Today’s Apple iPhone event has been labeled a "once in a decade" potential launch, and the stock is responding accordingly. Shares are up 2% premarket, following a 6.4% advance on Monday, amid expectations that it will be the first iPhone with full 5G capacity and cheaper than last year's devices. Analysts are predicting four iPhone models.
Consumers are already filling up their shopping carts as Amazon's Prime Day kicked off today. Amazon shares rose 4.8% to $3,442 on Monday in anticipation of the event, pushing the stock up over 85% YTD. Due to the coronavirus pandemic, analysts predict the online shopping bonanza will be the biggest in Amazon's history, with revenue expected to jump about 42% Y/Y to $7.5B, according to JP Morgan.
JPMorgan Chase posted earnings that beat analysts’ estimates for the top and bottom lines. The bank posted third-quarter profit of $9.44 billion. Rather than building reserves for loan losses, as it had done aggressively in the first half of the year, it actually reduced them by $569 million. Citigroup also posted earnings significantly beyond analyst expectations.
With Northwest Quadrant Wealth Management a Registered Investment Advisor I am Josh Fenili.