Plus, an Iran cease-fire extension looks unlikely, and a $150 train ride to the World Cup might feel red-card worthy.
This is a developing story. Check back for updates.
John Ternus, Apple's senior vice president of hardware engineering, will assume the CEO role in September.
The longtime Apple insider is succeeding Tim Cook, who will become executive chairman.
Apple announced on Monday that Tim Cook, who has served as Apple's CEO since 2011, will step down. Cook was the direct successor as Apple CEO after Steve Jobs, who resigned due to health issues.
Apple said on Monday that John Ternus is succeeding Tim Cook as CEO, with Cook assuming the role of executive chairman on Sept. 1.
The hierarchy of the tech world is undergoing a seismic shift. For years, Apple Inc (NASDAQ: AAPL) has reigned supreme as the ultimate titan of the consumer era, currently sitting on a staggering market capitalization of about $4 trillion.
It was easy to give up on the Magnificent Seven group back in March when it seemed like stocks would fall into a bear market.
Apple is expected to announce its 14th consecutive annual dividend increase in late April, likely in the mid-single digit percentage range. AAPL's robust earnings growth is driven by strong sales and aggressive share buybacks, but significant R&D investment, especially in AI, tempers dividend growth. I anticipate a 4.8–7.7% dividend increase for AAPL, resulting in a forward yield of 0.40–0.41%, as cash flow is prioritized for buybacks and R&D.
Shares of Apple Inc. rose 2% on Friday, supported by strong iPhone shipment data from China that underscored the company's resilience in a challenging smartphone market. The stock gained, even as broader concerns around slowing demand and rising component costs continued to weigh on the sector.
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Apple recorded a robust 20% increase in iPhone shipments in China during the first quarter, outperforming the wider market, as per Counterpoint Research data, cited in a Reuters report. The company's performance stood in contrast to a slowdown across the sector, as rising memory chip prices and supply chain disruptions weighed on total smartphone shipments in the country.