The bond market has entered a financial twilight zone, and at this point, there doesn't seem to be a smooth way out.Market Insiderread more
President Donald Trump said on Twitter he was postponing a scheduled meeting with Denmark's prime minister because of her lack of interest in discussing a possible sale of...World Politicsread more
After Elon Musk touts Tesla solar on Twitter, Walmart sues the electric vehicle and clean energy company over store rooftop panels that ignited.Technologyread more
Trump said he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."Politicsread more
Secretary of State Mike Pompeo privately told business executives and free traders that the trade war could end by the 2020 election and that hurdles to an immediate agreement...2020 Electionsread more
Market bull Jeff Saut told CNBC on Tuesday that the lows are in and the market is headed "much higher."Marketsread more
Home Depot CFO Carol Tome says "consumer confidence is near record high levels" but "consumer demand could be impacted" by lingering U.S.-China trade tensions.Mad Money with Jim Cramerread more
The company's stock seesawed after the markets closed Tuesday, initially swinging up by 4% before falling by about 2%.Retailread more
VMware has become accepting of the corporate rush to the cloud. A new acquisition could help it make more revenue as companies adopt a modern approach called serverless...Technologyread more
President Donald Trump believes he has quite the bargaining chip with the European Union.Marketsread more
The United States does not have a defense against hypersonic weapons, which can travel at least five times the speed of sound, or a little more than a mile per second....Defenseread more
Not wild about the Apple Watch's potential? Neither is JPMorgan.
Analysts at the investment bank slashed their Apple Watch estimates for fiscal 2016 to 11.9 million unit shipments from 23.5 million, adding they see the wearable only penetrating 7 percent "of its addressable base by the end of 2017 vs. previous assumption of 15%."
Rod Hall, one of JPMorgan's analysts, told CNBC's "Fast Money: Halftime Report" on Thursday that "we've seen demand weakness on that watch below what we had anticipated. We think it's a great product; it's just that the traction for these watches, people still haven't figured out what they want to use them for."
JPMorgan released a note to clients Thursday lowering its Watch estimates, as well as its price target on Apple shares, to $105 from $125.
In the note, JPMorgan said the new price target is based on a valuation of 10 times price-to-earnings, excluding cash. "At this valuation, Apple is at a discount to peers trading on an average of 12.7x. We believe challenging short term fundamentals are likely to drive the stock lower until expectations are reset to the current macro reality."
"We believe that Apple has plenty of additional growth drivers that can propel earnings in 2017. However, macro demand weakness looks set to challenge fundamentals in 2016 vs. consensus expectations. This potential weakness in numbers is offset by an inexpensive valuation and the likelihood that 2017 is a significantly better year in our opinion," the note said.
Apple traded slightly higher on Thursday, above $97 a share, and is nearly 8 percent lower for 2016.
AAPL in 2016Source: FactSet
Disclosure: JPMorgan makes a market in Apple stock.