Wall Street Breakfast December 29: Apple Hits 52-Week Low, iPhone Estimates Fall

Wall Street Breakfast

Seeking Alpha

Business, Investing, Business News, News

3.8 • 950 Ratings

🗓️ 29 December 2022

⏱️ 8 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Apple (AAPL) falls 3%, hits 52-week low as iPhone estimates continue to fall. FTX's (FTT-USD) Sam Bankman-Fried expected to enter a plea next week. U.S. to require negative COVID tests for travelers coming from China. Novartis (NVS) to pay $245M to settle antitrust lawsuit on hypertension drug Exforge.

Transcript

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0:00.0	Welcome to Seeking Alpha's Wall Street breakfast, your daily source of market news and analysis.
0:07.0	Subscribe to this podcast on Apple Podcast or Spotify.
0:11.0	Good morning. Today is Thursday, December 29th, and I'm your host Julie Morgan.
0:16.3	Our top stories.
0:17.8	The U.S. sets restrictions on travelers from China.
0:21.3	Sam Bankman Freed will be back in court next week. Novartis agrees to pay up.
0:27.0	Imported baby formula will be taxed again. And Generac and Apple are in our day watch.
0:34.0	With just two trading sessions left in 2022,
0:37.0	cautious action continued to dominate Wall Street on Wednesday.
0:41.0	The major averages all fell more than 1% as energy stocks led a broad-based retreat.
0:47.6	The NASDAQ finished down 1.4%. The S&P 500 closed down 1.2% closing below 3,800, and the Dow ended down 1.1%.
0:59.0	All 11 S&P sectors posted losses, led by a 2.2% drop in energy.
1:04.8	Communication services, Infotech, materials, and real estate each finished lower by at least 1.5%. As it stands, the S&P 500 has fallen more than 7% since the end of November.
1:18.4	However, this would be far from the worst monthly performance of the year.
1:22.8	The S&P 500 slumped more than 9% in September
1:26.5	and posted larger than 8% declines in both June and April.
1:31.0	While stocks drop the action in the bond market was muted. The 10-year
1:35.2	Treasury yield rose three basis points to 3.89 percent. The two-year
1:40.3	yield dipped about one basis point to 4.36%. On the economic front the market
1:46.5	digested a new round of housing data. November pending home sales recorded
1:51.3	another decline, falling 4% for the month.
1:54.3	This steeper than expected slide followed a 4.6% drop in October.
	...

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