs and fewer geopolitical worries.“As China gets more expensive, and as U.S. politics have been unpredictable, companies have shifted production of some goods out of China. That trend will continue as China gets more expensive and as Vietnam and India improve their competitiveness,” said Dan Wang, a technology analyst at Gavekal Dragonomics.Read more: Apple’s Shifting Supply Chain Creates Boomtowns in Rural VietnamTrump’s trade hostilities against China caused many manufacturers to shift production capacity to neighboring countries like Vietnam and further afield to sites in Mexico and India, in order to avoid being slapped with punitive tariffs and to mitigate future sanctions risk. Apple, whose Chief Executive Officer Tim Cook orchestrated the creation of its current Chinese-centric production chain, has resisted a large-scale move but in recent years has increasingly explored alternatives.The Cupertino, California-based company is continuing to add iPhone capacity in India through its assembly partners, aided by Prime Minister Narendra Modi’s policy to attract top-tier smartphone companies to make their gadgets locally for export. Pegatron Corp., the last of the major iPhone assemblers to arrive in the country, announced earlier this month it is injecting 11 billion rupees ($150 million) into its Indian unit and will start production there as soon as late 2021.Back at home, the iPhone maker has been lobbying the U.S. government to support local chip production with tax breaks. Its key supplier Taiwan Semiconductor Manufacturing Co. is planning a chip fab in Arizona, though the modest scale and technology of that facility would suggest it will service smaller customers, at least to begin with.Beyond Apple, Alphabet Inc.’s Google has placed orders with Foxconn to assemble key components for its servers in Wisconsin, at the under-utilized facility that has to date been most famous for what it hasn’t produced. Mass production there is expected to go ahead in the first quarter. Pegatron officials said earlier this month that the company plans to also set up manufacturing operations in the U.S. to serve other customers.Wistron Corp., another Taiwanese contract manufacturer that handles iPhone orders as well as laptop and server production for other American customers, announced plans earlier this month to add capacity in Mexico and Taiwan. It’s also buying a Western Digital Corp. factory in Malaysia. Chairman Simon Lin said in March that half of Wistron’s capacity can be located outside of China as soon as 2021, with Vietnam operations ramping up and the company seeing India as a key strategic site for the next decade due to its market size and resources.Trump’s tariffs on Chinese-made products have also forced other international companies to rethink their manufacturing operations. Nintendo Co. now has some of its Switch console production handled by Sharp Corp. in Malaysia, after it asked its main assembly partner Foxconn Technology Co. to offer geographic alternatives to its core China operations. Foxconn Tech, a major entity of the Foxconn Technology Group and a Sharp shareholder, made the connection between the two Japanese firms.Read more: Nintendo Adds Sharp as Assembler of Popular Switch ConsoleWhile Apple is diversifying its global supply chain, it’s also deepening its links with local Chinese manufacturers to serve the domestic market. Earlier this year, China’s Luxshare Precision Industry Co. struck a deal to acquire Wistron’s iPhone production facilities in the country, a move that will create the first mainland company to assemble Apple’s marquee handsets. Compatriot BYD Electronic International Co. is also now splitting iPad orders with Foxconn and Compal Electronics Inc., a person familiar with the matter said. AirPods orders, meanwhile, are now dominated by Luxshare and another compatriot, GoerTek Inc.It took Foxconn 30 years to build up its massive Chinese operations and India or any other region is unlikely to catch up overnight, Foxconn’s Liu said earlier this month.The supply chain shift will take time, “and China will remain a major electronics manufacturing hub for at least the next five years,” Gavekal’s Wang added.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Barron's Picks And Pans This Week: Apple, Ford, Royal Dutch Shell, Tesla And A Hair Salon Chain

