Apple Shares Fall Despite New Products
Shares of American tech giant Apple Inc closed 2.70% lower on Tuesday despite announcing a new line of smartphones that support 5G.
At its virtual event, the world’s most valuable company unveiled the iPhone 12, 12 Pro and 12 Pro Max devices, all of which feature Apple’s new A14 Bionic chip and improved cameras.
Tesla Cuts Model S prices
Electric carmaker Tesla has slashed the price of its Model S Long-Range and Performance vehicle by $3,000.
Without prior announcement, the selling price of China-made Model S Long Range and Model S Performance will start from 733,900 yuan and 833,900 yuan, according to Reuters.
Latest data from the China Passenger Car Association shows that Tesla sold 11,329 China-made vehicles in September even as the automotive industry in the country continued to recover from the coronavirus induced crisis .
Car sales in China spiked 12.8% year-over-year in September to reach 2.57 million units with passenger numbers rising 8% to 2.08 million units during the period.
Johnson & Johnson Stops COVID vaccine trial
Johnson & Johnson has halted its coronavirus vaccine trial after a participant became ill, this is according to a document obtained by the STAT medical news website.
J&J’s online system used for enrolling patients in its Phase 3 study was closed and the outcome is an expected part of a trial.
Johnson&Johnson revenue for the third quarter of 2020 rose 1.7% to $21.08 billion. Net earnings rose 102% to $3.55 billion.
The company has revised up its guidance for full-year sales by $1.0 billion “driven by the strength of the recovery and strong underlying business fundamentals.”
JP Morgan Earnings
American bank JPMorgan Chase & Co. on Tuesday released its earnings for the third quarter with revenue falling by 3% to $29.95 billion. Net income for the period rose 3.3% to $9.4 billion.
“JPMorgan Chase earned $9.4 billion of net income on nearly $30 billion of revenue and we maintained our credit reserves at $34 billion given significant economic uncertainty and a broad range of potential outcomes.” JPMorgan’s Chair and Chief Executive Officer (CEO) Jamie Dimon commented.
Citigroup Inc. on Tuesday released its results for the third quarter with total revenues dropping 7% year on year to $17.3 billion. Net income for the period fell 34% to $3.23 billion.
“Credit costs have stabilized; deposits continued to increase, and revenues are up 3% year-to-date. Our Institutional Clients Group again had a very strong performance, especially in Markets, Investment Banking and the Private Bank,” CEO Michael Corbat commented in a statement.
The unemployment rate in the United Kingdom was estimated at 4.5% in the three-month period that ended in August, up 0.6% year on year and 0.4% higher compared to the previous quarter, the Office for National Statistics (ONS) said Tuesday.
The employment rate was estimated at 75.6%, which is 0.3% lower both on a yearly and quarterly basis.
China Trade Surplus
China’s trade surplus amounted to $37 billion in September, according to the country’s Customs office report on Tuesday. The figure was significantly lower than the estimate of about $60 billion and than the surplus recorded in August, which was $58.9 billion.
Exports increased by 9.9% on a yearly basis, in line with expectations. Imports jumped 13.2% compared to the same month last year, coming in much higher than forecasts of less than 1%.