The company's S-1 lays the groundwork for what is widely expected to be one of the largest initial public offerings of the year, second only to Uber's IPO in May. It's also...Technologyread more
Fraud investigator Harry Markopolos' accusations extended beyond GE's management to actuaries, auditors and analysts who he claims overlooked billions in liabilities.Marketsread more
Trump's tweet comes a day after Apple put out a press release describing the money it spends on U.S.-based suppliers and vendors.Technologyread more
CNBC combed through Wall Street research to see which stocks are still a buy after their earnings reports.Marketsread more
President Donald Trump held a call on Wednesday with the CEOs of three major U.S. banks, according to people with knowledge of the situation.Marketsread more
Despite aggressive strides, Waymo needs one thing before their self-driving cars become a seriously useful transportation system: people. We talked to the ones closest to it.Technologyread more
Scientists say the smoke plumes, filled with megatons of tiny, harmful particles, could travel to other areas of the world and cause serious respiratory problems for people.Weather & Natural Disastersread more
Some Weight Watchers loyalists applaud Kurbo by WW. But nutritionists worry Kurbo promotes an unhealthy relationship with food during an especially impressionable time.Health and Scienceread more
Benefits from what President Trump called "the biggest reform of all time" to the tax code have dwindled to a faint breeze just 20 months after its enactment, writes John...Politicsread more
Epstein, 66, was found in his cell in Manhattan federal lockup Saturday morning and transferred to a nearby hospital, where he was subsequently pronounced dead.Politicsread more
Air travelers faced delays at U.S. airports on Friday afternoon after a computer issue snarled processing of international arrivals.Airlinesread more
Yet another Wall Street analyst has cut share price expectations for Apple as Piper Jaffray joined the growing chorus of brokerages to readjust iPhone expectations.
"While we are not seeing evidence of iPhone unit weakness in our domestic iPhone user survey, reduced expectations from multiple component suppliers are likely a sign that global unit uptake has not met expectations," analyst Michael Olson said in a note to clients Thursday. "Based on this, and despite what appears to be a solid domestic uptake of iPhone XR, XS and XS Max, we are slightly lowering our iPhone estimates in fiscal 2019 and 2020."
Olson maintained his overweight rating on Apple stock, but trimmed his 12-month price target to $222 from $250. The 11 percent reduction to his price target implies 31 percent upside over the next year. The analyst sees much of the decline in international sales already priced into shares and believes Apple's fiscal 2019 earnings will reach $13.45 per share.
"Data points from various component suppliers suggest iPhone units are tracking below plan, but our domestic survey of over 550 iPhone owners shows similar upgrade rates versus our 2017 survey," Olson said. "Specifically, 49 percent of iPhone owners said they will (or already have) or may upgrade to one of the new iPhone models this year, which was up slightly from 48 percent last year."
Piper Jaffary believes that 39 percent of iPhones sold this year will be iPhone XS and XS Max, while 30 percent will be the iPhone XR.
Piper Jaffray joins a number of firms lowering expectations for Apple's stock recently. Goldman Sachs (on the lackluster international reception of the iPhone XR), Guggenheim Partners (on declining iPhone unit sales next year), UBS (on warnings from suppliers and weak overseas sales), HSBC (on over-dependence of a single product) and Rosenblatt Securites (on a lowered iPhone shipment estimates).
Morgan Stanley slashed its price target on Apple to $236 a share from $253 a share on Friday, citing a weak market in China for iPhones because people are taking increasingly more time to replace their old phones.
Despite the cut to Piper Jaffray's price target, shares of Apple rose 1 percent Thursday, a welcome change of pace for current Apple shareholders; the stock is down more than 24 percent over the last three months.
Though Apple reported earnings for its fiscal fourth quarter on Nov. 1 that beat estimates on the top and bottom lines, the company's decision to withhold iPhone unit sales from future financial reports rattled analysts and shareholders alike. Many use iPhone unit sales as an quick proxy for the overall health of the company and interpreted Apple's choice as evidence that iPhone sales growth is likely to slow.
Apple has lost $252.08 billion in market cap since reporting earnings, a loss larger than the entire value of Verizon or Procter & Gamble.
CEO Tim Cook has stressed the importance of the company's services business as the company's next area of growth. The segment generated nearly $10 billion in revenue in the fourth quarter.
"When we look at our services business, we think about the fact that we have a very large and growing installed base," Cook said on the company's earnings call. "The installed base of all our major product categories is at an all-time high and has been growing over the last several quarters, so the opportunity for us to monetize our services business continues to grow over time."
— CNBC's Michael Sheetz contributed reporting.