    This weekend's Barron's cover story discusses whether Ford can be fixed and its stock can double. * Other featured articles examine the bull case for Tesla in the S&P 500, some global recovery plays and how badly the pandemic has hurt real estate investment trusts. * Also, the prospects for a salon operator, automaker dividends, Apple notebooks and more.Cover story "Ford Can Be Fixed. Why Its Stock Could Double" by Al Root points out that Ford Motor Company (NYSE: F), the fifth-largest automaker in the world, has been among the worst-performing auto stocks during the past five years. See why Barron's believes its new chief executive officer could help fix the company and send its share price much higher.Leslie P. Norton's "Pandemic or Not, a House Needs a Deck. That's Good News for Azek" shows why Azek Company Inc (NYSE: AZEK), the number two maker of composite wood decking, is growing fast after its June initial public offering. As recycling rises and composite costs fall, says the article, the company anticipates steady growth.In "Supercuts Owner Regis Is a Postpandemic Play With Style," Nicholas Jasinski makes the case that a transition to a franchise model makes small-cap hair salon operator Regis Corporation (NYSE: RGS) stock a buy. Haircuts cannot be sold online and delivered in a box, and investors are looking ahead to when life and business may resemble normality again.As 2021 approaches and with strong third-quarter results in their rearview mirrors, General Motors Company (NYSE: GM), Ford and other automakers appear to be on their way to restoring their dividends. So says "Improving Cash Flows Put GM and Ford Dividends in Line for Restoration" by Lawrence C. Strauss.In Alex Eule's "Apple's New MacBooks Have Delighted Critics. Investors Should Care, Too," see why Barron's thinks that while Macs represent just 10% of the total sales at Apple Inc (NASDAQ: AAPL), the business is once again important to the consumer electronics giant's future."Tesla Storms the S&P 500. Here's the Bull Case" by Jack Hough discusses why Elon Musk's electric-vehicle maker continues its amazing rise, yet the value of Tesla Inc (NASDAQ: TSLA) is now so high that car-making profits alone might not be enough, even looking out a decade and assuming massive market-share gains.See also: Benzinga's Bulls And Bears Of The Week: AstraZeneca, Disney, Ford, GE, Roku And MoreThe consumer-discretionary sector has gained almost 30% in 2020, making it the second-best performer this year, behind only tech, according to Ben Levisohn's "Tesla Is About to Upend This Sector. What Investors Should Do Now." Discover why Barron's believes that the sector is about to get a whole lot riskier, as well as how investors may want to play it.In "Three Stocks to Buy as COVID Lockdowns Ease," Bill Alpert looks at the claim that global recovery plays like Anheuser Busch Inbev NV (NYSE: BUD) and Royal Dutch Shell plc (NYSE: RDS-A) are reasonably priced, as investors look ahead to a post-pandemic world. See what else made the cut.Lawrence C. Strauss's "REITs Have Been Hit Hard by COVID-19. The Impact Could Last for Years" says that COVID-19 has caused the most long-term damage to the value of real estate investment trusts focused on malls and office space. But what about the likes of American Tower Corp (NYSE: AMT) and Prologis Inc (NYSE: PLD)?Also in this week's Barron's: * Questions for the most powerful woman in tech * How much Joe Biden can actually change tax policy * Five tax moves to consider for an unusual year * Why taxable muni bonds are tempting * Whether companies that fail to measure corporate impact will be left behind * How emerging markets could benefit from COVID-19 vaccines * Whether Millennials or Baby Boomers are fueling latest stock rally * A review of the career of Janet Yellen * Whether the Bitcoin rally still has legs * A memory-loss trap to avoid in retirementAt the time of this writing, the author had no position in the mentioned equities.Keep up with all the latest breaking news and trading ideas by following Benzinga on Twitter.Photo by Delbeautybox from PexelsSee more from Benzinga * Click here for options trades from Benzinga * Notable Insider Buys in the Past Week: Biglari, Coty, Danaher, Foot Locker And More * Benzinga's Bulls And Bears Of The Week: AstraZeneca, Disney, Ford, GE, Roku And More(C) 2020 Benzinga does not provide investment advice. All rights reserved.

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  • Should Amazon Start Paying a Dividend?

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  • Apple’s New MacBooks Have Delighted Critics. Why Investors Should Care Too.

    Macs represent just 10% of Apple’s total sales, but the business is once again important to the company’s future.

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  • Tesla Storms the S&P 500. Here’s the Bull Case.

    Elon Musk’s electric-vehicle maker continues its amazing rise. Tesla’s value is now so high that car-making profits alone, even looking out a decade and assuming massive market-share gains, might not be enough.

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  • Margrethe Vestager Could Be the Most Powerful Woman in Tech. Here’s What She’s Planning Next.

    The European Union’s competition commissioner is holding Big Tech to account. Her next act could include more than just fines.

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  • Dow Jones Rallies Near Record Highs, As Tesla Races To More All-Time Highs; Snowflake Surges Past Buy Zone

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  • Dow Jones Barely Higher as Disney Ramps Up Layoffs, Apple Moves Some Production Out of China

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    Though Apple stock and other big-cap tech leaders remain off their September peak, the broader market is riding a postelection rally to new highs.

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    Apple has been an American success story several times over with the Mac, iPod, iPhone and other inventions. But is Apple stock a buy now? Here's what its stock chart and earnings show.

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    A“double up” strategy lets investors keep their stock, avoiding realizing losses, and position for a rebound at more favorable prices.

