Motley Fool Money Apple's Approaching $3T
May 5, 2023
Andy Cross and Ron Gross, both Senior Analysts at Motley Fool, dive into the week’s major earnings and economic shifts. They discuss the Federal Reserve's latest rate hike and its impact on the job market. Apple surprises with robust Q2 results and a massive share buyback plan. Shopify enjoys a 25% surge thanks to exciting announcements. The duo also highlights MercadoLibre's growth and the contrasting fortunes of Uber and Lyft. Tune in for insights on companies like Warner Bros. Discovery, Johnson & Johnson, and upcoming stock picks like Nice and Oxford Industries.
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Interest Rate Hike and Job Market
- The Federal Reserve raised interest rates for the tenth consecutive time, but unemployment remains at record lows.
- The strong job market may give the Fed reason to continue raising rates, contrary to some predictions of cuts in 2023.
Banking Industry Volatility
- Despite reassurances, the banking industry remains volatile with banks folding regularly.
- The sale of First Republic Bank to JP Morgan Chase offered some stability, leading to a rebound in regional bank stocks.
Apple's Performance and Share Buyback
- Apple announced a $90 billion share buyback plan and a 4% dividend increase.
- Their Q2 results exceeded expectations, with iPhone sales up 1.5% and services revenue reaching a record high.