Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Vonnie Quinn, Carol Massar and Matt Miller.
On this episode of Stock Movers,
- Apple (AAPL) rallied today after President Donald Trump planned to announce that Apple will commit to spending another $100 billion on domestic manufacturing, the latest pledge by the tech giant to increase US production of its products as it seeks to avoid punishing tariffs on its flagship iPhones.The announcement at the White House on Wednesday includes a new manufacturing program designed to bring more of Apple’s supply chain to the US, with an eye toward assembling additional critical components domestically, according to a White House official who detailed the announcement on the condition of anonymity. Apple Chief Executive Officer Tim Cook is expected to attend the event.
- Arista Networks Inc.'s shares have more than doubled since April, reaching an all-time high, with CEO Jayshree Ullal's fortune at $6.4 billion. The rise in Arista's stock has also increased the net worth of co-founders Ken Duda, Andy Bechtolsheim, and David Cheriton, with Duda's net worth at $1.2 billion. Arista's growth is attributed to the demand for better networking gear, with the company's market share doubling and big customers including Microsoft Corp. and Meta Platforms Inc.
- Shopify Inc. surged to become the most valuable company in Canada after reporting a quarterly performance that Citigroup called a “blowout”. Shopify's market capitalization rose to C$275 billion, surpassing Royal Bank of Canada in value once again, according to the text. Bloomberg Intelligence analyst Anurag Rana said Shopify has been able to gain a greater share in the e-commerce market, particularly outside of North America.
Plus earnings after the bell from the following companies:
AirBnB (ABNB)
Informatica (INFA)
Lyft (LYFT)
Bumble (BMBL)
Zillow (Z)
Remitly (RELY)
Elf (ELF)
Duolingo (DUOL)
TKO Holdings (TKO)
Doordash (DASH)
Fortinet (FTNT)
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