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  • Electric Carmakers Are in a Stock Market Bubble

    (Bloomberg Opinion) -- The chief executive officer of Volkswagen AG, Herbert Diess, has predicted that within five to 10 years the world’s most valuable company will be a carmaker. Given how much investors have been bidding up the shares of Tesla Inc. and other electric vehicle stocks, it might happen sooner.Tesla’s market value soared past $540 billion this week — equivalent to 250 times its expected earnings this year — meaning it’s now the world’s 10th-most valuable listed business, according to Bloomberg data. A trio of New York-listed Chinese electric-vehicle groups — Nio Inc., XPeng Inc. and Li Auto Inc. — are worth a combined $154 billion. None of the three is profitable and together they delivered fewer than 30,000 vehicles during the most recent quarter, just over 1% of Volkswagen’s car sales volumes.Arrival Ltd., a U.K.-based electric-bus and van startup that’s poised to go public by merging with a special purpose acquisition company, is valued at almost $16 billion after the SPAC’s shares more than doubled in a week. It won’t start producing vehicles until late next year.(1)The electric revolution is real and the shift away from combustion engines is accelerating. From a climate perspective, it’s great that investors are allocating capital like this. Still, valuations look mighty bubbly. The potential for disappointment is massive, particularly for the newest crop of EV makers that are yet to generate meaningful revenue.Like all financial bubbles, this one is driven by dreams of enormous wealth. Elon Musk has overtaken Bill Gates as the world’s second-richest person. Scottish investment manager Baillie Gifford & Co., an early Musk backer, recently cashed out billions of dollars in Tesla stock but retains a 3.7% holding worth about $20 billion. Baillie Gifford has more than one horse in the EV race: Its Nio stake is worth almost $6 billion. The Chinese company’s U.S-listed shares have surged 1,235% this year. Nio’s recent history shows the perils of electric-vehicle stocks. It warned in March of substantial doubt in its ability to continue as a going concern, having burned through $4 billion of cash in three years. It survived thanks to a local government bailout. Tesla has been on the cusp of bankruptcy at least twice since 2003. Those now joining the electric race claim to have learned lessons from these near-death struggles but there’s little to suggest their fates will be any less volatile.Competition is intense and while electric motors are simpler to build than combustion engines, developing a vehicle that’s safe, reliable and exciting is incredibly difficult. Incumbent giants such as Volkswagen and General Motors Co. are much better capitalized and they’ve far more experience managing supply chains and building brands. After a slow start, they’ve gone “all-in” on EVs. They won’t be shoved aside easily. Several factors have driven electric-vehicle stocks to these giddy heights. The U.S. Federal Reserve has stoked a speculative frenzy by cutting interest rates to zero, and bored millennials trading stocks at home on Robinhood have caught the EV bug. Electric-vehicle companies know how to market themselves to this crowd: Workhorse Group Inc. says its delivery vans can be paired with a drone, while XPeng emphasizes its autonomous-driving capabilities. ElectraMeccanica Vehicles Corp.’s “Solo” model has just three wheels.  Then there’s 2020’s hottest financial fad: SPACs. Many have merged with electric-vehicle groups, and one peculiarity of these deals is that the companies are allowed to publish detailed multi-year financial forecasts, unlike in a regular initial public offering. These projections are often extremely bullish. Like Arrival, Fisker Inc. — an asset-light electric-auto business whose shares have soared — is yet to commence commercial sales. Even Musk is worried about SPACs, though he hasn’t said which ones.These new companies claim to have a solution for the manufacturing difficulties and massive capital outlays that almost sank Tesla. Drawing a comparison with the way Apple Inc. outsources phone production to Foxconn Technology Group, Fisker plans to subcontract manufacturing of its Ocean SUV to Canadian auto-parts supplier Magna International Inc. Electric- and hydrogen-truck maker Nikola Corp. is pursuing a similar strategy with partners GM and CNH Industrial NV. Others are taking a different approach. Electric-pickup startup Lordstown Motors Corp. acquired a factory from GM and has licensed technology from Workhorse to speed its market entry. Not to be outdone, Arrival claims to have reinvented the car assembly line. It plans to construct smaller, cheaper “microfactories” situated closer to where products are sold. Greater automation will reduce the need for human labor, it says.However you produce vehicles, though, there’s plenty to trip you up. More than a third of Workhorse’s factory staff have had to down tools because of suspected coronavirus infections. Li Auto recalled all 10,000 electric SUVs produced before June, after it found a potential suspension problem. Workhorse and XPeng both warned recently of battery supply bottlenecks. A big test for wannabe Teslas will come when they’ve burned though their cash and need to ask equity and debt investors for more, as Tesla and Nio have done repeatedly. ElectraMeccanica warned in its latest accounts that its “ability to continue as a going concern will depend on our continued ability to raise capital on acceptable terms.”All of this may have short sellers licking their lips, but Tesla’s rise shows the danger of betting against the bubble. Nikola was the subject of a scathing report from Hindenburg Research that questioned its technology, and which forced the departure of its chairman. Yet its market capitalization now exceeds $11.5 billion.Diess may be right about carmakers becoming the most valuable companies. It’s inevitable, however, that some won't make it.(1) Basis of calculation: the transaction at $10 a share valued Arrival's equity at $6 billion. Shares of the CIIG Spac are now trading at $26.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Chris Bryant is a Bloomberg Opinion columnist covering industrial companies. He previously worked for the Financial Times.For more articles like this, please visit us at now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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