Stocks regained some ground yesterday, and they’re trying to gain a bit more this morning. Meanwhile, gold and silver are selling off further along with crude oil. Treasuries and the dollar are down a bit, too.
Apple Inc. (AAPL) is surrendering market share in China to local rivals like Vivo, Honor Device, and Huawei Technologies, according to Counterpoint Research. The firm found Chinese iPhone sales dropped 19% in Q1, the worst since the pandemic in 2020, while premium phones made by Huawei grabbed a bigger chunk of sales. AAPL shares have slumped 10% so far this year.
Apple Inc. (AAPL)
The earnings parade is rolling on, with defense contractor Lockheed Martin Corp. (LMT) reporting a 14% pop in Q1 sales, even as higher costs crimped profit. LMT is seeing demand for rocket systems and advanced fighter jets rise in this increasingly tumultuous world. Snack food and beverage giant PepsiCo Inc. (PEP) topped Wall Street profit targets after price hikes helped boost sales, while shares of Spotify Technology SA (SPOT) rose after layoffs and price hikes boosted earnings at the streaming music and podcasting company.
Finally, grocery store giants The Kroger Co. (KR) and Albertsons Companies Inc. (ACI) are trying to keep their $25 billion merger on track despite federal competition concerns. The companies said they would sell another 166 locations to C&S Wholesale Grocers for $2.9 billion in cash. The Federal Trade Commission (FTC) and a handful of states are fighting the transaction in court. It was originally announced all the way back in October 2022.
