Tensions between Japan and South Korea come as the U.S. and its trading partners are embroiled in a global trade war.Technologyread more
The one-to-eight stock split would mean the current number of ordinary shares — which stands at 4 billion — will increase to 32 billion. It comes ahead of a reported Hong Kong...Asia Marketsread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
China's fiscal spending increased 10.7% in the first six months from a year earlier, the finance ministry said on Tuesday, underlining the government's bid to support the...China Economyread more
The findings by McKinsey and Company come amid a year-long tariff fight between the U.S. and China, which has spilled into areas such as technology and security.China Economyread more
Microsoft's considerable reach into the corporate world isn't something Slack CEO Stewart Butterfield is very concerned about.Technologyread more
A devastating outbreak of African swine fever that has killed millions of pigs in China is changing attitudes in a country where farm hygiene has often been seen as lax by...Livestockread more
In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Bank of America Merrill Lynch lowered its estimates for Apple's iPhone shipments by 11 million for the year, the latest Wall Street firm to expect launch delays.
"Our conversations with the Supply Chain suggest that the iPhone 8 will ship 3-4 weeks delayed given technological issues which Apple and its suppliers are working through," analysts Wamsi Mohan and Stefano Pascale said in a report Wednesday, citing a recent trip to Asia. The analysts maintained their buy rating on the stock.
The analysts said problems with finger print and 3-D sensors were to blame for the delay. Apple has not released a launch date for the smartphone but it typically releases the new iterations of the device in September. Mohan and Pascale believe that launch date could be delayed.
Apple declined to comment.
The BofAML analysts cut their expectations for September quarter shipments of iPhones by 11 million and the December quarter by 6 million. For fiscal year 2017, the analysts expect 11 million fewer shipments for 2017, down to 208.1 million.
They also believe this delay and weaker-than-expected earnings from Apple on Aug. 1 may hurt the stock and gave clients an options trade to benefit from the coming sell-off.
The estimate cut comes a day after Fast Company reported that Apple is rushing to try to fix software bugs affecting the next iPhone and there's a "sense of panic" among the team. It cited a source familiar with the matter.
RBC Capital Markets, Cowen, KGI and Drexel Hamilton have said in the last few months the iPhone announcement could be delayed to October or November.
Shares of the iPhone maker traded mildly lower Wednesday. The stock has surged 26 percent this year.
The BofAML analysts did raise their estimates for shipments in March 2018 by 10 million. They now expect iPhone shipments to rise to 243 million in 2018.