Shanghai and other parts of China remained in lockdown or subject to travel restrictions during a long holiday weekend in early April, sending an official count of tourism revenue plunging to just over a third of what it was prior to the pandemic.
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- Taiwan iPhone maker Pegatron suspends production at its Shanghai and Kunshan plants in China because of the government's Covid-19 lockdowns. But Citi analyst Jim Suva says not to worry because Apple (AAPL) "tends to overshoot on build estimates to ensure sufficient supply."
- Club holding Qualcomm (QCOM) is insulated from China in near term. Non-handset momentum all over the place ... good defense ... strong 5G.
- Consumer prices rose 8.5% in March, slightly hotter than expected and the highest since 1981.
- Global PC shipments declined sharply in the first quarter, suggesting the pandemic boom in PC sales is over. That included a steep drop for HP (HPQ), the company Warren Buffett's Berkshire Hathaway just took a big stake in. HP has now lost market share in six of seven quarters.