Apple CEO Tim Cook told a congressional hearing featuring the CEOs of four of America's largest tech firms, "I am here today because scrutiny is reasonable and appropriate. We approach this process with respect and humility, but we make no concession on the facts... if Apple is a gatekeeper, what we've done is open the gate wider."
CEO of Apple Tim Cook delivers the keynote speech at Apple's virtual developer conference. Mr Cook discusses Apple initiatives to combat racial inequality and also showcases the new handwash setting on the Apple Watch.
Credit: PA - Press Association STUDIO Duration: 01:10Published
Crossmark Global Investments' Victoria Fernandez is still bullish about tech stocks, but she says investors should take some profits on the big names. She tells Reuters' Fred Katayama investors should put the proceeds into Walmart, McCormick and JPMorgan Chase.
On Wednesday, Bank of America analysts downgraded Apple, Inc. To BoA, Apple's surging stock price doesn't present the strong risk-reward profile it once did. BoA downgraded Apple to "neutral" in a note. It said Apple's recent rally to record highs faces too many risks to recommend buying more shares. Business Insider said Apple's future performance could slip if 5G iPhones miss expectations or sell worse than estimated. Services may also shrink after several quarters of "unsustainable" growth.
Warren Buffett's investment in Apple has tripled in value to north of $100 billion. Buffett's Berkshire Hathaway spent about $35 billion to build the 5.7% stake in Apple The 10% rise in Apple's stock price on Friday boosted its value to about $104 billion. Business Insider reports that Berkshire's Apple position is now worth more than four times its second-largest holding, Bank of America. Industry analysts call Buffett's investment into Apple "one of the best investments ever."
Following weeks of protests over the death of George Floyd while in police custody, curators from the Smithsonian in Washington have begun collecting artifacts for an eventual exhibit. Lisa Bernhard has more.